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IDEACOMPETITIONBUSINESSPLANGUIDE 2012‐2013
WelcometotheIDEACompetition!IDEA(whichstandsforIngenuityDrivesEntrepreneur
Acceleration)isaprojectofIngenuityFrontier,acollaborationofpartnersjoinedbyacommon
purpose—togrowtheeconomyofNorthwestMinnesotabyoutfittingthenextgenerationof
homegrowninnovatorsforsuccessintheglobalmarketplace.
IDEAismanagedbysever
alpartners:360°ManufacturingandAppliedEngineeringCenterof
Excellence,AgriculturalUtilizationResearchInstitute,BemidjiStateUniversity,EnterpriseMinnesota,
HeadwatersRegionalDevelopmentCommission,MinnesotaDepartmentofEmploymentandEconomic
Development,NorthlandCommunityandTechnicalCollege,NorthwestMinnesotaFoundation,
NorthwestRegionalSmallBusinessDevelopmentCenter,NorthwestRegionalDevelopment
Commission,andUniversity
ofMinnesotaCrookston.
Yoursuccessisoursuccess.Thisplanisaguidethatwehavedevelopedthroughyearsofexperiencein
assistingindividuals(suchasyou)inbringingpromisingid eastomarket.Launchinganewbusinessis
complicated,butwehopethatthisguidewillhelpyoutoorganizeyourideasinsuchawaythatyour
applicationw
illge
ttheattentionoftheIDEAjudges,andultimately,helpyoutosuccessfullylaunchyour
idea.
Launchinganewproduct,serviceorideaisachallengingprocess.Statistically, lessthan 1%ofallnew
productsorservicesdevel
opedgoontobecomeacommercialsuccess.Thequestionyouneedto
answeris“howwillIbeattheoddsandstandamongthosewhosucceedinintroducinganewproductor
service?”Althoughtherearemanyreasonsthatbusinessesfail,thereisonethingthatsuccessful
innovationsshare—acomprehensivepl
anforexecutionoftheidea.
Don’tunderestimatetheimportanceofduediligence.
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Doingyourhomeworkwillpayoffinmoreways
thanone.AlthoughyouwanttowriteacompetitiveIDEABusinessPlan,moreimportantly,youneedto
determineforyourselfifyourideaisreallygoingtowork.Canyouactuallymakemoneywithyouridea?
Asmuchaspossible,verifyandconfirmyourassumptions.You’llneedtogatherlotsofinfor
m
ation.
Howlongdocompaniesinyourindustrytaketopaytheirsuppliers?Willyou needtobuyinbulkto
reduceyourcosts?Howlongwillittaketogetyoursupplies?Willitbemorefeasibletodoallthework
in
‐houseortocontractsomeofitout?Themoreinformationyoucangathernow,themoresolidyour
planwillbe,andultimately,thechanceofsuccessfullycommercializingyourideawillbemuchbetter.
Awordofcaution:asyoudevelopyourplan,bereal.Don’toverestimateyourrevenuesorth
e
potentialofyouridea.Byallmeans,youhavetobelieveinwhatyouaredoingandthatpassionand
excitementshouldbeevidentinyourwrittenplan(andifyouadvancetothefinals,inyouroral
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presentation).However,youwon’tdoyourselfanyfavorsbybeinganythinglessthanhonestandas
realisticaspossible.Ourjudgingpaneliscomprisedofbusinessprofessionals,financiers,andangel
investors.Anythinglessthanasincere,realisticapproachwillbeevidenttotheirpracticedeyes.
Finally,asanIDEAparticipant,youareencourage
dtotakeadvantageofthealltheresourcesprovided
toparticipants—podcasts,samplebusinessplans,templates,andpersonalizedconsultingavailable
throughtheSmallBusinessDevelopmentCenter.Ifyouhavequestionsatanytimeduringthe
competitionyoumaycontactIDEACompetitionProjectCoordinator,Michelle Landsverk,byemailing
info@ideacompetition.org orbyphoni
ng218‐435‐2834.
JUDGING CRITERIA
Asyoudevelopyourplan,bemindfulofthefollowingIDEACompetitionjudgingcriteria.Winningideas
arethosethatreceivethehighestscores,basedonthefollowingcriteria:
YourInnovation:Canyourideabeconsideredinnovative?Whetheritisanideaforanew
technology,productorservice;whetheritwouldbeconsideredhig
h‐tech,low‐techorno‐tech;
yourideashouldbeuniqueanddifferent,andprovideacompetitiveadvantage.Ideasthatshow
thegreatestinnovationwillbeviewedmorefavorably.
