liveplan business plan competition

• LivePlan Review 2024

Is It the Best Business Plan Software?

• Resources For Planning A Business

Last Updated: January 23, 2024 By TRUiC Team

If you're an entrepreneur, one of the most important parts of starting a business is  writing a business plan ; however, you may need a step-by-step process to help lead your small business to success. That’s where  LivePlan  comes in.

Created by Palo Alto Software, LivePlan is a cloud-based  business plan software that walks you through the entire planning process. With video tutorials and examples at each section, it helps you write a solid business plan in half the time.

Read our LivePlan review to discover the pricing and features that set the tool apart, compare customer reviews, and more. By the end, you’ll know if it is the best business planning software for you.

Recommended: Transform your idea into an investor-ready business plan—Try LivePlan today and save 40% on an annual subscription!

Pros & Cons of LivePlan

Pros of liveplan.

• You don’t need prior experience with professional business planning because the LivePlan software is designed for startups and entrepreneurs who don’t have the time or budget for collegiate-style planning.
• According to many positive online LivePlan reviews, customers are incredibly satisfied with the business plan software.
• LivePlan’s user-friendly website makes it easy to focus and build presentation-ready plans. Also because it’s cloud-based, you can trust LivePlan to keep your data safe and 100% accessible.
• LivePlan provides elegant and fully-customizable template themes you can brand so your business plan looks amazing in presentations with investors, potential partners, lending institutions, etc.
• LivePlan allows you to easily import financial data from other platforms like QuickBooks and Xero…a big time-saver that gives you the peace of mind everything is importing correctly.
• With an annual subscription to LivePlan, you get access to tons of legal forms, fantastic educational e-books, and even an employee handbook template. Their system is set up so the more LivePlan features you add, the less it costs, which is awesome.
• LivePlan sports a great suite of collaboration tools for you and your small business team members. For example, LivePlan locks any section a team member is working on to prevent two users from editing the same section at the same time.

Cons of LivePlan

• You have to be connected to the Internet to use LivePlan. Cloud-based computing does still have its downsides.
• While you can develop more than one business plan using LivePlan, there is no way to copy an existing plan.

Should You Use LivePlan?

If it feels like LivePlan is the right choice, start to plan, pitch, and track your business with it today! And if you end up not liking LivePlan as much as we do, just ask for a refund within 35 days.

Get Started

LivePlan Pricing

It would be tough for LivePlan pricing to get any more straightforward, and you don't have to worry about any hidden fees. Here are the following LivePlan pricing packages that entrepreneurs and small businesses can choose from:

• Standard Monthly Subscription: Pay as you go for $15/month for first 3 months, then $20/month after
• Premium Monthly Subscription: Pay as you go for $30/month for first 3 months, then $40/month after
• Purchase a Standard annual subscription for $12/month 
• Purchase a Premium annual subscription for $24/month 

You can save 40% if you choose an annual plan. Go with whichever package you feel most comfortable with. Either way, you have 35 days to try the business planning software and explore everything it’s capable of.

With every pricing package, you'll gain access to a variety of LivePlan features, such as over 500 sample business plans, automatic financials, and more.

A Quick Look at LivePlan's Features

There are a multitude of helpful LivePlan features that guide entrepreneurs through structuring and writing a business plan. In addition to very good technical support, sample plans, and automatic financials, LivePlan offers the following features:

• Online dashboard for tracking information and creating progress reports. Simply use your LivePlan login.
• Step-by-step instructions and video tutorials
• Advice and tips from business plan experts
• Templates for financial information
• Professional business plan themes
• Tools for team collaboration
• QuickBooks and Xero integration

Granted this is just a tip of the iceberg of LivePlan features, but our favorites for getting a clean and effective business plan built as quick as possible.

LivePlan Reviews

What LivePlan review would be complete without customer testimonials? Below is a sampling of the huge growing reservoir of feedback from happy users. We didn’t cherry-pick either, as you’ll see on Shopper Approved , a third-party customer review site where LivePlan scores a 4.8/5. As of 2023, LivePlan now has over 1,500 customer reviews on Shopper Approved.

According to many LivePlan reviews, there’s some serious value in the business plan software. Customers often mention how LivePlan helps entrepreneurs and small businesses better manage, prioritize, and present a successful business plan. In regard to the non-5 star reviews, the main issue people are having is the overall LivePlan pricing, which is understandable if you’re starting a business on a budget.

"This was a wonderful tool for creating my business plan. I was overwhelmed by all of the online templates that offered no real guidelines for completing my plan. Liveplan was simple to navigate and offered “real life” examples in each section of the plan builder. I completed my plan quickly and now have a professional document that I am thrilled with! ”

"LivePlan was a great tool to use for building a Business Plan. It helped me, as a first-time business plan writer – because it outlined all the sections of the plan and gave detailed instructions and examples for each part. The financials part was great because it automatically generated graphs and charts for the financial planning of my company. ”

"LivePlan was a life-saver for me. I work for a non-profit whose potential funders require a business plan. I had no idea what a business plan looked like or even where to start, when I found LivePlan, I knew I hit the jackpot. With the examples, samples, and easy plug-in information areas, we wrote a plan that not only looks professional but meets all of the needs of the organization and our funders. I couldn’t be more grateful for everything LivePlan did for me/us. I will use LivePlan again for any other business plans I write and will certainly recommend them. Thank you LivePlan! ”

"It’s by far one of the best business plan software products that I’ve come to find. It’s very self-explanatory and user friendly. I would recommend Liveplan to anyone looking for a comprehensive business plan maker which needs to impress and get the results you are looking to achieve. ”

LivePlan also features several verified customer reviews on its website. Here are a couple more examples:

"LivePlan has reinvented business planning. It's the only tool that helps entrepreneurs track their progress with a unique dashboard specifically designed for small business."

"I needed to write a business plan for my investors. I was going nuts trying to create charts and properly format them. Then a friend recommended LivePlan! The financials were so easy to use and I liked knowing the calculations were all correct."

