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Thank you to our Platinum Sponsor: The Gary Karlin Michelson, M.D. Charitable Foundation Inc. Wharton Business Plan Competition • • • • • • Competition Overview Why Take Part? Phases and Timelines Competition details FAQ Q&A The WBPC has two programs to achieve objectives 1 Objectives Mentoring and Education • Encourage entrepreneurship and innovation across the Penn community • Workshops on ideation, teambuilding, library resources, and others… • Help develop business plans and teams • Help us identify the topics that are most useful for you! • Provide opportunity for business plan refinement (pitch practice, feedback from VC’s) 2 Competition • Phases II–IV of the competition • Help launch some very exciting businesses! • Judges select 1 ultimate winner from 200+ submissions Why take part? Get your business plan off the ground – with cash! Find an idea OR find a business partner Network with seasoned VCs and Entrepreneurs First-hand entrepreneurial experience Third-party validation and feedback Great Exposure It’s fun!!! Over $100,000 in prizes • • • • Grand Prize: $30,000 Second Prize: $15,000 Third Prize: $10,000 Undergrad Prize: $10,000 • Top 3: $10,000 each in in-kind legal and $5,000 in in-kind accounting services • People’s Choice: $3,000 • Committee Awards: $1,000 each Competitive Phases & Timeline • Phase I: November • Phase III: March 15 -Non-competitive round -500 words -Wharton/Penn community provides input on submissions -Contact teams you are interested in joining Nov 2012 Dec 2012 • Idea Generation Workshop: Mon, Nov 5 @ noon, JMHH 255 • Idea Submission: Nov 5th- Nov 14th • Community Comment Period: Nov 15th-Nov 29 -Semi-finals -Full business plan & closed door pitch (Mar 22) -Compete vs. others in track (this phase only) -Final 8 advance to finals Jan 2013 Feb 2013 • Phase II: Jan 25 -First competitive round -2,000 word business overview -Teams self-select into one of three tracks IT/Healthcare/Other -Top 25 teams advance Mar 2013 Apr 2013 • Phase IV: April 24 -Venture Finals -Final 8 present live to a panel of judges and peers -Various cash and prizes Who can join the competition? • Any UPenn student • Any major, background and experience • Non-Penn can participate BUT the team lead must be at UPenn and actively engaged in the development and management of the venture Judging Criteria • Proposed Product/Service and Market Opportunity (Weight: 33%) – Is the value proposition sound? – How original, innovative and thoughtful is the proposed product/service? – Is the value proposition articulated clearly and evaluated comprehensively? • Revenue Model and Financial Projections (Weight: 33%) – Do the financial projections reflect an understanding of the economics and potential growth opportunities or downside risks for the business? – Are the financial projections comprehensive and realistic? – Is the revenue generation plan logical and comprehensive? • Execution Plan (Weight: 33%) – Is the business operationally feasible? – Is the capital requested sufficient to achieve stated milestones? – Do the founding team members have sufficient expertise? For additional details visit: http://bpc.wharton.upenn.edu/phaseiiquestions.html 2011-2012 Winners Michelson Grand Prize RightCare Solutions decision tool to identify, during admissions process, patients at highrisk for readmission Second Prize 1DocWay online doctor’s office connecting hospitals with underserved patient populations via secure video platform Third Prize Calcula medical devices for the removal of kidney stones without anesthesia Eric Heil & Matt Tanzer Team Members: RightCare Solutions WEMBA-East Class 36 2010-2011 Grand Prize Winning Team Stylitics 2010-2011 3rd Prize Team baby.com.br 2008-2009 Semi-finalist Warby Parker Visit us http://bpc.wharton.upenn.edu Contact us [email protected] @WhartonEntrep FAQs & CONCERNS • I am concerned that someone is going to steal my idea • Is there a minimum or maximum number of team members allowed for a venture? • Can I see examples of plans that have won the competition in the past? • My business is already generating money, can I still enter? • I have already received some angel funding, can I enter? • If I win, do I have to invest the prize money in my business? FAQs & CONCERNS (cont…) • Can I enter more than one idea into the competition? • What types of business entities are acceptable for submission? • Do I have to participate in the Advisory Phase to be eligible to participate in the Competitive Phase? • I have an idea, but need team members – how can I find them? OR I don’t have an idea, but I’m a whiz at financial statements and want to join a team