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The Fort Worth Business Plan Competition is accepting applications through the end of the month.
Eligible small businesses must have been in business for two to five years, have a DBA or business location registered in the Fort Worth city limits, and have an annual revenue of less than $500,000.
Applications will close at 11:59 p.m. Jan. 31.
The Business Plan Competition is one way the city of Fort Worth helps set up area small-business owners for success. Research shows that entrepreneurs who operate based on a written plan improve their long-term ability to generate revenue and create jobs, and solid business plans are crucial when seeking out investors and other sources of funding.
Once all entries are received, applicants will attend an open house on Feb. 9 to network with partners in the local entrepreneurial ecosystem and learn which top 20 businesses will be moving forward with the competition’s business training sessions.
After several weeks of workshops and coaching, competition participants will develop a comprehensive business plan that covers everything from market competitiveness to financial outlooks, with the goal of learning their business inside and out.
Final business plans will be due May 1, and the Top 8 contestants will participate in the competition finale — a “pitch night” before a panel of judges — on May 11, as part of National Small Business Week.
The finale will take place at the Modern Art Museum of Fort Worth, with $20,000 worth of cash prizes on the line, is the final test. The 2023 competition will feature cash-only prizes for the finalists, with $10,000 going to the first-place winner, $6,000 going to second place, and $4,000 going to third place.
Frost Bank is the longtime cosponsor of the Fort Worth Business Plan Competition. Coaching and professional development workshops will be provided by industry experts and partnerships with TechFW, HSC Next, Accelerate Fort Worth, North Texas Entrepreneur Education & Training Center, Tarrant County Small Business Development Center, and SCORE Fort Worth, among others.