STARTUP Franklin Southampton is administered and funded by Franklin Southampton Economic Development, Inc. with additional funding provided by Bronco Federal Credit Union and Farmer's Bank.
If you have ever thought about owning and operating your own business, but never quite had the motivation or impulse to pull the trigger… NOW is the time! STARTUP Franklin Southampton is the ideal program to get you started on the pathway to becoming your own boss, and the opportunity to win a grand prize of $20k and runner up prize of $10k never hurt anyone either. