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Taking Your Ideas to the Next Level | Business Plans


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Mayo Business Plan Competition

- Annual competition (now virtual)2

- $60,000 in prizes to top three (30k – 1st/ 20k – 2nd /10k – 3rd)

- Evaluated on the creation and presentation of a business plan for a formulated product or service

Building a Team

- Define roles and responsibilities that need to be filled to achieve your vision

- Find committed individuals to fill those roles and who are team players

- Define in clear and measurable terms the rules of the group, responsibilities, due dates, meetings, goals, and the end vision the team is setting out to achieve

Building a Business Plan

- Define the Concept/Idea and establish its background and context

  • Form a clear description of concept and its benefits (value proposition)

  • How original/creative is the idea? Does it provide fundamental new value?

- Product / Service / Market

  • Product/Service provided by idea

  • Market Analysis (Target market, Competition, Barriers to Entry, and Competitive Advantage)

  • Marketing Plan

- Organizational Plan

  • Management and Operations

  • Personnel

- Financial Data (projected/expected in coming year)

  • Pricing/Revenue Model

  • Financial Statements

  • Impact of Prize Money and its potential for further developing/manifesting idea

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