"I didn't only get value for the money paid but also got the best customer service experience as well. And of course, I'm sticking to LivePlan forever."

Frequently Asked Questions

What is liveplan.

LivePlan is business management software created by Palo Alto Software to help entrepreneurs and small business owners develop business plans, financial projections, and performance tracking.

How does LivePlan work?

LivePlan works through a step by step process, guiding users through customizable templates to create professional business plans. Users input their business's financial data, product plans, marketing strategies etc. and LivePlan uses the data to create a structured business plan document with projections, graphs, financial models and performance analytics.

What businesses does LivePlan work with?

LivePlan boasts over 500 sample plans, covering just about every business model imaginable. From mom-and-pops to larger corporations, from freelancers to nonprofit entities, LivePlan really does cover every possible base.

Does LivePlan have any hidden fees?

There are up-charges for premium features like the ability to simultaneously edit multiple business plans. But, LivePlan clearly communicates these from the get-go. Also, most people probably won’t need them because they’re working on one plan at a time.

How do I cancel my LivePlan subscription?

Within the first 35 days, if you decide you’d rather not use LivePlan after all contact them via their app, by email or by phone. They’ll cancel your account and refund your money, no questions asked.

How is LivePlan customer support?

LivePlan customer support is surprisingly responsive. Use the site’s live-chat option or give them a call on their toll-free line.

Is LivePlan secure?

LivePlan is about as secure as it gets. Your business plan — and all of the information within — is entirely confidential. All credit card transactions get bank-level encryption treatment. Also, your account and plan are both backed up to the cloud every few seconds, so there’s no chance you’ll ever lose any work.

How much does LivePlan cost?

Here are the LivePlan pricing plans:

• Standard monthly: $15/month for first 3 months, then $20/month after
• Premium monthly: $30/month for first 3 months, then $40/month after
• Standard annual subscription for $12/month 
• Premium annual subscription for $24/month 

We've chosen LivePlan as the best business plan software – it helped us get Startup Savant off the ground. Being able to take our core data and translate it into a beautiful presentation-ready business plan that’s refined and customizable was a lifesaver in so many ways.

If it feels like LivePlan is the right choice, start to plan, pitch and track your business growth with it today. And if you end up not liking LivePlan as much as we do, just ask for a refund within 35 days.

Showcase your startup with confidence — Try LivePlan and create an investor-ready business plan today.

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Home > Business > Business Startup

• 5 Best Business Plan Software and Tools in 2023 for Your Small Business

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change.

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

A business plan can do a lot for your business. It can help you secure investors or other funding. It can give your company direction. It can keep your finances healthy. But, if we’re being honest, it can also be a pain to write.

Luckily, you don’t have to start from scratch or go it alone. Business plan software and services can help you craft a professional business plan, like our top choice LivePlan , which provides templates, guidance, and more.

You’ve got quite a few choices for business plan help, so we’re here to help you narrow things down. Let’s talk about the best business plan tools out there.

• LivePlan : Best overall
• BizPlanBuilder : Most user-friendly
• Wise Business Plans : Best professional service
• Business Sorter : Best for internal plans
• GoSmallBiz.com : Most extra features
• Honorable mentions

Business plan software 101

The takeaway, business plan software faq, compare the best business plan software.

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LivePlan: Best overall business plan software

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. *With annual billing

LivePlan has been our favorite business plan software for a while now, despite the stiff competition.

There’s a lot to like about LivePlan. It has pretty much all the features you could want from your business plan software. LivePlan gives you step-by-step instructions for writing your plan, helps you create financial reports, lets you compare your business’s actual financials to your plan’s goals, and much more. And if you ever need inspiration, it includes hundreds of sample business plans that can guide your writing.

LivePlan software pricing

But the best part? You get all that (and more) at a very competitive price. (You can choose from annual, six-month, or monthly billing.) While LivePlan isn’t quite the cheapest business plan builder out there, it’s not too far off either. And if comes with a 60-day money back guarantee. So there’s no risk in trying LivePlan out for yourself.

With a great balance of features and cost, LivePlan offers the best business plan solution for most businesses.

BizPlanBuilder: Most user-friendly

Need something easy to use? BizPlanBuilder fits the bill.

BizPlanBuilder doesn’t have a flashy, modern user interface―but it does have a very clear, intuitive one. You’ll be able to see your plan’s overall structure at a glance, so you can quickly navigate from your title page to your market trend section to that paragraph on your core values. And as you write, you’ll use a text editor that looks a whole lot like the word processing programs you’re already familiar with.

BizPlanBuilder software pricing

Data effective 3/13/23. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

BizPlanBuilder also offers lots of helpful guidance for actually writing your plan. It gives you pre-written text, in which you just have to fill in relevant details. It offers explanations for what information you need to include in each section of your plan and way. It even gives you helpful tips from experts, so you’ll have all the information you need to plan like a pro.

So if you want planning software with almost no learning curve, you’ll like BizPlanBuilder.

Wise Business Plans: Best professional service

• Custom quote

Unlike all the other companies on this list, Wise Business Plans doesn’t offer software. Instead, it offers professional business plan writing services―meaning someone does all the hard work for you.

Now, you might think that sounds expensive―and you’re probably right (you have to request a custom quote for your plan). But there’s a lot to be said for expertise, and Wise Business Plans has plenty of that. Your business plan will get written by an experienced writer (with an MBA, no less). They’ll get information from you, do their own research, and then write your plan. You get one free revision, and you can always pay for more.  

Wise Business Plans service pricing

Your end result will be a polished, entirely original business plan. (You can even get printed copies.) And best of all, you won’t have to spend your precious time working on the plan yourself. Wise Business Plans takes care of all the hard parts, and makes your business look good while doing it. Sounds like a service worth paying for, right?

Put simply, if you want the most professional business plan possible, we recommend using Wise Business Plans’s writing service.

Business Sorter: Best for internal plans

Many businesses need plans to show to people outside the company (to get financing, for example). But what if you just need a plan for internal use? In that case, we suggest Business Sorter.

