If you are still on the fence about whether to enter Miami Herald Business Plan Challenge, here are five reasons to get moving:
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Motivation. You’ve been meaning to write a business plan — this might just be the kick in the pants you need. Or perhaps you already have a plan but need to refine your short version — those are in vogue this year. The Challenge will help you get moving.
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Publicity. If you are one of the top three winners in each track or the "People’s Pick," you will be profiled in a special section announcing the winners. If you are in the top six in the Community or FIU Tracks, you will participate in the People’s Pick, our video contest hosted on MiamiHerald.com that attracted about 15,00 votes last year. We also announce our first cut, the semi-finalists, to keep the interest going. Social networking is a key component of our contest. Follow me @ndahlberg
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Opportunities to present. Although your written plan is judged in this contest, at least three finalists will get the opportunity to present at a shark tank-like event with investors from the Miami Innovation Fund, which invests in very early stage companies, and one could emerge with a funding offer. Also, the aforementioned People’s Pick contest (see last year's videos here) is a terrific opportunity to perfect your elevator pitch and get it out there.
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Feedback and education.Because this is a learning process, I will share feedback from the judges with you if you request it, whether or not you are a finalist. FIU Business Professor Martin Luytjes and his entrepreneurship class worked with 10 Challenge contestants in the fall on their business plans, and he will make that offer again.
5. Exposure and connections. It can’t hurt to have your plan read by South Florida’s top entrepreneurial experts (judges’ bios are on MiamiHerald.com/challenge). Sometimes long-lasting mentorships are developed. Some winners have been introduced to investors or potential partners; others gained key customers. If you are one of the winners, you will also be honored at a luncheon with the judges and business staff and at FIU’s Hall of Fame reception. FIU’s Pino Global Entrepreneurship Center is our sponsor.
Plus one more: I know you’re proud of your business or business idea — and aren’t you just a wee-bit competitive? The deadline is March 24. Questions? ndahlberg@miamiherald.com
Good luck!
(Nancy is the coordinator of the Business Plan Challenge)