Business Plan Competition for Round Rock Entrepreneurs
Do you have an entrepreneurial dream? The Round Rock Public Library is delighted to announce a Business Plan Competition for Round Rock-based startup entrepreneurs. The final six individuals or teams will present their business plans to a panel of judges, and prize money will be awarded to the top two entrants.
The goal of this competition is for entrants to gain practical insights about starting and growing a business using the array of small business resources available at Round Rock Public Library.
From the sidewalk lemonade stand to the giant corporation, every business wants to find more customers. Round Rock Public Library invests in powerful print and electronic resources like Gale Business Plan Builder, Demographics Now!, and Reference Solutions to assist business owners in answering these vital questions:
- Who are my competitors?
- How do I find new sales leads?
- How do I research the purchasing behavior in a specific zip code?
- How do I create a business plan?
This competition is a win-win for all entrants, because in the process of competing, each entrepreneur will have created a business plan. The business plan is not merely a requirement to obtain financing; it is an essential document to guide a company’s operation. By defining their unique sales propositions and marketing plans, entrants will be better able to achieve their goals and sustain long-term superior performance.
The Round Rock Library is grateful to our generous sponsors: Dell Technologies, The Round Rock Chamber, Public Library Association, HEB, and the Friends of the Round Rock Public Library.
- $10,000.00 total value ($7500 cash + a Dell Computer worth $2500.00)
- Consultation with Dell Technology Expert
- $3,500 cash
Elements of a Business Plan
What is a Business Plan?
The Business Plan is perhaps the most important document an entrepreneur can create. The Business Plan helps guide the direction of the company’s first several years in business and gives potential investors an idea of the company structure, goals, and future plans. Companies at all levels of success create business plans. It is a working document that should be updated on a quarterly or yearly basis.
Rules and Eligibility
Competition entrants must complete an online entry form to enter the RRPL Business Plan Competition.
All entrants need to possess a Round Rock Public Library card to access the online library resources required to enter the RRPL Business Plan competition.
All RRPL Business Plan Competition applicants, whether individuals or members of a team, must be 18 years of age or older. Documentation may be required.
The business proposed in the RRPL Business Plan Competition entry form must operate in Round Rock.
All individual applicants and team members must be legal residents or U.S. citizens. All individual applicants and/or team leaders must have a legal residence in Round Rock. Documentation will be required of the finalists.
All businesses must have ideas or business models in the start-up phase. Operating businesses that have earned more than $10,000 in revenue are not eligible to enter the competition.
For-Profit Businesses Only
RRPL Business Plan Competition is a business plan competition for For-profit businesses. Non-profits are not eligible to enter.
Individual and Team Entry
RRPL Business Plan Competition entrants may enter only once, either as an individual or as part of a team. If entering as a team, the team must appoint one individual as the team leader and main contact, and one other as the secondary contact. The team leader must be a resident of Round Rock. The team leader’s entry form must list all individuals on the team.
Entry forms must be submitted on the RRPL Business Plan Competition site no later than 11:59 PM on March 31, 2022.
Meet with a Round Rock Librarian
Each applicant must meet at least once with a librarian before March 15, 2022. Please contact Geeta Halley, Assistant Director via email to schedule an appointment. Email address: email@example.com
Meet with a SCORE AUSTIN mentor
Each applicant must meet at least once with a SCORE AUSTIN mentor during the Competition. Click here to schedule an appointment with a SCORE mentor
Your Business Plan must be uploaded to the RRPL Business Plan Competition site no later than 11:59 PM on March 31, 2022.
Applicants must read and become familiar with the Judging Criteria and Required Components of your Business Plan.
Finalists will be asked to provide their 2021 tax return and a Texas driver license or a Texas non-driver ID card.
Disbursement of Funds
Prize money will be awarded to each winner following the end of the competition. The winning RRPL Business Plan Competition entrant or team will have sole responsibility for deciding how to allocate or otherwise use its prize proceeds.
Please Note: The awards are taxable. The winners are responsible for reporting tax withholdings of the prize money.
All decisions of the judges are final.
By the submission of your Business Plan, you understand and agree that the summary page of your Business Plan may be used in public documentation related to the competition. The Library will provide a copy of your business plan to competition staff and judges and will inform them that no additional copies are to be made.
Violation of any one or multiple rules for eligibility will result in disqualification from RRPL Business Plan Competition at any point.
Please Note: Interpretation and enforcement of these regulations are in the sole discretion of the Round Rock Public Library and the Round Rock Chamber of Commerce and the decisions of the judges are final.
Please Note: Your Business Plan must be uploaded to the Competition site no later than 11:59 PM on March 31, 2022.
Round 1 – Technical Review
In this round, your plan is reviewed and scored for format rather than content.
Entrants will utilize ‘Gale Business – Plan Builder’, Round Rock Public Library’s online resource to create and submit the following documents:
- Your Business Plan, including the financials, must be uploaded as ONE (1) file in PDF format
- It should be no longer than 20 (one-sided) pages, excluding financial statements
- Use Arial font no less than 10pt with 1-inch margins
Your Business Plan must contain the following:
- A one-page summary to accompany the business plan in the required format
- A cover page with the name of the applicant, street address, telephone number, and email address of the individual entrant(s) and team leader
- Team entries must include the names of all team members, and the street address, telephone number, and email address of one designated entrant
- A Table of Contents
- Page Numbers throughout the business plan
- Detailed Business Plan with each required component
- Financial Projections including 3-year summary balance sheet, income statement, and statements of cash flow. Additionally, the statements should include monthly income statements for year 1 and 2 and a quarterly income statement for year 3. The financials should also include a description of sources & uses of funds, break-even analysis and notes to financials inclusive of financial assumptions
- Points will be deducted from your score if your plan exceeds 20 pages
- Round Rock Public Library will not reimburse entrants for any expenses related to the compilation or assembly of your Business Plan
- Working models or prototypes will not be accepted
- The Business Plans will be destroyed shortly after the competition has ended
Round 2 – Judges Review
The judges will evaluate each Business Plan based on the following:
- Content of the plan, including the thoroughness and quality of the analysis
- Effective use and impact of the prize money
- Effective use of Round Rock Public Library’s business information and research tools, especially Gale Business – Plan Builder.
- Community Impact
- Viability of business model
Round 3 – Finalist Presentations
Finalists will be notified and required to present their plans to the panel of judges and respond to their questions. The exact date, time and location of these meetings will be provided to the finalists. Winners will be announced at the Awards Ceremony immediately following Round 3. During this round, the judges will evaluate each Business Plan based on the following:
- Clear communication
- The probability of a successful launch
- Quality and effectiveness of the final presentation
Dates and Deadlines
- March 15, 2022 Entrants are required to have at least one consultation with a RRPL librarian and, meet at least once with an SCORE Austin mentor prior to March 15th, 2022. Failure to do so will result in disqualification of your application
- March 31, 2022 Business Plans must be uploaded to the competition site no later than 11:59 PM
- April 1-10, 2022 Round 1 – Technical Review
- April 11-20 Round 2 Judges Review The panel of judges will review submitted business plans.
- May 3,2022 Finalists will be notified and required to present their plans to the panel of judges and respond to their questions. The exact date, time and location of these meetings will be provided to the finalists
Winners will be announced at the Awards Ceremony immediately following Round 3.
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Submit Your Business Plan
Thank you to our sponsors for providing the ‘seed’ money for our Round Rock Rock-based startup entrepreneurs.