Round One of TowsonGlobal’s Business Plan Competition: Completed!

TowsonGlobal’s latest initiative to support entrepreneurship and small business growth is a success! Our Business Plan Competition is in full swing, and we are very pleased with the turnout.  On February 7th, participants submitted their 3-5 page executive summary.  These entrepreneurs specialize in a wide variety of products and services, such as: Iphone and Facebook applications, technology/software development, education, clothing/retail, nonprofit, and athletic apparel.

Regardless of the industry you are in, the ultimate goal is to find the funds needed to get up and running. The best way to do that is to write an executive summary that is clear, informative, and easy to read.  Why? Because investors and lenders are busy and that might be the only thing they will ever read.  A winning executive summary should reveal where the company is at, where it’s headed, and why the business will succeed.

Participants in TowsonGlobal’s competition will be judged based on these qualities.  A “pretty” executive summary, filled with clichéd words and superlatives, is not nearly as effective as one that is straightforward and gives a clear picture of the business plan.  A good executive summary should include the following:

  • A description of the company, including products and/or services
  • A mission statement
  • The business’s management team
  • The market and your customer
  • Marketing and sales plans
  • The competition
  • The business operational plans
  • Financial projections and plans

After reviewing all Round One entries, our judges will choose six finalists who will be asked to submit their full business plan by March 11, and then present their plans in front of a panel of business and university experts on April 11.

Here at TowsonGlobal we are looking forward to the upcoming stages of our competition to see what the companies have to offer.  But, most of all, TowsonGlobal is proud to be a stepping stone on these entrepreneurs’ way to success.

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