YourCommercialPotential:Canyourideabecommercializedwithintwoyears?Canyouridea
createorserveamarke
tneed?Whatbenefitswillyouprovideyourcustomer?Whatisyour
strategyforturningyourideaintoahigh‐growth business?Judgeswillbeevaluatingyouridea
onitspotentialtogeneraterevenue,profitsandem ployment.
YourFinancialPotential:Canyourideabecomeprofi table?Isitreasonabletoex
pectthata
lenderwouldborrowyoumoneyforstartupcostsbasedontheevidenceshowninyourwritten
plan?Haveyouinvestedmoneyinyourownidea?Ifnot,willyou?Howmuch?
YourTeam:Whatrolewillyouplayinlaunchingyourbusinessidea?Tellusaboutthekey
strengthsandlifeex
periencesthatmakeyouideallysuitedfortheroleyouhaveidentifiedfor
yourself.Whoelseisonyourteam?Whowillyouneedtofillkeypositions?
IDEA PLAN STRUCTURE
Theoutlineonthefollowingpagesincludesninesections.Thesesectionswillhelpyoutoorganizeyour
ideas.Thesub‐pointsineachsectionaresuggestions,butarenotstrictlyrequired.Youhavethe
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freedomtoaddsections,expand,orevenomitsectionsasyouseeappropriate,keepinginmindthat
youwillbescoredonhowwellyoumeeteachoftheabovejudgingcriteria.
Youmustnotexceed15pagesforyourideaplan.Supportingdrawings,pictur es, schematicsorfinancial
tables,maybeincludedintheAppendi ces, whichshouldnotexceed10additionalpages.
I. TheTitlePage(cover)
A. NameofCompany
B. Logo(ifdeveloped)
C. OneLinePitch
D. TeamMembers:individualswhoareeitherco‐ownersorpartnerswithyouinthe
business
E. DisclaimerWarrant:“Thisbusinessplanisintendedsolelyforinformationalpurposesto
assistyouwithadue‐diligenceinvestigationofthisproject.Theinf
ormationcontainedhereinis
believedtobereliable,butthemanage mentteammakesnorepresentationsorwarrantieswith
respecttothisinformation .Thefinancialprojectionsthatarepartofthisplanrepresent
estimatesbasedonextensiveresearchandonassumptionsconsid eredreasonable,buttheyare
ofcoursenotguaranteed.Theconte
ntsofthisplanareconfidentialandarenottobe
reproducedwithoutexpresswrittenconsent.”
II.
ExecutiveSummary
Althoughnomorethan2‐3pages,yourExecutiveSummaryisthemostimportantpartofyour
IDEABusinessPlan.Itneedstocapturethereader’sattentionandmaketh emwanttokeepreading.It
shouldprovideabrief,succinct,yetpowerfuloverviewofthehighlightsofyourIDEABusinessPlan.
YourEx
ecutiveSummaryshouldcontainthefollowing:
A. TheOpportunity
1. ProblemorNeedYourIdeaAddresses:beforeyoutellusaboutyo ur idea,tell
usabouttheproblemorneedthatledtothedevelopmentofyourconcept.Whatisthe
customerproblemorneedyouaresolving?Whatisthemarketinefficiencyyo uare
capturing?Howdoyouknowtheopportunityis real?Canyougiveasupportingfactor
twoinyourfavor?
2. YourInnovativeSolution:i
ntroduceustoyourconceptandhowyouwill
addresstheproblemorneedidentifiedinpointAabove.Giveabriefoverviewofwhat
yourideaisandwhatmakesitinnovative.
B. TheMarket
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1. YourTargetCustomer:whowillbeyourfirst,yourbest,yourprimarycustomer?
Whoisingreatestneedofthesolutionyouareproviding?
2. YourCompetition:telluswhoyourcompetitorsareandwhyyourideagives
youanadvantage.
C. DevelopmentTimeline
1. Howlongwillittaketobringyourideatomarket?Identifyyourmostcritical
milestonesandwhenyouexpecttoreachthem.
D. Management
1. Telluswhatroleyouwillplayinlaunchingyourbusinessidea.Tellusaboutthe
keystrengthsandlifeexperiencesthatmakeyouideallysuitedfortheroleyouhave
identifiedforyourself.Whoelseisonyourteam?Whowillyouneedtofillkey
positions?
E. FinancialHig
hlights:(finalroundonly)
1. Startupcosts:Howmuchmoneywillittaketogetyoustartedandwherewill
thatmoneycomefrom—yourself,family,friends,debtfinancing,orequityinvestment?
