Business Plan Bounty Increases to $105,000

Madison, Wis. - The first-prize winner in the Governor's Business Plan Contest will receive $50,000 from the Department of Commerce, according to a recent announcement by Secretary Cory Nettles.

The department’s pledge brings to $105,000 the amount already raised for prizes in the statewide business plan contest which is accepting first-round applications until Jan. 31. Gov. Doyle unveiled the contest at the Wisconsin Entrepreneurs' Conference in June.

“Gov. Jim Doyle said during his 2002 campaign that he wanted to create a better entrepreneurial climate in Wisconsin, and he specifically mentioned a statewide Business Plan Contest as one way to do so,” said Secretary Nettles. “This first-ever contest is reaching out to entrepreneurs across Wisconsin - and tapping into ideas that can grow into businesses. The Governor’s Business Plan Contest is an opportunity to compete for cash and in-kind prizes - but it’s also a chance to get constructive feedback on a business plan and to help move it from 'virtual business' to reality.”

Through Tuesday, business plan summaries were submitted. Nearly 200 people from 68 communities have registered their intent to file at least one plan.

“This is the first statewide contest in Wisconsin history and the first of
its kind in the nation,” said Tom Still, president of the Wisconsin Technology Council and the Wisconsin Innovation Network Foundation. “The Governor’s contest draws from the experience of corporate and academic contests around the country, as well as existing contests run through UW-Madison, Marquette University and Momentum Chippewa Valley.” The contest is designed to encourage entrepreneurs in the creation, start-up and early-growth stages of high-growth businesses in Wisconsin. Participants have the chance to win seed capital and valuable services that could help them launch their businesses. The contest covers four categories: Information technology and e-Commerce, advanced manufacturing, life sciences and financial services.

For more information on the Governor’s Business Plan Contest visit http://www.govsbizplancontest.com.