Discovery Challenge Overview

The Enterprise Gym™ Business Plan Competition

Background

Open only to students who are registered members of The Enterprise Gym (membership of the Gym is free to all students), the Business Plan Competition runs twice a year, i.e. once each semester from September to November and January to March culminating in “Mini” Lions’ Dens and Award Ceremonies.

Members compete in teams of between 2 and 4 students. Each team needs to have identified a business idea which will form the focus of its business plan. Business ideas may relate to a  “new-to-the-world” product or a conventional product that the team considers offers some new opportunity.

All competitors have free access to the VLE Instructor for 24/7 theoretical underpinning. In addition, where possible, teams will be allocated local business Mentors.

The Rounds

There are 4 rounds to each competition. All rounds are open to those members undertaking the Training Workouts but members not undertaking the Workouts are eligible to compete in rounds 2 and 4 only.

Rounds 1 and 3 are judged at the end of the evening’s Training Workout based on the work done that session whereas Rounds 2 and 4 are judged based on paper submissions made by the teams.

The judging panel comprises appropriate Enterprise Gym Business Patrons and the Enterprise Facilitator. The decision of the judges is final.  More detailed round information in the  "Round Info" section

Prize Money

Prize money will be structured as follows.

1^st £1000

2^nd £400

3^rd £200

4^th £150 

In addition, the top 2 prize winners will earn 6 month free occupancy of the University’s Greenhouse pre-incubator facility. For more information please see Craig or a member of the management team.

Prize moneys will be disbursed at the end of each semester; cheques will be made out to the team leaders who it is understood and agreed by all team members are responsible for the final and equal disbursement of prize moneys amongst team members.

As stated at the beginning of the semester eligablility for the prize money will be on an attendance based percentages calculated after the last training work out, i.e. after the den.

Team leaders and teams not attending the end of semester award ceremony automatically forfeit all prize moneys.

The Business Plan Competition Round 4

Business Plan 40% weighting

SUSTAINABILITY AREA OF BUSINESS

In order to give contestants some guidance as to what’s important in their business plan, please note that the judges will be looking at the overall quality of the business plan but will be taking into consideration factors such as:

Completeness:    the key components of the plan are evident and get some treatment

Consistency:     the key components are consistent with one another

Thoroughness:     the key components are appropriately treated in terms of depth and scope

Realism:   the extent to which the plan is believable, i.e. feasible market share targets, sensible pricing, reasonable estimates of costs and the overall business viability etc

Presentation:    the plan looks professional, no typographical errors, pages are numbered, contents page accurate, layout, etc

The judges will also consider the degree to which the plan demonstrates creativity, innovation and commercially significant benefits. Business plans that promote environmental sustainability will also be favoured by the judges.