Business Sorter uses a unique card-based method to help you craft the perfect business plan. (You can watch a demo video to see how it works.) You’ll plan some of the usual things, like finances and marketing. But Business Sorter also lets you make plans for specific teams and team members. It also emphasizes more internal matters, like operations, that might get overlooked in a business plan for outsiders.

Business Sorter software pricing

After you’ve made your business plan, Business Sorter also helps you stay accountable to it. You can create tasks, give them deadlines, and assign them to team members―giving you basic project management tools to make sure your business plans become business actions. (Oh, and did we mention that Business Sorter has the lowest starting prices of any software on this list?)

It all adds up to a business plan software that works great for internal planning.

GoSmallBiz: Most extra features

Want to get way more than just business planning software? Then you probably want GoSmallBiz.

See, GoSmallBiz offers business plan software as part of its service―but it’s just one part of a much bigger whole. You also get everything from discounts on legal services to a website builder to a CRM (customer relationship manager) to business document templates. And more. In other words, you get just about everything you need to get your startup off the ground.

GoSmallBiz software pricing

Don’t worry though―you still get all the business planning help you need. GoSmallBiz gives you business plan templates, step-by-step instructions, and the ability to create financial projections. And if you get stuck, GoSmallBiz will put you in touch with experts who can offer advice.

If you want business planning and much, much more, give GoSmallBiz a try.

• PlanGuru : Best financial forecasting
• EnLoop : Cheapest tool for startups

We recommend the software above for most business planning needs. Some businesses, though, might be interested in these more specialized planning software.

Honorable mention software pricing

Planguru: best financial forecasting features.

PlanGuru is pretty pricey compared to our other picks, but you might find its forecasting features worth paying for. It has more forecasting methods than other software (over 20) plus it lets you forecast up to 10 years.

EnLoop: Cheapest tool for startups

EnLoop doesn’t have our favorite features or interface, but it does have really, really low pricing plus a seven-day free trial. It's the most affordable software for startup business planning and still provides all the essential features like financial analysis, team collaboration, charting, and more.

Data as of 3 /13/23 . Offers and availability may vary by location and are subject to change. * With annual billing

Several of our previous favorite planning software, including BusinessPlanPro and StratPad, seem to have gone out of business.

A business plan is a written, living document that tells the story of your business and what you plan to do with it. It serves as the source of truth for you—the business owner—as well as potential partners, employees, and investors, but it also serves as a roadmap of what you want your business to be.

Why you need a business plan

While some small-business owners don’t see the point of creating a formal business plan, it can have some concrete benefits for your business. For example, one 2016 study found that business owners with written plans are more successful than those that don’t. 1

Still too vague? Then let’s get specific.

If you ever seek business funding (from, say, banks, angel investors , or venture capitalists ), you’ll have to prove that your business deserves the money you want. A formal business plan―complete with financial data and projections―gives you a professional document you can use to make your case. (In fact, most potential investors will expect you to have a business plan ready.)

Even if you’re not seeking funding right now, a business plan can help your business. A formal plan can guide your business’s direction and decision making. It can keep your business accountable (by, for example, seeing if your business meets the financial projections you included). And a formal plan offers a great way to make sure your team stays on the same page.

What to include in your business plan

Not all business plans are created equal. To make a really useful business plan, you’ll want to include a number of elements:

• Basic information about your business
• Your products/services
• Market and industry analysis
• What makes your business competitive
• Strategies and upcoming plans
• Your team (and your team’s background)
• Current financial status
• Financial and market projections
• Executive summary

Of course, you can include more or fewer elements―whatever makes sense for your business. Just make sure your business plan is comprehensive (but not overwhelming).

How business plan software can help

With so many elements to include, business plan creation can take a while. Business plan software tries to speed things up.

Most business plan software will include prompts for each section. In some cases, you can just fill in your business’s specific information, and the software will write the text for you. In other cases, the software will give you specific guidance and examples, helping you write the text yourself.

Plus, business plan software can help you stay organized. You’ll usually get intuitive menus that let you quickly flip through sections. So rather than endlessly scrolling through a long document in a word processor, you can quickly find your way around your plan. Some software even lets you drag and drop sections to reorganize your plan.

Sounds way easier than just staring at a blank page and trying to start from scratch, right?

Choosing business plan software

To find the right business plan builder for your business, you’ll want to compare features. For example, would you rather write your own text, getting prompts and advice from your software? Or would you rather go with a fill-in-the-blank method?

Likewise, think about the elements you need. If your plan will have a heavy focus on finances, you’ll want to choose business plan software with robust financial projection features. If you care more about market and competitor analysis, look for software that can help with that research.

You may also want to find business plan software that integrates with your business accounting software . Some plan builders will import data from Xero, QuickBooks, etc. to quickly generate your financial data and projections.

And of course, you’ll want to compare prices. After all, you always want to end up with software that fits your business budget.

The right business plan software can make your life easier. With LivePlan ’s wide breadth of features and online learning tools, you can’t go wrong. Plus, BizPlanBuilder 's one-time pricing makes it easy to invest while Business Sorter has a low starting cost. And if you're business is looking to grow, GoSmallBiz and Wise Business Plans will scale with you.

But of course, different companies have different needs. So shop around until you find the software that’s best for you and your business.

Now that you've got a business plan, take a look at our checklist for starting a small business.  It can help you make sure you have everything else you need to get your startup off to a good start!

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• Best Project Management Software and Tools in 2023
• 4 Cost Management Techniques for Small Businesses

Creating a business plan can take anywhere from a couple hours to several weeks. Your timeline will depend on things like the elements you choose to include, whether you use software or hire a writing service, and how much research goes into your plan.

That said, much of the business plan software out there brags that it can help you create a fairly detailed plan in a few hours. So if you’re going the software route, that can help you set your expectations.

If you want to get the most out of your business plan, you should update it on a regular basis―at least annually. That way, you can continually refer to it to inform your company’s strategies and direction.  

