If you registered for the Social Entrepreneurship Challenge by April 30th, you are now eligible to submit a business plan before the May 30th 11:59pm ET deadline. Your business plan MUST follow the guidelines listed below. CLICK HERE to download our business plan template.
To upload your plan, please follow these steps:
(1) Log in to iStart at http://michallenge2014.istart.org/ using your user name and password
(2) Click on 'Profile'
(3) Click 'Update Application' to find a link to upload your business plan in MS Word or PDF Format
BUSINESS PLAN GUIDELINES (Not to exceed 8 pages). Template available for download HERE.
Team Leader Name.
Where is/will you be registered? (City(ies), Zip Code(s))
PROBLEM -TELL US ABOUT THE PROBLEM YOU ARE TRYING TO SOLVE
Describe the social problem you are trying to solve (Max 150 words).
SOLUTION - WHAT’S YOUR INNOVATIVE IDEA TO SOLVE IT?
Describe your solution to solve this problem (Max 250 words).
How is your idea uniquely suited to solve the social problem you are looking to address? (Example: How is your model different from something similar that exists or has already been tried?)
Tell us how your efforts are geared toward impacting systems that influence the problem, as opposed to just addressing symptoms of the problem. (Examples may include partnerships, policy change, or other approaches you are taking to address the root causes of the problem.)
VALIDATION - WHAT EVIDENCE DO YOU HAVE THAT IT WORKS?
Tell us what you have done or are doing to ensure that you are on the right path and that your solution will make a real impact. (Examples may include conversations or agreements you have had with customers, existing or pilot sales, partnerships, etc.)
MANAGEMENT TEAM - TELL US ABOUT YOU
Provide an overview of your management team (including yourself) and any advisors. Be sure to highlight relevant experience each person brings to your social venture.
What makes you/your team uniquely qualified to address this social problem? (Include a concrete example from your life that illustrates how you are tenacious, practical and visionary.)
Describe up to three partnerships you have formalized and those you plan to establish, which will prove crucial to your success.
IMPLEMENTATION – WHAT’S YOUR PLAN?
Who will benefit from your solution? Describe potential customers and/or people served through your social venture.
How well do you know your customer? Briefly describe experience(s) you have had with your target customer.
Describe how your model generates revenue.
What are the biggest threats to the success of your venture? (Examples: Government regulations, market competition, pending licensing requirements).
What concrete steps are you taking to address these threats?
What is at least one metric you will use to measure your social impact? (Example: Move 5 people from welfare to work each year; reduce environmental impact by saving 20 gallons of water through new hydroponics farming technology.)
Provide one example of where you or your model prioritized social impact over financial gain.
How might the world look different after your solution has succeeded (Max 150 words)?
If your venture is not yet launched, note your planned launch date and when you expect to break even. If your venture is launched, indicate whether it has reached break even and when you expect to reach profitability.
Is your venture breaking even now?
If not, when do you think you will break even?
Is your venture making a profit?
If not, when do you project you will be profitable?
What level of investment, if any, are you seeking for your venture?
Amount $ ___________
Describe use of investment:
Over what period and at what return do you project you can return this investment?
What will you do if you don’t get capital?
What level of grant funding are you seeking? Amount $_____________
What organizations have you applied to or plan to apply to for grant funding?
Describe use of grant:
How will this grant make your venture more sustainable?
Please complete a 12-month operating budget. If you are currently generating revenue, the following operating budget should reflect your CURRENT budget from your last 12 months of financials. If your venture is pre-revenue, please provide 12 months of a projected budget with revenue and expenses.
Label your budget as either CURRENT or PROJECTED. (You may use our operating budget worksheet provided in the business plan template.)