The Medoza College of Business Gigot Center for Entrepreneurial Studies will award $20,000 to the winner of their innuagral Business Plan competition — an entrepreneurial contest open to any Notre Dame students or alumni capable of creating an outline of a proposed business venture.

Adhering to the Center's mission of "creating a sense of the possible," the competition requires participants to describe prospective customers, marketing plans and even location for a potential business. These documents, typically 10 to 40 pages long, will be evaluated by venture capitalists, bankers, lawyers, software engineers, and senior executives – all members of the Gigot Center Advisory Board and Irish Angles.

The business plans will be judged upon nine criteria. The evaluation from the judges will weigh more significantly upon the overall opportunity for the business to succeed and upon the team and entrepreneur managing the business. Other considerations will be made upon the business concept itself, competitive advantage, marketing, and financial return or expected success.

"[The competition provides] a link between entrepreneurs and the investment community," said James Davis, Director of the Gigot Center. "It's a forum to fund prospective businesses."

In addition to the prize money, the contest will provide a chance for students and alumni to network and gain feedback from successful business persons. Other prestigious colleges and universities have held similar competitions.

MIT's Competition has had more than 400 companies launched in the past 10 years. The Gigot Center is expecting approximately 100 teams and/or individuals to enter by the Feb. 16 deadline for registration.

The Gigot Center also expects approximately half of the participants to be alumni.

"Being an executive or an alumni might not be an advantage. Students have a different perspective, and [they have] an on-campus network," said Davis.

Theresa Sedlack, program manager of the Gigot Center, said, "[I noticed] a lot of buzz in the business college [concerning] the competition."

Students, who need assistance with creating a business plan, can and will receive guidance through numerous avenues. One tool for guidance is "Business Plan Pro," a software package which participants will receive free of charge. This software, developed by a Notre Dame graduate, Tim Berry from Palo Alto Software, generates a business plan from information entered into the program. Another useful source is Tom Suddas, the "entrepreneur in residence." He will be available to answer any questions and to offer assistance.

Kevin Self, a venture capitalist, will hold a presentation discussing business plans Friday from 1:00 p.m. to 2:15 p.m. in the Jordan Auditorium. He is currently a managing partner with NetFuel Ventures and will answer questions concerning business plans.

Other important dates include March 19th when business plans are due by 5p.m. to the Gigot Center, and April 6th when the five finalists will be announced. On April 26th, the judging of the finalists will take place in which they must present their plans in a 10 minute presentation.

The competition will come to a wonderful close on April 27th with the announcement of the finalist in addition to an awards ceremony with a key-note speaker.

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