2009 Wharton Africa Business Plan Competition (WABPC)

I. Description

II. Process

III. Rules and Legal Issues

I. Description

II. Process

A. PHASE 1 – Business Plan Phase:

- Submission of a Business Plan along with a completed application form and a Non-refundable $50 application fee
- The business plan must not exceed 25 pages of text, graphs and should contain an Executive Summary as an overview of the business plan for the proposed business in 2000 words or less (not including exhibits, tables, calculations etc). The Business plan should include the following information:

1- A Description of the Company, including Products and/or Services

· Description of the features of the product and/or services

2- Target Market and Intended Customers

· Definition of the market need that is satisfied by the product/service

· Definition of the target market

· Estimate of the size and value of the target market (current and projected)

3- Revenue Model & Marketing

· Description of the how the company will generate revenue

· Summary of the company’s marketing strategy

4- Competitive Landscape

· Overview of main competitors and your assessment, if any, of their strengths and weaknesses

· Description of any intellectual property or other competitive advantages associated with the business

5- Risk Analysis

· Description of any risks/challenges inherent in the proposed plan

· Brief description of the measures that will mitigate these risks

6- Financial Projections & Plans

· Information on current status of project (i.e. design, prototype, etc)

· 3-Year financial projections

· Milestones for the immediate future (next 6-12 months)

7- Background Information on Proposed Management Team

· Brief overview of the professional background and qualifications of the proposed management team

Phase 1 Application Process

Documents and payment of a non-refundable registration fee of $50 must be submitted no later than October 9, 2009. Candidates receive decisions no later than 11:59pm, Friday October 23rd, 2009.

· To obtain a copy of the application form, please click here

· To submit, send a copy of the completed application form and Executive Summary by email to bPlanCompetition@whartonafricaforum.com. Any application which does not respect this guidance will not be disqualified.

• Payment of $50 application fee
  • By credit Cards: http://whartonafricaforum.com/Registration_Forum.aspx
  • By check or Money Order: (clearly labeled: WABPC Application Fee)
  • Mail check or money order only to Wharton Africa Business Forum WGA Account 519, 3730 Walnut Street Suite 300 Philadelphia PA 19104 (other application material must be sent by email)

PHASE 2 – Review and Feedback

All business plans will be screened and forwarded to the first panel of judges. The judges will rank each business plan on the basis of certain predetermined criteria including: viability, creativity and profit potential .The judges will incorporate feedback on the business plan.

4 Business Plans will be submitted for the next phase. The qualifying participants will have time to incorporate feedback before submitting the revised business plan for the next phase. Incorporating the feedback is optional. The participants will receive the feedback by 11:59PM October 23rd and have until October 30th to make any updates.

The qualifying participants will also need to send in their PowerPoint presentation for the business pitch.

PHASE 3 – Business Pitch Phase

The 4 entrants selected from phase 2 will get the unique opportunity to pitch their business to a panel of distinguished judges with experience in banking, entrepreneurship and private equity in Africa. The business pitch will be interactive in nature, allowing the judges to ask the finalists specific questions related to their proposed businesses.

The business pitch portion of the competition will take place during the 2009 Wharton Africa Business Forum to be held on November 6th, 2009, and it will be open to all interested conference participants.

The top two entrants, so-designated by the Phase 4 panel of judges, will be awarded published prizes. The announcement of the winners will be made at the conference banquet ceremony later the same day.

PHASE 4: Business Plan Completion & Marketing Phase

The top entrant will receive guidance from a team that will include Wharton alumni and other individuals with experience with entrepreneurship and investment in Africa. This guidance will include support in the completion of a full business plan, as well as support while the entrant seeks the initial financing for the proposed business.

The desired goal from this phase of the competition is to see the winning venture develop into a viable business.

III. Rules and Legal Issues

A. Organizer of the Wharton Africa Business Plan Competition

The 2009 WABPC is organized by the executive committee of the Wharton Africa Business Forum, a Wharton African Student Association led conference. All inquiries relating to the Wharton Africa Business Forum should be sent to [WabPlanCompetition@Wharton.upenn.edu]

B. Eligibility

An existing business is only eligible if it has received less than $5,000 in funding and has earned less than $100,000 in gross revenue. All submitted materials must be the original work of the participating team.