2. Projectedcashflow:Whatisyourbestestimateofmonthly operatinge xpe nses
andrevenue?
III. TheOpportunity
A. ProblemorNeedYourIdeaAddresses:youhavealreadyintroducedustotheproblem
orneedintheExecutiveSummary.Now,giveus moreofthedetails. Howwidespreadisthe
problem?Howbigistheneed?Theproblemorneedyouaredescribingbecomesyourbusiness
opportunity.Itistheuniquespacethatyourideacanfill,ifsuccessful.Theanswertothat
questionwilltellyou(an
dyourreaders)justhowlargeyouropportunityis.
B. YourSolution:brieflytellusyourstory.Whyisyourventurenecessary?Whatinspired
you?Whatisitthatmakesthisa breakthroughidea?Whyisitinnovative?
IV. TheIDEA:YourInnovativeSolution
A. StageofDevelopment:howfarhaveyoutakenyouridea?Isitstilljustaconcept?Do
youhaveaprototype?Areyouintheseed,
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startup
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orgrowth
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stage?
B. IntellectualProperty:isthisideauniquelyyours?Haveyoutakenstepstoprotectit?
Makesureyouclearlystatethestatusofanyintellectualpropertyuponwhichyouridearests.
C. FeaturestoBenefits:
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featuresarethespecificcharacteristicsofyourproduct(red,
metal,25lbs.,etc.)Benefitsarewhatthecustomergainsfromyourproduct.Askyourself
what’sinitforyourcustomer,orwhyacustomerwouldpurchasetheproduct.Turnyour
productfeaturesintocusto merbenefits.
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D. MarketComparison:aretheresimilarproductsoutthere?Othersolutionstothe
identifiedproblemorneed? Theyareyourcompetitionandeachofthemhasasliceofthepie.
Wheredoyoufitin?Whatisyouruniqueposition inthemarketplace?Whatadvantagedoes
yourproductprovideincomparisontotheotherchoicescurrentlyavailable?
V. YourMarketingPlan
A. MarketResearch:thebestmarketingplansarethosebasedongoodinformation.In
conductingyourmarketingresearch,youwillprobablywanttoutilizebothprimaryand
secondary
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sourcesofinformation.Theinformationyoufindshouldbringyoutosome
conclusionsthatyoushareintheIDEABusinessPlan.Makesuretoincludeinformationon
industrytrends,customertrendsandonyourcompetitors.
B. TargetCustomer:Whowillyousellyourproductto?Howmanycustomerswillyou
have?Thinkofabullseye;ifyouweregoingtoaimyourproductatonespecificcustomer,who
wouldthatbe?Launchingabrandnewproduct is veryexpensive.Focusingyoureffortsonthe
earlyadopterwillbringthebestretur nonyourmoney.Anearlyadopteristhefirstcustomer
typeorgrouptopu
rchaseyourproduct.Providedemographicandpsychographicinformation
onyourtargetcustomer.Keepinmindthefactthatacustomer‐focusedplanrarelyfails.
C. TargetMarketStrategy:yourtargetmarketstrategyshouldbedevelopedinresponseto
yourtargetcustomerandthebestmethodofreachingthatcustomer.Thin kaboutwhereand
howyoucanmakeameaningfulandeffectiveconnectionwiththecustomer.Productsdonot
sellthemselves.Tellushowyouwillsellyourproduct.
D. ProductStrategy:howwillyoupositionyourproducttoachievethedesiredlev
elof
sales?Productpositioningisallaboutidentifyingyourmarketniche—thatdistinctplacethat
onlyyoucanfill.Itisbasedonathoroughunderstandingofyourcompetition.
E. PricingStrategy:pricingisbothanartandascience.Yourpricingstrategywillneedtobe
developedwithathoroughunderstandingofyourcompeti tion,yourcostsofproduction,yo ur
fixedcosts(overhead),andwhatyourcustomerwillpayforyourproduct.
F. DistributionStrategy:distributionstrategyisnotabouthowyouwillshipyourp roduct
toyourcustomer—itisaboutthepathyourproducttakestogettoitsfinaldestination.Are you
sellingtoawholesaler?Toa distributor?Directlytotheenduser?Haveyoualready
establishedarelationshipwiththeentityyouwillbepurchasingyourproductdirectlyfromyou?
G. AdvertisingandPromotio
nalStrategy:you’vealreadyidentifiedyourtargetcustomer.
Howwillyougettheirattention?Howandwhereareyourcompetitorsadvertising?
H. SalesStrategy:whowillbedoingtheselling?Howwillthey(sales‐people)beinterfacing
withcustomers?Howmanysaleswillyoumakeandwhen?
