WHITEWATER – The submissions are in for the second annual Warhawk Business Plan competition and one team is that much closer to the top prize of $5,000. Of the 42 teams that applied, 31 have moved on to the second round.
“Many were well thought out ideas that I think people have been thinking about for a long time,” Vanessa Lund said. “I’m glad they were able to put their thoughts into words. The best plans moved forward so teams with innovative ideas are assisted into laying out the ‘plan of attack’ for their business.”
Team ideas for the contest include 6 Web-based, 9 service, 11 retail/ product and five recreational businesses.
On Thursday, Feb. 28, the teams attended their second workshop to better prepare them for the contest. Bud Gayhart, the director of the Small Business Development Center (SBDC) and Wisconsin Innovation Service Center (WISC), spoke about the essential elements of a business plan and emphasized the importance of market research.
Market research is key, as the teams will submit a 750-word essay for round two on Thursday, March 6.
Stay updated on the progress of the Warhawk business plan contest by reading future articles on the UW-Whitewater Web site or by contacting Vanessa Lund at [email protected].