Governor Terry McAuliffe announced Virginia Velocity, Virginia’s premier business plan competition, on June 12, 2015, and there are some excellent prizes for the winners. Competitors can win cash awards of up to $225,000 with Virginia Velocity! Startups in operation for at least 24 months in either the energy or biosciences industries are qualified to compete.
1) How do I know if my company qualifies as an energy or bioscience company?
- Here are some questions to ask yourselves to help with your decision to apply
- Does our company provide products or services to the energy or bioscience industries?
- Does our company’s product or service provide a platform for further innovation in the energy or bioscience industry?
- Is your company furthering the field of bioscience or energy with its products or services?
If you can answer "yes" to any of the above questions, your company is eligible!
2) What criteria are you using to pick the semifinalists?
- There will be at least three judges for each business plan submitted. Among the criteria, we are asking judges to consider the market for the product/service, the business model, the contribution the company will make in its respective field, the financial viability of the venture, and the likelihood that the Virginia Velocity contribution will help the company move to the next level in its growth among other criteria.
3) We've never entered a business plan competition before. Where can I get more information on how to have the best chance of winning?
- Here are some articles that may help:
- The deadline has been extended! We wanted to give more time for businesses to submit and be a part of the fun. Business plans are now due by July 17 with semi-finalists announced by August 8, 2015.
Apply at www.vabizplan2015.istart.org.
To learn more and/or contact the Virginia Velocity Competition Team, visit www.virginiavelocity.org