Find out who the semifinalists of the Miami Herald Business Plan Challenge are here. As coordinator of the Miami Herald Business Plan Challenge, I always learn a lot, particularly from the judges. I wanted to share some of the feedback they gave when they rated the submitted plans this year, and will continue to add more throughout the contest.
Management team is key: Ricardo Weisz (pictured at left), an angel investor and judge in the FIU Track, says, “A large number of the plans did not include bios of the management team, when they did, they lacked credible industry expertise. Being able to describe the strengths of the team and why the team can execute the plan is a key component to making the biz plan successful.”
Bootstrapping shows a can-do spirit: "I favored companies with management teams who have demonstrated entrepreneurship, i.e., hustle and can-do spirit, on their own, i.e., without the help of a parent or sister company already in business, and who have already tested the market with good results," says Darius Nevin, co-founder of G3 Capital Partners and a Community Track judge.
Document that you have tested the market: As Nevin and others mentioned, judges and potential investors want to see proof you tested the market. Have you done any beta testing? Include survey data, says Susan Amat, executive director of UM's Launch Pad and a Community Track judge.
Think bigger: Steven McKean, CEO of Acceller and a judge in the Community Track (pictured below), said some entrepreneurs were thinking too small, underestimating the potential of their solution. This showed up in their financial section with underestimated costs, often in marketing, in growth plans that weren't developed, and in gaps in the management team. Strong go-to-market strategies are a key to success, he says.
Show your passion: Amat (pictured at left) reminds entrepreneurs that the business plan document needn't be dry and still has to hook the reader. It's an elevator pitch as well. Including a short case study or example would help. For products, always include a small picture, adds Melissa Krinzman, managing director of Venture Architects and a Community Track judge.
I would like to thank all 20 of our 2012 Business Plan Challenge judges -- investors, entrepreneurs, consultants and executives, a collection of South Florida's best -- for giving up their valuable time to rate the plans and offering their advice and feedback.
Read about the semifinalists of the 2012 Miami Herald Business Plan Challenge here. Congratulations to the semifinalists and to all the entrepreneurs who entered -- now you all have business plans, which you can continue to improve as it will be your roadmap. I wish you the best of luck on your ventures -- and look forward to hearing about your successes in the future.