At the very least, you should update your business plan before you start looking for a new round of funding (whether that’s with investors or lenders).

Thanks to business plan software, you can easily write your own business plan rather than pay someone to do it for you. And in most cases, software will cost you less than a professional business plan service.

There are some times you might want to go with a service though. If time is tight, you might find that it’s worth the cost of a service. Or if you’ve got big investor meetings on the horizon, you might want the expertise and polish that a professional service can offer.

Ultimately, you’ll have to decide for yourself whether business plan software or a business plan service will work better for your company.

Methodology

We ranked business plan software and tools based on features, pricing and plans, and connections to project management and other services. The value of each plan and service, along with what it offers, was a big consideration in our rankings, and we looked to see if what was offered was useful to small businesses or just extra. The final thing we looked at was the ease of use of the software to see if it's too complex for small businesses.

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources 1. Harvard Business Review, “ Research: Writing a Business Plan Makes Your Startup More Likely to Succeed .” Accessed March 13, 2023.

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Disclaimer: The information featured in this article is based on our best estimates of pricing, package details, contract stipulations, and service available at the time of writing. All information is subject to change. Pricing will vary based on various factors, including, but not limited to, the customer’s location, package chosen, added features and equipment, the purchaser’s credit score, etc. For the most accurate information, please ask your customer service representative. Clarify all fees and contract details before signing a contract or finalizing your purchase.

Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them. Our affiliate compensation allows us to maintain an ad-free website and provide a free service to our readers. For more information, please see our  Privacy Policy Page . |

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• Business Plan Competition

Sponsored by the Schulze School of Entrepreneurship

St. Thomas Business Plan Competition

You could win $10,000 to build your company.

The St. Thomas Business Plan Competition is open to all St. Thomas students and recent alumni (graduated within the last 10 years) with plans for a new company or with a business that has not have received more than $200,000 in equity-related capital (such as seed capital or institutional funding) or generated more than $100,000 in gross revenue prior to the current academic year. Revenue generated during a test-marketing project may be excluded from this provision.

Have you participated in the Fowler Business Concept Challenge, or any other business competition? This is the logical next step to get your plans on paper, move your business forward and get paid in the process.

There are two divisions of competition – undergraduate and graduate/recent alumni – with a top prize in each of $10,000 cash. Additional prizes totaling $8,000 more are awarded to teams that advance to the finals division.

Social Ventures can also compete for an additional award and an automatic bid to the 2025 Fowler Global Social Innovation Challenge.

If your business is a social venture, you can compete for an additional $6,000 cash award and an opportunity to compete for up to $25,000 in seed funding at the Fowler Global Social Innovation Challenge (FGSIC). After submitting to the Business Plan Competition, social ventures will also submit an additional 3-5 page problem and solution summary. Social ventures will compete in the morning, before the afternoon Business Plan Competition Finals, and the top two social ventures will receive automatic bids to head to San Diego in May and compete in the FGSIC. Being in the social venture finals DOES NOT preclude you from also competing in the Business Plan Finals in the afternoon.

Social Ventures must engage with one or more of the United Nation's 17 Sustainable Development Goals (SDGs) . Participants can address any social or environmental problem as long as it is aligned with at least one of the SDGs.

Any current student of St. Thomas can compete in the FGSIC individually or as part of a team (with a maximum of five members per team). Alumni are welcome to compete. If an alumni team advances to the June Global Finals, at least one team member must be a current St. Thomas student at the time of participation. The rest of the team may belong to the same institution, another participating university, another non-participating institute, or not be a student at all.

To submit for the FGSIC Award, you must complete a 3-5 page summary in addition to your Business Plan submission. Read about the FGSIC requirements here.

Eligibility

Undergraduate Division

The competition is open to all currently enrolled University of St. Thomas undergraduate students registered in the semester of the competition with a valid St. Thomas student ID.

The competition is open to currently enrolled graduate students and post-doctoral fellows registered in the semester of the competition with a valid St. Thomas student ID. Recent alumni, students who have graduated within the past ten academic years, are also eligible to compete in this division.

In Either Division

• The business should not have received more than $200,000 in equity-related capital (such as seed capital or institutional funding) or generated more than $100,000 in gross revenue prior to the current academic year. Revenue generated during a test-marketing project may be excluded from this provision.
• Teams typically consist of one to four members.
• Each team must designate one student or alumni member as the team leader and point-of-contact for the competition.
• Teams may include non-student or non-alumni members, however, these individuals cannot make up the majority of the team, cannot take part in pitch presentations or win prize money.
• In the case of submissions from an existing organization, at least one student or alumni team member must be a C-level officer or a director of the organization (e.g., Executive Director, CEO, COO, etc.) or the majority owner of the business.

Confidentiality:

All sessions of the competition, including but not limited to oral presentations, video and slide deck submissions and question/answer sessions, are open to the public at large. Any and all of these sessions may be shared with interested people, through media that may include radio, television, printed materials and the Internet. Any data or information discussed or divulged in public sessions by entrants should be considered information that could possibly enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged, or presented in these sessions. Due to the nature of the competition, we will not ask judges, reviewers, sponsors, staff or the audience to agree to or sign non-disclosure statements for any participant. By participating in the competition, entrants agree that no member of the Business Plan Competition team — The University of St. Thomas, members of the judging panel, sponsors and their designate organizations — will assume any liability whatsoever for any disclosures of business plan information that may be made (whether inadvertently or otherwise) by any judge, reviewer, staff member, audience member or other individual connected with, participating in, viewing, hearing, or receiving information from the competition.

Complete you submission on the Reviewr Portal! (Coming Soon)

Competition Process

Email schulzeschool@ stthomas.edu to indicate your interest in the competition and receive access to a LivePlan account, a software that can help build your business plan.

Submit full business plans via our Reviewer site , by 11:59 p.m. CST, Thursday, February 6, 2025 . Finalists will be announced on Tuesday, February 20. All teams, regardless of outcome, will be given feedback on their business plans.

Submit Here! (coming soon)

The top teams from each division will revise their business plan given the feedback from round 1, and prepare a professional pitch for the finals. Final presentations are in person on the Minneapolis Campus on Friday, February 28.

2025 Finalist Competition and Award Ceremony

Friday, February 28, 2025

Special Award: Fowler Global Social Innovation Finals: 9:00 a.m. - 11:30 a.m.

Business Plan Competition Final Round and Awards: 11:45 a.m. - 3:45 p.m.

Schulze Hall

Meet the 2023 Finalists

Concept Requirements

Business Plan submissions should be new business plans. If a business plan has won money in a previous St. Thomas Business Plan Competition, it is disqualified from the competition.

Teams can enter more than one business plan into the competition, but only one submission can advance to the finals.

FGSIC Requirements Here

Business Plan Requirements Here

Applicant Resources

Don't have experience creating a business plan? No problem. The Schulze School of Entrepreneurship will supply all entrants with a free LivePlan account, a user-friendly, business plan creation website. Email [email protected] to request access.

If you have a social venture and are wanting some assistance in thinking through your concept and putting together your business plan, contact our new Social Entrepreneur in Residence Kelli Nelson [email protected] .

Info Sessions and 1:1 Mentoring Opportunities

1:1 mentoring sessions are thirty-minute meetings per individual or team with mentors to help you prepare your business plan.

Schedule General Business Mentor Sessions Here

Schedule Social Venture-Specific Mentor Sessions:

• With Kelsey Joson Here
• With Kelli Nelson Here

Missed the Info Session? Watch the recording here.

Learn more about the Business Plan Competition and the Fowler Global Social Innovation Challenge requirements and resources. There will be an opportunity for Q&A with a former competitor and a reviewer/judge of the competition.

Evaluation Of Initial Submissions

• The Opportunity – How well is it identified? How significant of an opportunity is it? What are the forces creating the opportunity?
• The Business Concept and Product(s) – What’s the core concept for the business? What is your value proposition? What does your product/service mix look like?
• The Market – Define your market. How large is it and what is its potential? Who is your target audience? Who are the purchasing decision makers and what are their processes?
• Economics of the Business – How will you make your money? What are your sources of revenue? What are your most significant costs?
• Marketing – What does pricing look like? How will you promote your product/service? How will you sell your product/service? How will goods be distributed?
• Operations – How will the product/service be produced, delivered and supported? What are the key activities that will need to be carried out to deliver your product and operate successfully? What are the key resources (physical/human/intellectual capital) that will be needed?
• Management Team – Who are the players and what are their roles? How much experience/credibility do they bring? What does compensation look like? Who are your key advisors and do you have a board of directors?
• Venture Financing – How much money is needed and from where? How will financiers receive their return and at what rate?
• Financials – Projected income statements and KPIs
• Pragmatism/realism
• Completeness/comprehensiveness
• Internal consistency
• Writing style
• Professionalism of the document

In addition to the content and written document mechanics scores, judges are asked to score your business plan based on their likelihood of investing, where 5 is an outstanding plan in which a judge would absolutely want to invest.

Evaluation Of Oral Presentations

• Is there a real opportunity? What are the forces creating the opportunity? Did they prove a market need?
• Is there an interesting business concept? Is it an innovative idea that could be implemented?
• Is there a clearly defined market? How large is it and what is its potential? Who is your target audience? Who are the purchasing decision makers and what are their processes?
• Do operations make sense? What are the staffing requirements? How will the product/service be produced, delivered and supported?
• Do they know how to make a sale? How good is the marketing, advertising, branding, promotion, selling and distribution?
• Is it clear how money will be made? What are the margins? What are the revenue drivers? What is the cost structure?
• Are the financial statements believable? Have they made realistic assumptions they can justify?
• Do they know how much money they really need to start? How much money is needed and from where? How will they get it? How will financiers receive their return?
• Ability to capture audience attention
• PowerPoint or other audiovisuals
• Mastery of facts and material related to venture
• Professionalism of the presentation
• Handling of questions

Judges will additionally score the plan on a scale of 1-5, where 5 is an outstanding plan in which a judge would absolutely want to invest. This score is separate from the scores above and is an overall assessment.

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2020 competition, the 2020 rbpc was the first virtual edition of the competition.

2020 was the 20th year of the competition with 520+ startup teams from around the world submitting applications for 42 slots. More than 180 corporate and private sponsors and close to 200 judges: local and national angel investors, venture capitalists, corporate venture reps, sector specialists participated virtually from around the world. After 3 days, the competition concluded with $1.3+ Million in prize money awarded and pledged with 7 teams each winning $100,000 or more. 

The connections and the networking that you can get after the RBPC can literally change your startup's life. Robert Hatcher, 2020 Grand Prize Winner Founder, Aurign

Congratulations to the 2020 Winners

2020 elevator pitch competition.

The Mercury Fund Elevator Pitch Competition is a fast-paced, high-energy event. Each competitor has to pitch their startup in 60 seconds for a chance at prizes. This is a great opportunity for our judges to a get a glimpse at all of the startups and kicks off the competition. 

2020 Finals

After the elevator pitches and semi-finals, 7 startups moved on to the live finals! 

2020 Competitors

Read about all the startups, previous competitions.

For 21 years the Rice Business Plan Competition has provided student startups with mentorship, guidance and capital to help support them on their entrepreneurial journey! In 2020, the competition went virtual for the first time. Check out a few of our previous competitions' content, including elevator pitch videos, final pitches, photos and LivePlans.

• 2021 Competition - Big Ideas. Brilliant Startups.
• 2019 Competition - The Art of Entrepreneurship
• 2018 Competition - One Wild Ride

Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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• Get Involved
• Leaning into LivePlan With Tisa Clark

May 22, 2024

When we think of traditional business plans, we typically imagine a lengthy, carefully crafted document that will eventually collect dust on a shelf. LivePlan , a unique online measurement and benchmarking tool, transforms traditional business plans into dynamic, living documents to help businesses measure growth and track success. Whether you are an emerging business just starting your plan or a well-established company looking to better track your efforts, LivePlan has tools to support businesses at every stage of their venture. 

