BDCC Plans to Award More Than $40,000 in 4th Annual Business Plan Competition

BRATTLEBORO, VT The Brattleboro Development Credit Corporation (BDCC) announces its fourth annual Business Plan Competition, which again will include two entry categories and multiple prizes totaling more than $40,000.
For the Existing Business category, the top prize will be $12,000, the second-place prize will be $6,000, and the prizes for up to four runners-up will be $2,000 each. For the New Business category, the top prize will be $6,000, the second-place prize will be $3,000, and the prizes for up to four runners-up will be $1,500 each. The premise behind the Business Plan Competition is to help raise awareness in the community about small business and entrepreneurship, and to encourage new business development by helping interested community members develop viable business plans, gain public attention, and earn financial rewards.
"I recommend this endeavor to anyone starting or nurturing a small enterprise in the Windham County area," says Richard Holschuh of Concrete Detail, a finalist in last year's competition. "Armed with the knowledge and vision derived from my participation in this competition, I have been able to operate more efficiently and plan more effectively for the many challenges faced by a small business, especially in these times. BDCC s continued commitment to the economic vitality of our area is implemented in a very practical manner by their sponsorship of this innovative event."
Last year's grand-prize winners were two Windham County manufacturing businesses using Vermont-based raw materials to create products for sale in the USA and beyond. For the "Existing Business" category, the top prize was awarded to Linda and Tom Diak, the owners of Grafton Fibers, a Saxtons River company that produces Vermont-crafted needle-art tools and fibers. For the "New Business" category, the top prize was awarded to Ed Metcalfe, the owner of Vermont Distillers, a micro-distillery in Marlboro that will be manufacturing and selling premium Vermont-based liquors and liqueurs.
Linda Diak says just about any business could benefit from the introspection provided by participating in the Business Plan Competition. "We found it to be most helpful in bringing clarity to our operations, allowing us to see our business through different lenses," says Diak. "It brought issues to light we did not realize existed and highlighted strengths we were not truly aware we possessed."
In addition to Holschuh, runners-up in last year's "Existing Business" category were: Big Wally's Adhesives, owned by Rory Brennan and Laurie Klenkel of Brattleboro; Ironwood Brand, owned by Eli Gould of West Brattleboro; Moscode, Inc., owned by George Kaye and Gage Rommel of Brattleboro; and True Vector Technologies, owned by Sandy Fitchet and Mark Spivak of Wilmington.
Runners-up in last year's "New Business" category were: AMPress, owned by Archer Mayor of Newfane; EcoFuels, owned by Tad Montgomery and Owen Dodge of Brattleboro; The Timber-Frame Shop, owned by Monica MacNeille of Brattleboro; Vermont Stone Composite, owned by Tyler Maas and Peter Welch of Brattleboro; and Windham Country Magazine, owned by Lynn Barrett of Dummerston Center.
According to Nancy Cain of Against the Grain Gourmet, a runner-up in the 2006 competition, "I think the Business Plan Competition is one of the most creative ways to encourage new business development that I have heard of. There are so many potential entrepreneurs in Southern Vermont who need guidance, direction, and financial support. Operating much like a neural net, these entrepreneurs could have a major impact on Brattleboro's economy. BDCC and the Business Plan Competition seem to me to be the ideal vehicles for making that happen."
To enter the competition, candidates must submit an Executive Summary consisting of a two-page business plan and one-page financial summary no later than 4 p.m. March 2, 2009. Finalists for each category will be announced on March 9. Final Business Plans will be due at BDCC no later than 4 p.m. April 20.
Final presentations, lasting up to 12 minutes per finalist with an additional 10 minutes for questions, will take place on April 30 at the Marlboro College Technology Center. Winners will be announced at 3 p.m. that day. Vermont State Governor Jim Douglas has been able to present the awards for the first three competitions, and it is hoped he will be able to continue that tradition this year.
To be eligible for the competition, the existing or new business must be physically located within BDCC's designated region of Windham County plus the towns of Readsboro, Searsburg, and Weston, Vermont; and must have an annual gross revenue of $500,000 or less.
Since the intent of the competition is to help create and retain jobs, foster economic growth, and improve the quality of life in southeastern Vermont, each submission will be reviewed and judged based on such criteria as: likelihood of success and job creation (direct or indirect). For instance, will the proposed business or expansion create new jobs opportunities, or positively affect other businesses such as suppliers or distributors, or make an ancillary impact such as drawing tourists to the area. The judging panel consists of 10 new and returning members who represent the business community.
Preparing for and participating in the Business Plan Competition is an intensive process. With that in mind, BDCC will be providing a free information session for interested contestants on February 12, 2009, at 3:30 p.m. in Room 2 East at the Marlboro College Technology Center.
In addition, the Small Business Development Center (SBDC) will be hosting a "Start Your Own Business" seminar covering business plans and financials on February 25, 2009, from 9 a.m. to 12 p.m. at BDCC. To register, go online to http://www.vtsbdc.org and click on the link for "statewide training opportunities." The seminar is a valuable resource for people who are uncertain about how to approach the executive summary and financials for the first phase of the competition.
One piece of advice Diak offered to existing business owners who are considering entering the contest is "clear your slate ahead of time as much as possible so that the impact on your business from lost time [working on the business plan] is kept to a minimum."
More information about eligibility, rules, registration, judging, and other details can be found online at the BDCC website, http://www.bdccbusinessplancompetition.com or by contacting BDCC at 802-257-7731.
BDCC is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth in southeastern Vermont. Its primary objective is to create and retain a flourishing business community that supports vibrant fiscal activity, and improves the quality of life of all its residents. Founded in 1954, BDCC owns and manages the Cotton Mill industrial park/incubator and the new Business Park at the former Book Press building, among other facilities, and is one of 12 Vermont Regional Development Corporations.