Hormel Entrepreneurship Competition

All entry applications are due by November 30, 2018

Competition Application

If you have a business idea or a plan to expand your current business, I encourage you to apply for the new 2018/19 Hormel Business Plan Competition. One of the best ways to keep southwest Nebraska economically sustainable is to help support and develop the people and businesses we already have. Thanks to a generous donation from the Hormel family and many area sponsors we are able to offer a new edition of the Hormel Business Plan Competition. Revisions have been made to the previous business plan competition to allow for more economic growth in southwest Nebraska. The winner will no longer receive a prize in the form of a small business loan. Multiple contestants will be awarded up to $25,000 in prize money to develop your business idea or expand your current business with no strings attached. We will also be providing you with assistance in writing your business plan, money to help you develop your business, and professionals to provide expertise in areas you may need assistance. I hope we can help turn your dream into a reality. This will create a better future for you and southwest Nebraska.

About the Competition

The Hormel Family Foundation was founded in 1999 by the late Ben F. Hormel, a McCook entrepreneur, to support McCook Community College. Among his many business ventures, Hormel operated the Chevrolet dealership in McCook. When he passed away in 2002, he passed on the torch to his children and grandchildren, who operate the foundation today.

Their foundation is committed to education, entrepreneurship and business development in the McCook and southwestern Nebraska economic region. They believe that education and entrepreneurship are the strongest weapons against the population loss.

Through a partnership with McCook Community College and southwest Nebraska area business sponsors, the Hormel Entrepreneurship Competition will be a program to help local businesses in the startup or expansion phase with business plan writing and a business grant to help jumpstart the business. The program will also contain a component to help traditional students learn alongside local entrepreneurs who are putting their business together.

The contest will host startup or expanding businesses from 7 southwest counties in Nebraska that will consist of (Chase, Dundy, Frontier, Furnas, Hayes, Hitchcock, and Red Willow.) The goal of the program is to help support economic gardening in southwest Nebraska.

Deadlines

Mid-Plains Community College will begin accepting applications for the Hormel Business Plan Competition no earlier than October 1, 2018. Once you have submitted your entry application, applicants will receive a notification via e-mail that their application was received by Mid-Plains Community College. A deadline for entry into the competition is set for November 30, 2018. There is no need to call in or e-mail to check on the status of your application.

No other entry applications will be accepted or reviewed after the November 30, 2018 deadline.

Competition Application

After the November 30, 2018 application deadline concludes, a select number of finalists will be chosen to compete in the Spring Hormel Business Plan Competition (A select number of alternates will also be selected in case one of the finalists isn’t able to participate). Each finalist will receive a formal letter stating they have been selected to participate in the competition along with additional information and steps they need to follow.

Each finalist will receive a scholarship to attend a mandatory online Entrepreneurship Business Plan writing class offered through Mid-Plains Community College during the 2019 spring semester (at no cost to the finalist) to pay for tuition and fees (approximately $321.00). More information about the course including class syllabus, dates, times, etc., will be included in the formal letter that the finalists will receive. Successful completion of the course is mandatory for all finalists in order to receive a business grant. If the finalist fails or withdraws from the course, the finalist must reimburse MPCC for their tuition and fees.

After the successful completion of the online Entrepreneurship Business Plan writing class, each Hormel Business Plan Competition finalists will have until April 5, 2019, to comprise their business plan and business presentation to present in front of a panel of judges.

After the judge’s panel has heard all finalists’ presentation, they will hold a brief deliberation to discuss the finalist’s business plans and presentations before a winner will be announced.

Prize Money/Scholarships

$25,000 in business grants* will be available to the Hormel Entrepreneurship Competition finalists. Cash prize amounts will be determined by the panel of judges prior to their announcement.

Hormel Entrepreneurship Competition finalists will also receive a scholarship/waiver to pay for tuition and fees (approximately $321.00) for the mandatory online Entrepreneurship Business Plan writing course offered through Mid-Plains Community College. If the finalist fails or withdraws from the course, the finalist must reimburse MPCC for their tuition and fees.

*Cash prize winners will receive a 1099 form for tax purposes.

Rules & Regulations

The main objective of the Hormel Entrepreneurship Competition at McCook Community College is to stimulate entrepreneurship and support business expansion in southwest Nebraska. Participants have to be a new startup business or an existing business that has been in business no more than 5 years who is looking to expand located in southwestern Nebraska (consisting of Chase, Dundy, Frontier, Furnas, Hayes, Hitchcock, and Red Willow counties.)

The following rules and guidelines for Hormel Entrepreneurship Competition at McCook Community College hereafter referred to as the Competition, have been designed to ensure fairness to all participating individuals and teams. The organizers and judges of the Competition will strictly enforce the competition rules. Interpretation of the competition rules that may arise during the Competition will be reviewed and decided by the organizers. Their decision will be final.

Previous cash prize winners of the competition will not be allowed to participate in the Competition.
Eligible participants must be a startup or existing business that has been in business for no more than 5 years and reside in participating counties in the Southwestern Nebraska region (consisting of Chase, Dundy, Frontier, Furnas, Hayes, Hitchcock, and Red Willow counties).
Business plans may be submitted by individuals or by teams, but all applicants must be 18 years of age or older.
There is no limit on the number of people on a team.
Willing participants for the Competition must submit their application by or before the deadline provided above. No other applications will be accepted after the deadline. No Exceptions.
Any area of commercial endeavor is valid.
All finalist submissions must be the original work of those making the submission. Any plagiarized business plans will be disqualified.
All participants must agree that, should they be chosen as a finalist, they will take the mandatory online Entrepreneurship Business Plan writing course offered through Mid-Plains Community College. If the finalist fails or withdraws from the Entrepreneurship Business Plan writing course, the finalist must reimburse MPCC for tuition and fees.
All participants must agree that, should they be chosen as a finalist or winner, they will use prize winnings to establish or continue operations that employ people in Southwestern Nebraska and invest prize winnings to start up a company or back into their company.
Partially completed applications will not be accepted. Applications are due by 5 p.m. Central time (U.S.) on December 2, 2016, along with the signed agreement form and must be received, postmarked by, or hand delivered on that date.
Applicants risk disqualification if they attempt to approach a judge or have someone do that on their behalf, in connection with the competition.
Finalists presenting to the judges on (date) are allowed to bring posters, handouts, laptops for PowerPoint presentations, product samples, and more to assist them in the business presentation. Additional electronics will be on hand for their presentations.
The decisions of the judges are final, including interpretation of the rules.