Tisa J.D. Clark, president and CEO of J.D. Professional Services , is a longtime FSC First participant, a LivePlan user, a well-rounded businesswoman, and a consultant who has seen the tool benefit her clients. Clark offers her insights into the tool and the actual progress her clients have seen as a result of this resource.  

What is LivePlan?

“LivePlan takes the traditional business plan and amplifies it,” says Clark.

“It is a subscription-based tool that you can use to create the actual plan itself—your executive summary, the problems your business is solving, your offerings, management structure, marketing strategy, etc.—and allows you to integrate real-time information into the platform to help track your efforts. It can become a tool that transforms this business plan from a document that you create once and never revisit into something that you can use to manage your business.” 

Getting Started  

For those just beginning their business plan, LivePlan offers over 500 templates for users to access. Those who have never created a business plan can use the templates as a guide and get an idea of the information necessary to create their documents adequately. 

“It can be overwhelming to think about all that goes into a business plan. Many new business owners are taking a shot in the dark on a lot of information, especially on their forecast. LivePlan makes it easier for newcomers to get started, ease the load, and help them base their plan on real data,” shares Clark. 

In LivePlan, new businesses can access industry data using NAICS codes, regional information, and company size to generate a routine forecast for their business type. “It gives business owners something to compare against,” she adds. It can show you what a typical percentage to pay toward rent or what others’ gross revenue looks like. And then, you can compare that against your forecast, which will help you determine if your projections are realistic.”

Your Real Data, In Real Time

Businesses can integrate their accounting software, such as QuickBooks or Xero, into LivePlan and use the tool as a real-time goal-tracking system. Combining industry data, business forecasts, and real data gives business owners a unique 360-degree view of their financials and growth. They can compare how their business is performing against its own goals and the standard growth of similar businesses and adjust their benchmarks if necessary. 

By incorporating this data into LivePlan, business owners can take a firmer grip on their financial future. “That’s what makes LivePlan really special. It becomes a tool you can use in real-time to manage your business, particularly for those business owners who are not as financially savvy. You do not need an accounting background to make informed decisions around what their business is doing.” 

“It gives you insight that you can then take to your bookkeeper or your tax person and have those conversations with questions that you might not have known to ask just by looking at standard financials,” adds Clark. 

Invest, Pitch, and Grow BETTER

If you’re trying to get funding, LivePlan has a pitch function that can condense your business plan into a summary of critical information. “Instead of handing someone a 50-page business plan that they may not read, you can give them a quick snapshot of your business pulled from the data that you’ve been managing and storing within LivePlan. From Revenues to expenses and profitability—it can give them a clear picture of whether or not you’re a viable investment candidate.” 

The information can also be exported to provide lenders with the necessary information to approve your business for financial programs. “When pursuing capital, businesses are required to share their financial history, financial statements, debt schedules, etc. Every lender wants to know your plan because they want to know how you will pay the money back. With LivePlan, you can share your key information with lenders and get the money to help your business grow.” 

As a coach, LivePlan gives Clark an effective tool to assess her client’s efforts fully and become a more effective advisor. 

In business ownership, having the right tools makes all the difference. Alongside supportive institutions like FSC First and coaches like Tisa Clark, LivePlan stands out as a versatile tool, offering business owners valuable resources for every stage of their business.  

« FSC First’s “Step into Success” Gala & Sneaker Ball

• Success Story: Williams & Heintz Map Corporation
• FSC First’s “Step into Success” Gala & Sneaker Ball
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Write the Competition Section: Business Plan Writing

Aayushi Mistry

• December 21, 2023

11 Min Read

What is the Competition Section?

Your business plan includes a lot of operational sections. Every section holds a different importance. In that case, competition is one of the most fundamental aspects of your business. And so, it needs to be added to your business plan. The section that explains your competition is your competition section.

While deciding where to add the competition section, pay attention to the flow of your business plan. Moreover, it also depends on the priority. So, it must come next to your objective, problem statement , product/services, and target audience.

Why Do You Need a Competition Section in Your Business Plan?

The why of your business plan depends on your purpose-

If your purpose is to direct your business growth:

Your competition status can play as your reference point. Here, the competition section serves as a medium for understanding your competition. So, you can develop strategic positioning.

This can help you and your team to look at comparative strengths and weaknesses exclusively. So, you can easily come to the strategies that work in your favor, and give you a competitive advantage .

If your purpose is to create a business plan to seek investment:

You must add it to inform your investors about your competition, market position, and brand promise.

You need to describe the competition to reassure probable investors that you know and understand your competition. And that you are ready to take advantage of opportunities and avoid the pitfalls.

Apart from this, your purpose also makes a difference in how to write your competition section in your business plan. However, the difference is minor, and the effect of it is profound.

How to write a competition section in your business plan?

Regardless of your purpose mentioned above, you have to include all the steps mentioned below. Wherever there is the need for that ‘minor’ change, we will include it under the same step.

While following this step, we suggest you take action side by side. So, it becomes easier to implement. Moreover, before putting up your competition section, be ready with your competition data.

Also, make sure that you have conducted a competitive analysis and processed data of at least 5 competition companies. Once you have everything you need, you can go through the following steps-

1. Determining and Documenting Your Business Position

Regardless of your purpose, you will have to follow this step. And there isn’t any major difference here. You need to know your business position in the market and document it properly. However, we will first talk about the determining part. And then, document it for the competition part of your business plan.

How to determine your market position?

Gather crucial details for your company and your competitors’ companies. When you have all the data, you compare them. And put it up on the competition graph.

The details you will need include:

• Sales Figures
• Profit margins
• Distributors

You can also add the marketing column if you find the need. Here, your goal is to make clear positions with respect to your target markets.

