The DMACC Foundation Entrepreneurship Competition consists of three rounds and five steps. It all starts with participants
filling out an application.
Step 1: Applications are screened for basic eligibility.
- DMACC student or DMACC Alumnus (See definitions here.)
- Participant must live in the State of Iowa.
- The business must benefit the State of Iowa.
- Business must be registered with the Iowa Secretary of State.
- The business must have a minimum of one employee (includes the entrepreneur).
Step 2: Eligible applications are evaluated by the DMACC Foundation Entrepreneurship Competition Committee. Applications are evaluated on the following:
- Potential for success
- Plan for the $10,000
Step 3: The DMACC Foundation Entrepreneurship Competition Committee will select up to ten applications to continue to the second round. The selected participants will be asked to submit a complete business plan by July 9, 2018. Those not selected are notified.
Step 4: The DMACC Foundation Entrepreneurship Competition Committee will evaluate the submitted business plans and select three finalists for the award. The committee will select the three finalists based on the following:
- Identified market
- Plan for success
- What is unique about their business
- Does the business provide something novel/unique/special that gives it a competitive advantage?
- Business model
- Proposed use of the $10,000 prize
- Is the use of the cash prize realistic? Does it positively impact the business?
- Potential growth
- Product or service that will be offered
- Economic impact (job creation, etc.)
- Benefit to Iowa
- How does the community benefit from the business?
The three finalists are notified by the DMACC Foundation and scheduled to present their business to the DMACC Foundation Entrepreneurship Competition Committee from August 29-30, 2018. Businesses not selected are notified.
Step 5: After hearing all presentations, the committee will select the winner of the DMACC Foundation Entrepreneurship Competition on or before August 30, 2018. The winner and non-winners will be notified of the committee's decision.
The winner of the DMACC Foundation Entrepreneurship Competition will be publicly announced and receive his or her cash prize at DMACC's annual Small Business Awards on September 13, 2018.