The deadline for submitting proposals to “The Next Great Idea Oswego County Business Plan Competition” (NGI) is a week away on April 30th.
The business plan competition is open to all entrepreneurs with a new business concept and existing businesses looking to add a new product or service.
Examples of eligible businesses include restaurants, stores, service businesses, tech based businesses, businesses manufacturing a product- practically any business as long as the proposed business will be based in Oswego County.
The competition consists of three phases, with the first phase being a business concept proposal briefly explaining the idea due on April 30th. From there, semi-finalists will be selected by a panel of local judges to submit full business plans by September 1st, and then the finalists will be chosen to present to the judges in person on November 5th.
Participation in the competition is $25 per entry and there is free business planning technical assistance throughout the process to all participants from the Small Business Development Center in Oswego, NY.
The first place winner will be announced in November and will receive $50,000 towards implementing their business plan. The second and third place finalists will also receive $25,000 and $15,000 of value in cash and in-kind services respectively. All participants will receive written feedback from the panel of judges on how to improve their business proposal.
“We’ve designed the NGI program in a way to benefit all the participants involved, not just the ultimate winner of the competition,” Austin Wheelock, Deputy Director of Operation Oswego County and NGI Chairperson, said. “If we have several finalist prize winners come out of this, plus many other bankable, feasible business plans with confident entrepreneurs then everyone wins, especially Oswego County.”
The competition web site, http://www.oswegocounty.org/NGI/index.htm, includes an overview of the event, a competition timeline, application guidelines, sponsors, and contact information.
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