However, there are two most reliable ways to determine your position:

1. Position Mapping Graph

You can do this for 5 main aspects of your business-

• For product characters
• The quality of products/services
• The number of products/services
• For user/customer friendliness

You can either put all the points in the same graph or use a separate graph for each.

How to do this?

• Get graph paper and divide it into 4 quadrants
• Add your parameter(s)
• Start plotting your and your competition’s point

2. Competitive Matrix

A competitive matrix is a method that helps you determine your competitive advantages. Usually, you put together this tool to note your market credibility. It is an industry analysis tool that compares the characteristics of you and your competition.

How to do it?

• You draw out a matrix
• Position your company and competitors, at the top, the horizontal blocks
• Put all the aspects you want to compete with, in the vertical blocks
• Put the tick marks to draw the competition

How to document in the competition section for your business plan?

Once you complete the determination, the documentation is quite easy. In fact, you can put the final graphs in your draft. It will not only give color and variety but also make it easy to understand.

While you put all the graphs together, you have to explain your competition and the parameters that you have selected. Moreover, you can go ahead and explain why the companies are your competition. Also, explain why you picked particular parameters.

Mention the date and time frame in your graphs. It makes it easier to have a deeper knowledge of your competition.

Basically, the documentation is journaling the process of drawing the graphs. You may not want to add every detail. As that could make the entire section a little longer than expected. But at the same time, don’t leave out the important details.

As for the difference, you can follow the same process for both purposes. Only make sure that your draft for your investors has been relatively concise. As for your company draft, you can add as many details as you want.

Why is this step important?

When you follow this step, the process of putting the competition section for your business plan is literally half done. It brings you the clarity that you, your team, and your investors need to make your business successful.

2. Determine and Draft Your Competitive Advantages

Determining the competitive advantage.

This process may look hard. But it is not. In fact, it just includes one step to the above one. It can be done side by side while you are drawing the comparison and putting them together in different graphs.

You have to note and add the points where you are doing better (or can do) better than your competition. And then, note how that bonus point can bring you an advantage(s).

Drafting your competitive advantage

You have to note down your bonus points and explain them in detail. You can use those graphs too for more clarity and variety. It is better that you make this up to the point. If you are writing for the investors, they might just want the rounded points after seeing the graphs.

And if you are using it for directive purposes, even then, it is good to have a well-rounded point. However, you might need the back details along the way ahead. So, you can note it down too.

With this step, you became assertive about your success and future in the market.

If brought in front of your investors, they quickly get a clear idea of whether to invest in your business or not. In a way, it helps you store their faith in your business.

And if you are only planning to put the direction of your company’s success, it gives you a clear picture of your strengths and opportunities. In a way, it restores your faith in your product/services.

3. Put in the customers’ review

This step is just like putting that final nail in the coffin! Plus, regardless of the purpose of your business plan, this step and section remain the same. Even more interesting, it takes less time than the two above-mentioned steps.

Here’s how you do it-

• Find out the reviews and ratings of all the competitors, you had begun the process with.
• Be discreet. Don’t only add the good points or the bad points. Add the good, the bad, and the average rating and reviews.
• You can go ahead and make three sections named- The Good, The Bad, and The Average.
• Add 10-12 reviews in total and put them in the respective sections (3 or 4 in each).
• You can find reviews from search engines, social media, websites, forums, and magazines.
• If you want authentic reviews and have enough time and resources, you can even run surveys. Or contact agencies that run unbiased surveys.

How to draft it-

• Put them just the way they are, even if they have typos. Try not to tamper with them.
• Add them at the end of the competition section for your business plan.

Why is this step important

• To add more clarity and favor to your business.
• Gives a chunk of customer points of view.
• Restores your, your team’s, and your investor’s faith in your company.

Basic Template

And that’s all about the competition section in the business plan. We hope we have given you all the information that you needed. However, regardless of how you find notes, we have listed the FAQs for the competition section for a business plan. You can refer to it for questions that look similar to yours.

FAQs for your competition section

What if we think that our business does not have competition?

Ideally, every business has competition. If not directly, then indirectly. Basically, there are three types of competition- Primary, Secondary, and Tertiary.

• Primary: The business that has similar products/services as you and, serves the same target audience.
• Secondary: The high-end or low-end services/products as you. There may be a slight change in the target audience, depending on the spending capacity location and more.
• Tertiary: They have completely different products/services but satisfy the same needs of your target audience.

So, if you think that you don’t have primary competition. Look closely, you may have a secondary or tertiary competition.

What if that time my competition changes?

You have to run the test from the start and draft the section from scratch. It may be the same even when you want to add and remove the parameter.

Do we need a separate team to draw a competition analysis and draft it in the business plan?

Not importantly. However, it is important for everyone involved in your team to be qualified and have adequate experience. If you think that your team doesn’t have that, you can form or hire a separate team.

How long should the competition section be in the business plan?

It should be detailed. But it must not take up most part of your business plan. Moreover, it also depends on the number of other sections you are adding. And it also depends on what these other sections are. In any case, there is no harm in being concise. No matter who the reader is, we all prefer a quick read.

Where else can we showcase this analysis?

You can use this analysis in marketing and sales strategies. You can even use it to further research and develop your product/services.

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About the Author

Since childhood, I was in awe of the magic that words bring. But while studying computer science in college, my world turned upside down. I found my calling in being a copywriter and I plunged into a world of words. Since then, there is no looking back. Even today, nothing excites me to find out the wonders the words can bring!

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10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

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4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

Protein ice cream company wins 2024 Rice Business Plan Competition

Ice cream company Protein Pints took home the grand prize at the 2024  Rice Business Plan Competition  (RBPC) April 6 as the best student ventures from top universities across the world competed for prizes in front of nearly 350 angel, venture capital and corporate investors and members of the business community.

During his acceptance speech, Founder and CEO of Protein Pints Paul Reiss said, “The love and support that we’ve been shown during our time here at Rice, and the relationships and the friends that we’ve made, is something that I know I and every other student here is going to remember for the rest of our lives.”

