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Rules and Regulations 2020-2021
- Goal: To work collaboratively to move the state forward by engaging young minds to solve West Virginia’s greatest issues. The future of our state is at hand, and we are working to involve young talent from across the state to share their ideas.
- Opportunity: One (1) $1,000 grant for finalist team's classroom and the opportunity to pitch your idea to investors. Higher Education Institutions will also be present at the finals with scholarship opportunities.
- Eligibility: Open to all juniors and seniors in high schools and career and technical centers in the state of West Virginia.
1. Create a Team
Teams may consist of 1-3 members. Assign a team leader. Team leaders will submit the team business idea using the business model canvas template (see below).
All members must be juniors or seniors attending a West Virginia high school, career and technical center, private school or home school program.
Teams may only submit one proposal per year.
2. Fill out the Lean Canvas Template
With your team, select a business idea. All businesses must plan to register for business in the state of West Virginia. Once you have your idea, visit the website (https://www.businessplanwv.com/high-school-bpc) to fill out the Lean Canvas Template.
Your business idea proposal must:
- Be submitted on the available template
- Be submitted electronically via ReviewR
- Contain no more than 500 characters per section
- Be filled out with complete sentences
- Do NOT include the name of your high school
Templates can be filled out based on the following information:
- Briefly describe your business and why it will be successful. May include your mission statement, product or service and basic information about the company's leadership team and location.
- Customer Segments
- For whom are we creating value?
- What does our ideal customer look like?
- What are the top 1-3 problems our customers face that we are able to solve?
- Existing alternatives: how are these problems being solved already?
- How do we effectively solve our customers' top problems?
- Unique Value Proposition
- What is our single, clear, compelling message that states why we are different from our competitors and why we are worth paying attention to?
- What is our high-level concept? (e.g. Netflix's high-level concept is "online streaming service")
- Unfair Advantage
- What do we have that our competitors do not that gives us an advantage?
- How will we reach our customer segments?
- Revenue Streams
- What are our customers buying from us?
- How much are we charging our customers?
- Cost Structure
- What does it cost to run our business?
- Key Metrics
- How will we measure success?
3. Register Online by December 4, 2020 at noon
Once your Business Idea Proposal is completed using the template, register your team online and submit your proposal via ReviewR by the above date.
Enter on: businessplanwv.com
Each submission will be reviewed by a panel of judges comprised of various business professionals. Judges will evaluate each submission based on a 100-point scoring rubric. Ten (10) teams will advance to the final competition. Teams will be notified via e-mail and finalists’ names will be posted on our website and social media accounts.
Coaching and Workshop
Finalists will be paired with a business coach (volunteer). The coach will mentor and support the student in developing a complete business plan for his/her idea. This person can be a teacher or business leader in the community of that region. Teams will participate in the Finalists Workshop on February 26, 2021 via zoom. Teams will meet and work with marketing, financial, legal and business professionals on their business idea. They will learn valuable information related to starting a business in West Virginia.
One team member is required to attend the BPC Workshop. Missing the workshop will disqualify your team from the final competition.
All team members should create a LinkedIn profile prior to the Workshop
$1,000 will be awarded to teacher's classroom once the finalist team has attended the workshop and has presented at the final competition on April 12, 2021.
April 12, 2021
1. Final Business Plans Due: April 5, 2021 by noon
- Final Business Plans must:
- Be no more than 15 pages in length
- Be double-spaced, 12 pt. font
- Include a Cover Page (no name(s) or school should be mentioned)
- Be saved and submitted as a PDF file
- Be submitted via ReviewR
- Judges will grade business plans using ReviewR before the final competition.
2. Final Competition- April 12 via zoom
- Practice presentation April 9
- 5 minute presentation
- 5 minute Q&A with investors
- December 4, 2020 - Round 1: Lean Canvas due by noon (online)
- December 22, 2020 - Finalists notified
- February 26, 2021 - Workshop - online
- April 5, 2021 - Final Business Plans due by noon
- April 12, 2021 - Round 2: Finals