NanookTech Business Plan Competition

Submitted by Faith Henry
Phone: 474-7253
03/07/05

Alaskan entrepreneurs seeking growth opportunities for their business ventures can enter the "First Annual Alaska Business Plan Competition" jointly sponsored by local businesses and university programs. The competition is open to all UAF students and faculty. Finalists will present in front of judges, investors and other entrepreneurs April 28 and 29 at 6:30 p.m. in Fairbanks. This first annual competition simulates the real-world process of learning, continuous improvement, and raising private capital that are collectively needed for a business’ growth. Immediately following each presentation, the judges, made up of a panel of local investors, will ask questions of the entrepreneurs to test the plan’s validity. Winning teams or individuals comprised of UAF students and/or faculty,will be presented on May 3rd, 2005 at the Chamber of Commerce meeting.

"Matching good business ideas with good management teams and with qualified investors who are interested in private, early stage equity opportunities is one of the most difficult aspects of entrepreneurship," said Rick Wolk, Alaska Pacific University’s Instructor in Management and Entrepreneurship. "Nowhere in the United States is this truer than Alaska."

The NanookTech Business Plan Competition will also provide a formal deal path so that entrepreneurs and their plans can be funneled before potential investors. Members of NanookTech and faculty from the School of Management at UAF, along with employees of Alaska InvestNet will make up the informal network of capital formation professionals who will provide the beginnings of a validation process for many of the deals.

The NanookTech Business Plan Competition is open to two categories of plans. Participants may propose business plans for a new general business that could go into the accelerator or for the NanookTech Accelerator itself. The top plan from each of the two categories will be chosen by the panel of judges and each will receive a $500 cash prize.

Applications are due by close of business on Wednesday, March 16, 2005. Requirements include: a) business must be headquartered in Alaska and b) the business must be trying to raise capital. Businesses that show pro forma revenue of $10 million or more by the fifth year of operations are eligible to win cash prizes for university students that assist them in the competition.

To enter, interested applicants must submit a one page letter of "intent to compete" with the following information: the project’s title; a one paragraph abstract describing the project; total amount of required funding and funding purpose; the name, mailing address, e-mail address and contact phone number of the lead entrepreneur. The following statement must be printed at the bottom of the letter of intent, signed and dated by the lead entrepreneur: "By submission of this letter of intent to compete, I understand and consent to all of the rules of the NanookTech Business Plan Competition."

Business plan templates, including Executive Summary outlines and templates for financial statements are available to download for free at from Alaska InvestNET’s website: www.alaskainvestnet.org. All submissions must follow the format indicated on the Alaska InvestNET’s site.

Alaska InvestNET is a non-profit organization with the mission to accelerate entrepreneurship in Alaska for both entrepreneurs and investors.

Completed business plans are due no later than 5 p.m. April 27. Plans will be judged based on criteria that include management team, scalability of business, risk, and expected return on investment.

The First Annual NanookTech Business Plan competition would not be possible without the support of the NanookTech, Alaska InvestNet, and UAF School of Management and Office of Electronic Miniaturization. If you would like to talk to a mentor from the NanookTech Accelerator about your business plan idea please contact the Dean’s Office for the School of Management.

For further information, for a complete set of contest rules, or to submit your business plan, please contact Faith Henry at faith.henry@uaf.edu or (907) 474-7253.