Additionally, in order to be eligible for the competition, a proposed business must meet at least one of the following criteria:

1. The proposed business will either be located in Africa or, otherwise, will stimulate economic activity in Africa in some way.

2. The proposed business will not be located in Africa but its products and/or services are targeted at Africans living outside of Africa e.g. a company that provides software and tutors that teach Africans (and non-Africans) to speak, read and write a variety of native African languages

3. The business idea is that of an African entrepreneur irrespective of where it will be located or its proposed target market

C. Originality of Plan

Each participant, by entry into the competition represents, warrants and guarantees that the ideas and concepts expressed in the Idea are the participant’s original work, are owned by the participant, and the participant is under no legal restriction or agreement prohibiting him/her from using the Idea, or from divulging or submitting these ideas or concepts in the Competition.

D. Acceptable Business Plans

1- Conventional and non-conventional plans are eligible for the competition, including, but not limited to

· New venture/new business

· Merger or acquisition, including leveraged buyouts, which will lead to a turnaround, roll-up, or some other significant change that adds value to the current business

· Joint venture, alliance or network-based business (e.g., create new entity from current enterprises)

· Licensing arrangements

· Search funds

2- Note that all businesses are judged based on the same criteria. A plan is not eligible if it has been used to receive funding in excess of $5,000 or has earned more than $100,000 in gross revenue. Thus, an early stage company that has established a board and has earned revenue less than $100,000, but has not received funding in excess of $5,000, is eligible to compete.

3- The Wharton Africa Business Forum Executive Committee reserves the right to reject any business plan for reasons including, but not limited to:

· Deemed to be in violation of the Wharton School Graduate Division Code of Ethics

· Violates any local, state or national law

· Appears to be pornographic in nature

· Does not present sufficient content or material appropriate to send to judges for evaluation and feedback

· A team is not eligible to submit a business plan that was previously awarded a prize in the Wharton Business Plan Competition.

E. Confidentiality

The Wharton Africa Business Plan Competition (WABPC) honors the confidentiality of all participants' business concepts and plans. Business concepts, overviews and plans will not be copied for any purposes other than use in the WABPC.

The judges also recognize the sensitivity of the materials being presented. Moreover, as an activity of the Wharton Business School, the WABPC is governed by the Wharton School Graduate Division Code of Ethics, which specifically prohibits:

· Utilizing for commercial gain any material provided to Wharton specifically and restrictively for educational purposes without prior permission of the provider.

· As members of the WABPC, all participants, judges, and committee members should consider themselves bound by this code.

· Participants may choose to include the following optional disclaimer on the cover sheet of their submissions, recognizing that it is not a legally binding agreement:

“This business plan is confidential and is presented solely for the purpose of evaluation in the Wharton Africa Business Plan Competition. This plan may not be reproduced or redistributed in whole or in part. By accepting a copy of this plan, the recipient agrees not to reproduce or disclose the contents of this plan to third parties without the prior written consent of its authors”.

General questions or concerns regarding confidentiality should be addressed to the Organizer of the Wharton Africa Business Plan Competition: bPlanCompetition@whartonafricaforum.com

F. Renunciation of Judicial Action

The participant acknowledges and agrees that the published value of the prizes will be made up of both cash and in kind awards and that these values are subject to change at any point during the competition.

G. Conformity with the rules of the competition

The participant has reviewed the Rules of the Competition (“The Rules”) and by his/her payment of the $50 application fee , confirms that his/her application and that of the group or individual he/she represents are in accordance with The Rules and that he/she agrees to be governed by said Rules.

H. Withdrawals by applicants and Cancellation of the WABPC

1- Application withdrawal

Applicants who withdraw from the Wharton Africa Business Plan Competition will not receive any partial or complete refund of the application fee.

I. Inquiries and other

All questions and inquiries must be addressed to the organizer of the Wharton Africa Business Plan Competition by email to bPlanCompetition@whartonafricaforum.com

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