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Wednesday, January 20, 2021

8th annual Fort Worth Business Plan Competition is underway

Winners to receive $50,000 in cash and in-kind business services

The City of Fort Worth Office of Small Business and presenting sponsor Capital One Bank are looking for businesses to compete in the eighth annual Fort Worth Business Plan Competition for more than $50,000 in prizes, a news release announced.

Participants will be judged on how well they develop a business plan or enhance an existing plan that will reflect improvement in their market competitiveness and increase their bottom line, the release said. To apply, businesses must have a DBA registered in Tarrant County and an annual revenue of less than $500,000. Applications for this year’s competition are due by June 15.

After the application deadline has passed, 25 businesses will be selected and provided five weeks of group training, during which additional resources will be available to them. These resources include one-on-one counseling, professional development workshops and coaching from industry experts through the partners at the Business Assistance Center (BAC), including the Tarrant Small Business Development Center, SCORE and the business colleges at Texas Christian University and University of Texas at Arlington.

Business plans from the chosen 25 will be due Sept. 10, and from those plans, 10 businesses will be selected to compete in front of judges during an Oct. 11 Pitch Night, the release explained. A top three will be selected by the judges, and those finalists will compete Oct. 25 for the prize packages, which include cash of $10,000 for first, $5,000 for second and $3,000 for third, in addition to the in-kind services donated by numerous businesses.

The Business Plan Competition is once again partnering with United Way of Tarrant County’s Kernel Live!, which aims to foster social innovation within Tarrant County by providing resources and seed funding for organizations and programs that feature a combination of social impact, a sustainable revenue model and an innovative approach to solving the social challenges in our community. Thanks to this partnership, there is opportunity for an individual or business to receive the benefits of competing in both competitions while also receiving business plan training at the BAC.

“Capital One is excited to once again partner with the Office of Small Business, the Fort Worth Business Assistant Center and The Alternative Board,” Kurt Schaal, Fort Worth market president, Capital One Bank, said in the release. “The Business Plan Competition gives local entrepreneurs the opportunity to access resources that will allow them to succeed and thrive and we are thrilled to be contributing to that process.”

The Business Plan Competition was founded in 2011 through a partnership with the Office of Small Business, Capital One Bank, The Alternative Board and the BAC, the release said. The event aims to encourage small business owners to manage and operate their business according to a written plan because the Fort Worth Office of Small Business has found that a well-researched plan has a positive impact on the bottom line and strengthens an owner’s ability to generate revenue and create jobs.

For more information or to register, visit fwbac.com/bpc.

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