Winner of San Angelo Business Plan Competition to be Announced

The winner of the 2016 San Angelo Business Plan Competition will be announced at the board meeting of the City of San Angelo Development Corp. at 8:30 a.m. Wednesday, April 27, at the McNease Convention Center, 501 Rio Concho Drive, said a press release Monday.

The recipient will receive the top prize of $15,000 in cash, and will also receive in-kind products and services. The second place winner will be given a $10,000 cash prize along with in-kind support. Winners can also apply for the Business Factory’s incubator program.

Advisers from the Angelo State University Small Business Development Center (SBDC), which operates from the City’s Business Resource Center, and students from the ASU College of Business guided and assisted contestants in drafting their plans.

A business plan is a comprehensive document that provides an organized view of a specific business idea. Plans should reflect the vision of a market opportunity and serve as a blueprint for the development of the proposed business.

Among the issues, a business plan addresses market need, target customers, competitive advantages, market and financial analysis, and sales strategy.

The resurrected San Angelo Business Plan Competition began Oct. 15, 2015, and generated 19 submitted plans in fields such as manufacturing, technology and service business. The competition was open to entrepreneurs looking to launch local start-ups and existing business owners creating new ventures as separate entities.

Eight advanced to the second round, with four of those qualifying for the final round. Finalists presented their business plans to a judging panel on Saturday, April 23.

The $25,000 in cash prizes are made available via a grant from the City of San Angelo Development Corp., which administers the half-cent sales tax for economic development. The competition is coordinated by the SBDC, The Business Factory and ASU’s College of Business. The competition was last conducted in 2009.