Calling all student-entrepreneurs! ICFL’s H2 2020 Business Plan Competition gives high school students the opportunity to develop skills of entrepreneurship, innovation, and leadership. Participants will gain first-hand experience in designing and presenting their own business plans. This is a unique opportunity for students to jumpstart their businesses and careers while in high school! Top business plans will win prize money, recognition, and publication in our prestigious journal.
The theme for 2020 is social entrepreneurship. So we are looking for the best business plans for ideas and concepts that will help make society better. Examples would include helping the environment, alleviate inequality and raising awareness for social and political causes
Requirements and Criteria
We invite students to design business plans that tackle any social problem that they see in the modern world. There are several components the business plan must include:
- Executive Summary – provide an overview of the mission, purpose, and function of the business. The summary must not exceed 250 words.
- Product Description – describe the product or service that the business offers, how it is designed, and the problem that it solves.
- Market Analysis – identify the target market and audience for the product, in addition to sales strategies to reach this market.
- Competitive Analysis – identify businesses that are in competition and explain the competitive advantage that your business holds over others.
- Financial Strategy – describe the funding requirements of the business, including financial documents when applicable.
- Impact – explain the impact that your product and business will have on the community and why it is important.
Students may choose to include additional components if necessary to their business plans, but the totality of the plan must not exceed 8 pages. Citations should be included at the end of the business plan, but will not contribute to the overall word count.
Business plans will be judged by entrepreneurial experts. All six components will be evaluated, in addition to the originality, extent of preparation, organization, and writing style.
Eligibility and Requirements
To participate, students must be enrolled in high school (grades 9-12) or its homeschooling equivalent at the time of the submission deadline. Students can choose to compete as individuals or in groups of up to 4 students.
The submission window is currently open and closes at 11:59 PM EST on November 14, 2020. Students must submit within this submission period to have their business plans considered.
Submissions must be saved as Word Documents or PDFs.
Once you are ready to submit, click the button below. You will be asked to provide your name, grade, name of high school, email and short summary of your business plan.
Business Plan Competition Now Open for Submissions!
The winners of the 2020 Business Plan Competition will be announced by Dec 15, 2020.
The first-prize winner will receive $500 dollars of prize money and a certificate of achievement. Prize money will be split evenly amongst group members.
The second-prize winner will receive $300 dollars of prize money and a certificate of achievement.
The third prize winner will receive $100 dollars of prize money and a certificate of achievement.
Honorable Mentions/Finalists will receive a certificate of achievement.
All judges’ decisions will be final.