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VI. DevelopmentTimeline
A. DevelopmentStrategy:whatneedstobedonetogetyouridea offtheground?Isthere
asequentialorder?Whowillberesponsibleforeachstep?
B. DevelopmentTimeline:whenwillyouhaveeachstepcompleted?
C. DevelopmentExpenseEsti mates:whatwillitcostyoutocompleteeachstep?
D. Break‐evenTimeline:howlonguntilyoureachyourbreak‐even
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point?
VII. YourManagementPlan
A. Legalentity:whatisthelegalentityofyourbusiness?Willyoubeasoleproprietor,a
partnership,acorporation,anLLC,oranLLP?Whatmakesthemostsenseforyouandyour
business?
B. Location:wherewillyourbusinessbelocatedinitially?Outofahomeofficeorshop?In
theindustrialortechnologypark?Inabusinessincubatorfacility?
C. CurrentManagementTeam:Givebiosforeachteammember.Whatrolewilleachof
themfill?Whatresponsibilitieswilleachofthemhave?Howwilltheybecompensatedandat
whatlevel?
D. ManagementTeamNeeded:Whomwillyoubehiringandwhataretheunique
characteristicsoftheidealindividualsyo uwillneed?
E. OtherEmployees:willyoubehiringothers?Howmanywillyoubehiringandhow
muchwillyoubepayingthem?
F. CorporateBoardofDirectors:Whatisthesizeandstructurethatwillbedevelopedas
thisventuredevelops?
G. AdvisoryBoards:Everycompanyneedsknowledgeablecontributorstohelpthe
companydevelop,grow,andultimatelybecomesuccessful.Whoaretheycurrentlyandwhom
wouldyouideallytargetifyoucouldgetthem?
H. StrategicConsultants:Therearealwaysextra peopleyoumayneedtocountonfor
specificcontentknowledgeorskilllevel.Whomightthesepeoplebe?
I. GrowthPlans:Itisimportanttobeawareofhowyourcompanywillgrow.Whatwillbe
youremployeeneedsasthisventuregrows?Canyouestimateatimelineforemployee
acquisitionandforwhichcorporatefunctionstheywillbeneeded?Canyouestimatetheir
salaryrequirements?Canyouidentifymajorlimitationsinavailablepoolsofemployeesor
findingthoseemployeesthatwillneedspecializedskillsets?
VIII. YourFinancialPlan(youmayskipthissectionforRoundTwo)
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A. Summary:thesummaryshouldgiveanarrativeaccountofthehighlightsofyour
spreadsheets.Focusonthekeypoints,ratherthanonthedetail.Althoughthesummaryshould
beplacedbeforeyourassumptionsinyourwritten document,youshoulddevelopyour
assumptionsandcompleteyourspreadsheetspriortowritingyoursummary.Theassumptions
andthespreadsheetsgiveyoutheinformationthatisincludedinyoursummar
y.Yourfinancial
planshoulddemonstratethefeasibility
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ofyouridea.
B. Assumptions:writingyourassumptionsisthefirststepincreatingyourfinancialplan.
Beginbyitemizingyourunderlyingfinancialassumptions.Forexample,ifyoustatethatyouwill
generatesalesof$100,000inyearoneofyourfinancialprojections,youwillneedtoexplain
howyouhavearrivedatthatexactnumber.Isthatselling1,000widgetsat$100eachorisit
selling10,00
0widgetsat$10each?Ifyoustateinyourfinancialprojectionsthatyouwillspend
$50,000inwagesinyearone,youwillneedtoexplainhowmanyworkersyouhave,howmany
hourstheywillwork,whatratetheywillbepai d,andhowmuchtheaccompanyingpayrolltaxes
willbe
.Ifyoustatethatitwillcostyou$10tomanufactureeachwidget, youwill needtodetail
ifthatisbasedonaquote,andifsofromwhichmanufacturer.Inshort,youwillbeexpectedto
explainindetailtheunderl yingrationalebehindther evenues andexpensestha
tformthe
backboneofyourfinancialplan.Itwillbecriticaltothejudgeswhoreviewyourfinancialplanto
thoroughlyunderstandALLofyourunderlyingfinancialassumptions.
C. Spreadsheets:youwillneedtousetheprovidedtemplatestocreatecashflow
projectionsforthefirsttwoyearsofoperationsandtabulateyourstartupcosts.The
spreadsheetscanbeplacedintheAppendix anddonotcounttowardyour15‐pagelimit.
