... 1IDEACOMPETITIONBUSINESSPLAN GUIDE 2012 2013 WelcometotheIDEACompetition!IDEA(whichstandsforIngenuityDrivesEntrepreneurAcceleration)isaprojectofIngenuityFrontier,acollaborationofpartnersjoinedbyacommonpurpose—togrowtheeconomyofNorthwestMinnesotabyoutfittingthenextgenerationofhomegrowninnovatorsforsuccessintheglobalmarketplace.IDEAismanagedbyseveralpartners:360°Manufacturing and AppliedEngineeringCenterofExcellence,AgriculturalUtilizationResearchInstitute,BemidjiStateUniversity,EnterpriseMinnesota,HeadwatersRegionalDevelopmentCommission,MinnesotaDepartmentofEmployment and EconomicDevelopment,NorthlandCommunity and TechnicalCollege,NorthwestMinnesotaFoundation,NorthwestRegionalSmallBusinessDevelopmentCenter,NorthwestRegionalDevelopmentCommission, and UniversityofMinnesotaCrookston.Yoursuccessisoursuccess.Thisplanisa guide thatwehavedevelopedthroughyearsofexperienceinassistingindividuals(suchasyou)inbringingpromisingid ... MarketResearch:thebestmarketingplansarethosebasedongood information. Inconductingyourmarketingresearch,youwillprobablywanttoutilizebothprimary and secondaryvisourcesof information. The information youfindshouldbringyoutosomeconclusionsthatyoushareintheIDEABusinessPlan.Makesuretoinclude information onindustrytrends,customertrends and onyourcompetitors.B. ... enotliveuptoitspotential?Whatarethecriticalmilestonesthatmustbemet and theirconsequenceifmissed?Howcanyoumanageorminimizeyourrisk?OTHERRESOURCESSampleBusinessPlans8Intheregistereduser’sareaoftheideacompetition.orgwebsite,youwillfindsamplebusinessplans.Notwobusinessesarealike—notwobusinessplansarealike,either.Usetheseplansasanexample and asareference,notastemplates.Yourownideawilldeterminewhichstyleiscorrectforyourplan.Thesearenotprovidedascopytemplates.OtherexamplesmaybefoundonlinebyGoogling“BusinessPlans,”orbygoingtosampleplans.com.SmallBusinessDevelopmentCenterWeencourageallIDEACompetitionparticipantstotapintotheresourcesavailablethroughtheNorthwestRegionalSmallBusinessDevelopmentCenter.Theirconsultantsareavailabletoassistyouatnocost.Youmaycall218‐755‐4255tosetupanappointment.AdditionalResourcesAdditionalresourcesareavailableontheIDEACompetitionwebsite.Thememberssectioniswherewewillpostresourcesthatareonlyavailabletoparticipants.YouwillalsowanttochecktheResourcestabonthewebsite.Awidevarietyofresourcesarelistedthere.ENDNOTESiDuediligenceTheduediligenceprocessrequiresobjectivity.Theprocessofduediligenceisusedbylenders and bankerstoverify and validatetheassumptionsofabusinessplan.Theoutcomesofduediligencearetheverification and validationoffeasibility,viability, and desirability.iiSeedStageSeedmoneyprovidesstartupcompanieswiththemoneytheyneedtofueltheirinitialdevelopment and growth.Theinvestmentcanbeintheformofaloan,aninvestmentinpreferredstockorconvertiblebonds,oraninvestmentincommonstock.AngelinvestorsAreofteninvolvedinseedstagefundingrounds.iiiStartupStageAtthestartupstage,abusinessisborn and existslegally.Productsor services havebeendefined, and thefirstfewcustomersareonboard.ivGrowthStageCompaniesinthegrowthstagehaveestablishedacertainlevelofmarketpresence and areexperiencinganycombinationofthefollowing:increasingrevenues,increasingcustomers,new...