Invest Nebraska is not yet accepting submissions for any of the 2010 New Venture Competitions. That said, it is never too early to start preparing your submission. All applications must include an application form, a cover letter, and a business plan. The application forms will become available on the website as the deadline for the competition approaches.
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There is no limit to the length of the business plan, but we ask that you pay consideration to the judges, and keep it as brief as possible without sacrificing clarity. Please use a font that is easy to read, such as Arial or Times New Roman, and opt for double line-spacing. We ask that you number all pages after the cover page, and in order to properly identify your submission, all pages should have a header and a footer stating the name of your business. If you have never written a business plan before, there are several free resources on the internet. Below are some pointers that will help you get started. You may opt to use a business plan software to write your business plan.
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Each business plan must include the following sections:
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1. Table of contents
2. Executive summary. Tell us about your business idea and your objectives. Be short and to the point.
3. Company description. Describe your business. Keep it short and sweet.
4. Product or service. Describe, in detail, what product or service your business offers or will offer. Help us understand the value you bring to the table. 5. Market analysis. Is there a demand for your product or service? Who are your customers and competitiors? Is your market local? Statewide? Domestic or international? Show us that you understand your market and your customers, and that you and your business are positioned to meet their needs.
5. Strategy & implementation. How do you plan to take your idea from dream to reality? Offer concrete ideas and examples.
6. Management team. Tell us about yourself, your partners and your employees. If you have no employees, tell us about the people you plan to hire. Describe your strengths, your experience and your network.
7. Financial plan and projections. Fill us in on your capital needs and projected earnings. Show us that you are fiscally responsible, and understand how to plan and budget for your operation.
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You will get two opportunities to impress the judges. First, with a thorough, informed and well-written business plan, and then, if you advance to the competition, when you give a short "pitch" before the judges' panel. The most important criteria for the judges are the following:
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1. A realistic business idea with a good chance of success
2. A keen sense of responsibility toward investors, customers and shareholders
3. A strong sense of community pride and a willingness to give back to your community.
4. Clear, concise and logical presentation, both written and verbal.
5. Entrepreneurial spirit, integrity and a good work ethic.
6. Confidence, competence and professionalism.
7. Proven market and industry expertise
8. Vision and original thought
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