IX. CriticalRisks,Problems,andAssumptions
Whatarethemarketforcesthatplayagainstyou?Whataretheriskstothebusiness(takemarket
and/ortacticalrisksandmonetizethem).Whenisthewindowofmarketopportunitylikelytoclose?
Whataretheoperationsrisks?Whataretherisksofcompetitorsrespondingtoyourentryintothe
market?Wha
tfinancialdamagecancompetitorscauseyou?Whataretheliabilitiesshouldthisventur e
notliveuptoitspotential?Whatarethecriticalmilestonesthatmustbemetandtheirconsequenceif
missed?Howcanyoumanageorminimizeyourrisk?
OTHERRESOURCES
SampleBusinessPlans
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Intheregistereduser’sareaoftheideacompetition.orgwebsite,youwillfindsamplebusiness
plans.Notwobusinessesarealike—notwobusinessplansarealike,either.Usetheseplansas
anexampleandasareference,notastemplates.Yourownideawilldeterminewhichstyleis
correctforyourplan.Thesearenotprovidedascopytemplates.Otherexamplesmaybefound
onlinebyGoogling“BusinessPlans,”orbygoingtosampleplans.com.
SmallBusinessDevelopmentCenter
WeencourageallIDEACompetitionparticipantstotapintotheresourcesavailablethroughthe
NorthwestRegionalSmallBusinessDevelopmentCenter.Theirconsultantsareavailableto
assistyouatnocost.Youmaycall218‐755‐4255tosetupanappointment.
AdditionalResources
AdditionalresourcesareavailableontheIDEACompetitionwebsite.Thememberssectionis
wherewewillpostresourcesthatareonlyavailabletoparticipants.Youwillalsowanttocheck
theResourcestabonthewebsite.Awidevarietyofresourcesarelistedthere.
ENDNOTES
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Duediligence
Theduediligenceprocessrequiresobjectivity.Theprocessofduediligenceisusedbylenders
andbankerstoverifyandvalidatetheassumptionsofabusinessplan.Theoutcomesofdue
diligencearetheverificationandvalidationoffeasibility,viability,anddesirability.
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SeedStage
Seedmoneyprovidesstartupcompanieswiththemoneytheyneedtofueltheirinitial
developmentandgrowth.Theinvestmentcanbeintheformofaloan,aninvestmentin
preferredstockorconvertiblebonds,oraninvestmentincommonstock.Angelinvestors
Areofteninvolvedinseedstagefundingrounds.
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StartupStage
Atthestartupstage,abusinessisbornandexistslegally.Productsorserviceshavebeen
defined,andthefirstfewcustomersareonboard.
iv
GrowthStage
Companiesinthegrowthstagehaveestablishedacertainlevelofmarketpresenceandare
experiencinganycombinationofthefollowing:increasingrevenues,increasingcustomers,new
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productorserviceofferings,additionalemployees.
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FeaturesandBenefits
Featuresareproductcharacteristics;benefitsarecustomerneedsservedbythosefeatures.
Someexamplesoffeaturesaresize,color,horsepower,functionality,design,hoursofbusiness,
andfabriccontent.Benefitsarelesstangiblebutalwaysanswerthecustomer’squestion:
What’sinitforme?
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PrimaryandSecondaryResearch
Primaryresearchisinformationthatyougatherdirectlyfromthemarketplace.Itcanbe
gatheredthroughconductingsurveys,interviews,focusgroups,testmarketing,oranyother
methodinwhichyougatherinformationdirectlyfromthemarketplace.Ifyouhavea
consultantofprofessionalfirmgathertheinformationforyou,itisstillconsideredprimary
research.Secondaryresearchusesalreadypublishedsourcesofinformation—articles,reports,
tradeassociationpublications,theInternet,etc.
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Break‐EvenPoint
Thebreak‐evenpointforaproductisthepointwheretotalrevenuereceivedequalsthetotal
costsassociatedwiththesaleoftheproduct(TR=TC).Abreak‐evenpointistypically
calculatedinorderforbusinessestodetermineifitwouldbeprofitabletosellaproposed
product.
breakevenpoint(foroutput)=fixedcost/contributionperunit
contribution(p.u)=sellingprice(p.u.)‐variablecost(p.u)
breakevenpoint(forsales)=fixedcost/contribution(pu)*sellingprice(pu)
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Feasibility
Afeasibleplanisonethatiscapableofbeingdone,practicable,possible,likely,reasonable,
probable,suitable.Itdemonstratesthatthereisamarketfortheproductorservice,theplan
presentsastructureadequateforenteringandservingthemarket,andtheresources(money,
marketing,andmanagement)existorareaccessibleforenteringandservingthemarket.
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