The City of Rexburg is hosting a formal competitive business competition with cash prizes totaling $10,000. Please go to our partner website to view the application portal for the Rexburg Business Competition: https://www.madisoneconomicpartners.org/event-details/rexburg-business-competition.

The top six applications will compete in the competition. The screening evaluators are a separate independent panel from the competition day judges to ensure a fair competition. The deadline for applications is March 1st.

Prizes are as follows:

1st Place - $5,000

2nd Place - $3,000

3rd Place - $2,000

Applications require a $25 fee (does not guarantee acceptance) and an attached business plan. You are free to format your business plan however you feel will be most appropriate. However, we do recommend that you review the criteria upon which your business plan will be judged. We encourage you to create your plan as though you were presenting to investors, making sure to include all pertinent details including (but not limited to):

1. Company Mission

2. Business Model

3. Strategy

4. Strategic Relationships

5. SWOT Analysis

6. Market Opportunity

7. Capital Requirements

8. Breakdown of Use of Funds

9. Management

10. Competitors

11. Competitors' Strengths and Weaknesses

12. Financial Projections

If you are selected to present on March 13th, you will have fifteen minutes to persuade the judges that your business is a sound investment for them (as though they were looking to fund your ideas themselves). As you prepare for your presentation, if you choose to use a PowerPoint presentation, please limit your slides to ten or fewer to keep within the time constraints.

Criteria for Judging:

1. Market Opportunity

a. Is there a clear market need presented as well as a way to take advantage of that need?

2. Distinctive Competence

a. Does the company provide something unique that gives it a competitive advantage in its market?

3. Management Capability

a. Can this individual or team effectively develop their company and handle the associated risks?

4. Financial Understanding

a. Does the plan demonstrate a solid understanding of the business's financial requirements?

5. Investment Potential

a. Does this business represent a real investment opportunity in which the judges consider investing?