The passion for a business idea can lead potential entrepreneurs to hesitate, as turning it into a reality involves time, effort and money. To help proponents prove the feasibility of their ideas, Grupo Guayacan Inc. is organizing its eighth annual EnterPRize business plan competition.
Participating requires presenting a 1,200-word executive summary to get started in the multi-step process toward winning the competition, on or before April 27, through the nonprofit’s website: www.enterprizepr.com.
In this first phase, EnterPRize will award each of the 10 best business ideas with $1,000 cash. The top six ideas presented by college students will have the opportunity to participate in the “3-Day Biz Challenge,” a mini three-day incubator for young entrepreneurs.
The EnterPRize competition seeks out business ideas with the greatest potential to go from a business plan to reality. Last year, 89 percent of competition participants interviewed potential clients and 96 percent of them believed their ideas had the potential of expanding islandwide and beyond.
“These numbers confirm that Puerto Rico’s future entrepreneurs are increasingly better prepared coming into our competition, which in turn translates into winning companies with the potential to become operational in record time with the boost that EnterPRize gives those who become finalists,” said competition coordinator Joanna Pérez.
For the first time this year, a competition finalist will get the chance to vie for the Adsuar grant, which Guayacán founded in memory of its founder, Enrique Adsuar. The grant will be bestowed upon an entrepreneur who is 21 or older to participate in a four-week training camp in Silicon Valley.