McCloskey Business Plan Competition

 
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ELIGIBILITY

TEAM MEMBERS

The following are eligible to participate in the McCloskey Business Plan Competition:

  • All undergraduate and graduate Notre Dame students may enter the McCloskey Competition. Students from all Colleges, all majors and all programs are encouraged to enter.
  • Notre Dame faculty and alumni may compete as long as a current Notre Dame student is leading the team effort: student(s) must be integrally in the business planning process, leading efforts to conduct market research, develop the business model, write the business plan and present/represent the venture in the semifinal and final rounds.
    • Faculty or alumni are welcome to enter the McCloskey Competition by submitting the required documents for Round 1. Those alumni/faculty teams advancing to Round 2 must be willing to integrate students into the process: in order to further our educational mission, these individuals transition into an advisory role for the purposes of the team competition, and will allow student(s) to lead the business planning process on behalf of the team. Please note at least 50% of your team should have an affliation to Notre Dame, as current students or alumni.
    • Please note that the “team” effort – for the purposes of competing in the McCloskey Business Plan Competition – is likely different than the management team of the venture as it moves into the market.
  • Notre Dame teams may include non-ND individuals as long as the team is led by a current student.
  • Participants may compete as individuals, but are encouraged to create teams (maximum of 7 per team) with a variety of different skill sets and strengths.
  • Individuals may participate on more than one team.

STAGE OF VENTURE

The McCloskey Competition focuses on ventures that have not yet been launched or are at their earliest stages of launch. An eligible venture is one that has generated less than $500,000 in cumulative revenues, has received less than $500,000 in external financing and has been in operation less than three years. Plans that are affiliated with an existing business are typically not eligible to compete. While these guidelines provide general parameters, eligibility will be determined at the sole discretion of the Gigot Center.

NONPROFITS

Nonprofits may participate in the competition but must demonstrate income generation potential beyond traditional philanthropy. While we recognize that startup funding and initial capital for operations may come from philanthropic funds/individual donations, we view a social enterprise – regardless of the type of entity formation – as designed to operate like a for-profit business, which must include a revenue-generating income stream in addition to traditional philanthropic sources (donations, grants, foundations, etc.). All entries in the McCloskey Business Plan Competition will be judged on their ability to become financially self-sustaining, that is, to generate revenue in excess of costs.

PAST PARTICIPANTS

Past participants in the McCloskey competition may enter the same venture in subsequent McCloskey competitions only if the business model has changed significantly in response to feedback provided. Eligibility determination is at the sole discretion of the Gigot Center.

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RULES

  • Participants may compete as individuals or as teams. Those participating are encouraged to build a strong team with a variety of strengths and skill sets. A maximum of 7 team members may compete on each team. Please note at least 50% of your team should have an affliation to Notre Dame, as current students or alumni. 
  • Each team must be led by a current Notre Dame student (graduate or undergraduate).
  • Notre Dame alumni and faculty are welcome to enter the McCloskey Competition by submitting the required required documents for Round 1.  Those selected to advance to Round 2 may continue in the Competition as long as a current Notre Dame student is invited into the process to lead the team effort for the purposes of the Competition:  student(s) must be integrally involved in the business planning process, including the development of the business model, writing the business plan and presenting at subsequent rounds of the Competition.  The alumni/faculty essentially become advisers to the team as the students develop the business model
  • Teams may include individuals not affiliated with Notre Dame as long as the venture is led by a current ND student.
  • Participants may compete on more than one team.
  • Participants may enter more than 1 of their own original ideas (this individual may lead more than one team).
  • Participants may enter the same new venture twice but must demonstrate that the business model has changed significantly in response to feedback from the prior year (the same venture cannot compete more than once unless the business model has changed significantly)
  • Nonprofits may enter the Competition as long as the business model includes an income generating revenue stream in addition to traditional philanthropic sources (donations, grants, foundations, etc.)
  • Competing businesses/ideas must be in the preliminary stages of development. Venture must have:
    • Generated no more than $500,000 in cumulative revenue
    • Raised no more than $500,000 in external financing
    • Been in operation less than 3 years

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PROCESS

ROUND 1

Participants submit the required document, and optional video,  through this site along with a 50-100 word public summary for their new venture. The overview will outline the business concept, target market, competitive landscape and financial potential for the venture.

Judges will review business overviews and optional video and provide detailed feedback to teams in this round. Feedback from the judges will be used to select the teams that will advance to the round 2. The round 1 overview is due October 30; those advancing to round 2 are announced by no later than December 2. See SCHEDULE for specific dates; see REQUIREMENTS for a detailed outline of the requirements for the round 1 . Alumni and faculty participants selected to advance to round 2 may continue in the Competition as long as a current Notre Dame student is invited into the process to lead the team effort for the purposes of the Competition: student(s) must be integrally involved in the business planning process, including the development of the business model, writing the business plan and presenting at subsequent rounds of the Competition. The alumni/faculty essentially become advisors to the team as the students develop the business model. The Gigot Center for Entrepreneurship will help facilitate the “matching” process, assisting these faculty/alumni participants identify student(s) who would like to work with these faculty/alumni teams.

ROUND 2

Teams will develop a 10-page “transitional” business plan (with up to 5 pages of appendices) for their new venture, including sales, pricing and production strategies, detailed financial projections and other relevant business details. Each team advancing to round 2 may request a mentor from the Irish Entrepreneurs Network or Notre Dame entrepreneurial community. This mentor will provide helpful feedback as the team develops the business model and writes the business plan. Round 2 business plans are due mid-February; semifinalist teams will be announced mid-March. See SCHEDULE for specific dates; see REQUIREMENTS for a detailed outline of the requirement for the round 2 business plan. At this stage of the competition (round 2), ALL teams must be led by students: faculty/alumni participants will work closely with students to allow the students to lead the business planning process, developing an understanding of the business model, writing the business plan and presenting the venture in subsequent rounds.

SEMIFINAL ROUND

Semifinalist teams will be required to come to the Notre Dame campus in April to give oral presentations before a panel of judges. Students will be leading/presenting for all teams advancing to the semifinal round. Finalists will be identified and announced at the end of the semifinalist presentations. At this point teams will be allowed to revise their business plans in response to the feedback provided by judges; however, the primary emphasis at this point should be placed upon the oral presentation. See SCHEDULE for specific dates.

FINAL ROUND

In April, all finalists will present LIVE in Jordan Auditorium in the Mendoza College of Business. Winners will be announced at the conclusion of the final day of judging at the awards banquet. The final round of judging takes place on a Friday in mid-April. See SCHEDULE for specific dates.

STARTUP SHOWCASE

All Round 2 teams will be invited to participate in the Startup Showcase. Held on the Friday morning of final round judging in mid-April, this forum will provide networking opportunities for teams with competition judges, mentors, investors and others with significant experience with new venture creation, including members of Notre Dame's Irish Entrepreneurs and IrishAngels Networks, faculty, staff and members of the University of Notre Dame entrepreneurial community at large.

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