Hosted annually by the  Rice Alliance for Technology and Entrepreneurship  and Rice University’s  Jones Graduate School of Business , the RBPC is the world’s largest and richest student startup competition.

The RBPC offers real-world opportunities to learn what’s required to successfully launch a new business. In addition to the substantial cash, investment and in-kind prizes, the heart of the competition is the mentoring from investors and experienced entrepreneurs. RBPC alumni have raised more than $6.1 billion in capital and 288 are in business or have had successful exits.

The winners were announced at the conclusion of the three-day pitching, mentoring and networking event, which included an elevator pitch competition, practice round, semifinals, wildcard and final round. At the award celebration, more than 80 prizes were announced totaling $1.5 million in investment and non-dilutive cash prizes. Every team took home cash.

“We award the competitors $1 million in prizes, prizes that serve as foundational capital to launch their startup,” said RBPC Director Catherine Santamaria in her welcome speech at the awards gala April 6.

“That’s a large number of prizes, but the biggest thing our startups leave with is a feeling of generosity and community from this room. This community is always ready and willing to help our founders and support our vision for the competition by investing time, money and resources in these student innovators.”

The 42 competing startups represented 35 universities from four countries. They were chosen from more than 450 applicants to compete in one of five categories: energy, clean tech and sustainability; life sciences and health care solutions; consumer products and services; hard tech; and digital enterprise. Learn more about all of the startups here .

The seven finalists based on the judges’ overall scores were:

Protein Pints, Michigan State University — first place and the $150,000 GOOSE Capital Investment Grand Prize.

• Protein Pints is a high-protein, low-sugar, ice cream product designed for people who would benefit from having access to a functional ice cream and/or better tasting and more enjoyable protein options.

Somnair, Johns Hopkins University — second place and the $100,000 Investment Prize, sponsored by David Anderson, Jon Finger, Anderson Family Fund, Finger Interests, Greg Novak and Tracy Druce.

• Somnair is a Novel Non-Invasive Neurostimulation device for the treatment of obstructive sleep apnea.

Power2Polymers, RWTH Aachen University — third place and the $50,000 Rice University investment, provided by the Rice Alliance for Technology and Entrepreneurship and sponsored by Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce.

• Power2Polymers tackles the pressing issue of “forever chemicals,” which have been linked to over 6.5 million deaths in the U.S. alone, by offering safe alternatives free of forever chemicals.

Informuta, Tulane University — fourth place and the $5,000 prize, sponsored by Norton Rose Fulbright.

• Informuta’s proprietary technology leverages DNA sequencing to predict if bacteria will respond to different antibiotics or, for the very first time, develop future resistance thus causing treatment failure.

Icorium Engineering Company, University of Kansas — fifth place and the $5,000 prize, sponsored by EY.

• Icorium Engineering Company is a chemical engineering startup and University of Kansas spinout developing technologies to make sustainable, circular economies a reality for refrigerants and other complex chemical mixtures.

EndoShunt Medical, Harvard University — sixth place and the $5,000 prize, sponsored by Chevron Technology Ventures.

• EndoShunt is transforming trauma surgery with a rapid, targeted blood flow control device.

D.Sole, Carnegie Mellon University — seventh place and the $5,000 prize, sponsored by Shell Ventures.

• D. Sole is advancing the development of remote patient monitoring in podiatry with foot insoles designed for the early detection and monitoring of diabetic foot complications, such as ulcers and deformities.

The fourth through seventh place startups were also awarded an additional investment prize of $25,000 each provided by Rice Alliance and sponsored by David Anderson, Jon Finger, Anderson Family Fund, Finger Interests, Greg Novak and Tracy Druce, bringing their finalist prize totals up to $30,000.

Other  significant prizes  this year and the teams that won them include:

• $200,000 Goose Capital Investment Prize — Osphim, RWTH Aachen University
• $250,000 OWL Investment Prizes — MesaQuantum, Harvard University
• $100,000 OWL Investment Prizes — Icorium Engineering Company, University of Kansas
• $100,000 Houston Angel Network Investment Prize — Somnair, Johns Hopkins University
• $100,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize — Protein Pints, Michigan State University
• $60,000 nCourage Courageous Women Entrepreneur Investment Prize — MesaQuantum, Harvard University
• $40,000 nCourage Courageous Women Entrepreneur Investment Prize — Icorium Engineering Company, University of Kansas
• $40,000 Pearland EDC Spirit of Entrepreneurship Cash Prize — Informuta, Tulane University
• $25,000 New Climate Ventures Sustainable Investment Prize — Oxylus Energy, Yale University
• $25,000 Dream Big Ventures Latino Entrepreneur Investment Prize — Dendritic Health AI, Northwestern University
• $25,000 NOV Energy Technology Innovation Cash Prize — LiQuidium, University of Houston
• $25,000 Urban Capital Network Diversity Investment Prize in Partnership with South Loop Venture Investment Prize — TouchStone, University of California, Berkeley
• $25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize — EndoShunt Medical, Harvard University
• $25,000 Jacobs, Intuitive Machines and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize — MesaQuantum, Harvard University

For more information about the 2024 Rice Business Plan Competition, visit  rbpc.rice.edu .

This story was originally published on APNews.

About the MSU Innovation Center:  

The MSU Innovation Center is dedicated to fostering innovation, research commercialization, and entrepreneurial activities from the research and discovery happening across our campus every day. We act as the primary interface for researchers aiming to see their research applied to solving real-world problems and making the world a better place to live. We aim to empower faculty, researchers, and students within our community of scholars by providing them with the knowledge, skills, and opportunities to bring their discoveries to the forefront. Through strategic collaborations with the private sector, we aim to amplify the impact of faculty research and drive economic growth while positively impacting society. We foster mutually beneficial, long-term relationships with the private sector through corporate-sponsored research collaborations, technology licensing discussions, and support for faculty entrepreneurs to support the establishment of startup companies.    

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