Shore Hatchery Entrepreneurship Competition

Send in your application to this business plan competition for the chance to win up to $50,000 USD! If you live in the Mid-Atlantic region in the USA and have an innovative idea that would support the economy of the area, this might be just the thing to help you grow your business.

Applications for this year’s competition have closed. Follow Lootstrap on Facebook for updates!

Award Amount

  • Funding requests for up to $50,000 USD accepted in your application

Location

  • Salisbury, Maryland, USA

Additional Benefits

  • 2 years of personalized mentoring from an experienced businessperson

Who Can Apply

  • Graduates of 2- or 4-year colleges preferred, but others considered
    • Who reside in the Mid-Atlantic region
      • Maryland, Delaware, Virginia and the District of Columbia
      • Pennsylvania, New Jersey, New York and other regions considered
  • Aspiring entrepreneurs with innovative concepts and 5 employees or less
  • Support economic development and increase employment in the Mid-Atlantic region

Selection Criteria

  • Plan concept, clarity, and comprehensiveness
  • Feasibility and potential value of opportunity
  • Potential of positively impacting regional employment within 3 years
  • Quality of your 1-minute pitch, which should cover:
    • The product or service
    • The market
    • How the product or service will make money
    • Your leadership team
    • Your competition and competitive advantage
  • Quality of your business plan, which should include:
    • Executive summary
    • Detailed product idea/concept description
    • Market, industry, and competitive analysis
    • Anticipated employment effects (direct and indirect)
    • Timeline of development/implementation (including historical)
    • Three-year quarterly pro-forma financial statements
      • Balance sheet, income statement, statement of cash flows
    • Participant resume(s) including relevant experience
    • Participant’s investment in the business (funding and effort)

Application Process

  • Submit an online application consisting of:
    • Profile of your team, and business name if registered
    • Completed business plan template
    • Supplemental uploads (financials, diagrams, etc.)
    • PDF of the full business plan (up to 20 pages total)
      • 10-page business plan and 10 pages of supplementals
  • Selected applicants make a 7-minute pitch to the Shore Hatchery board
    • 1-minute pitch and 6-minute question-and-answer session
  • Winners of round one make a 25-minute business plan presentation
    • 10 minutes on your business plan, 15-minute question-and-answer session

Conditions

  • The maximum amount that can be won over time is $50,000 USD
  • Present semiannual progress reports to the Shore Hatchery Board for 2 years

Post-Program Perks

  • Compete multiple times until you max out your winnings (see conditions above)

Website

As always, this program takes ZERO equity!