Businesses across Tarrant County will have the opportunity to vie for $50,000 in cash and professional services at this year’s Fort Worth Business Plan Competition. 

The eighth annual competition will allow companies to present developing or pre-existing business plans. Judges will evaluate the companies based on how well the proposed plans would increase their respective market competitiveness. Eligible companies must have a DBA registered in Tarrant County, and have an annual revenue of $500,000 or less.

You can find applications on the Fort Worth Business Assistance Center’s website. 

After the first round of applicants are reviewed, 25 businesses will be selected to participate in a five-week training program. Throughout this time period, the businesses will have access to professional counseling, development workshops, and personalized coaching with industry experts. These connections will come through partnerships with the Business Assistance Center, the Tarrant Small Business Development Center, SCORE, and the business schools at Texas Christian University and University of Texas at Arlington. 

THREE SELECTED FINALISTS WILL PITCH IN OCTOBER

After the training process, businesses will again submit proposals on Sept. 10. Of these submissions, 10 businesses will be chosen to present at Pitch Night on Oct. 11.

Myconi Technologies Founder Barry McCleland holds a check for $8,000 as part of his prize for winning the 2017 Fort Worth Business Plan Competition. [Photo: Nicholas Sakelaris}

At the event, a panel of judges will choose three finalists to compete at the Oct. 25 competition to win the prize packages consisting of $10,000 for the winner, and awards of $5,000 and $3,000 for the second and third place recipients. In addition to cash prizes, the winning businesses will receive in-kind services from various local companies. 

Founded in 2011, the Business Plan Competition aims to encourage small business owners to develop and follow a written plan. This year’s competition is presented by the City of Fort Worth Office of Small Business and Capital One Bank. 

“The Business Plan Competition gives local entrepreneurs the opportunity to access resources that will allow them to succeed and thrive and we are thrilled to be contributing to that process,” said Kurt Schaal, Fort Worth market president for Capital One Bank, in a statement.

Last year, Fort Worth-based Myconi Technologies took home the event’s grand prize with its device to measure the temperature, humidity, pressure, light, and harsh handling of pharmaceutical drugs.