Nonprofit group Grupo Guayacán Inc. announced Wednesday the Sept. 27 deadline to present executive summaries of new entrepreneurial projects as part of the seventh annual EnterPRize business plan competition. Winners stand to receive prizes in cash and services valued at $200,000.
“In this phase we’re looking for complete executive summaries, which reflect a careful study of the most important concepts of a business plan, such as: the value of the product or service, the implementation strategy, target market analysis, business model and sustainable competitive advantages,” said competition coordinator Joanna Pérez.
The EnterPRize competition is an annual event that enables aspiring entrepreneurs to submit their ideas to obtain financing as well as technical help from professionals affiliated with the program.
The 1,800-word executive summary is the initial component of the multi-step process toward winning the competition, Pérez said.
“The summary must convince the judges that the business idea has real potential to become a company with growth potential and success,” said Pérez.
A panel of judges selects 15 finalists who will move on to perfect their business plans through advanced workshops and with the help from professionals. That list is whittled down to five finalists who then move on to participate in advanced oral presentation and financing research workshops. Three winners are selected from that small group, receiving $25,000, $15,000 and $10,000 in cash, as well as other prizes such as office space, advertising, as well as legal and accounting services that add up to more than $200,000.
As part of this year’s competition, Guayacán will offer a series of free workshops to help participants learn how to better define their businesses and follow through to obtain financing.
The first is scheduled for Sept. 8, when Marcus Sullivan, of the Sullivan Consulting Group will expand on the topic of “Financial Projections.” On Sept. 14, Francisco Uriarte, chariman of Guayacán Group’s board, will teach participants how to write an executive summary. Both workshops will take place at the Economic Development Bank in Guaynabo.
“In addition to these workshops Guayacán Group has developed a series of new mechanisms to interact with local entrepreneurs,” said Viviana Arrué, communications manager at Guayacán, referring to its presence in Facebook and Twitter.
For more information, visit http://www.enterprizepr.com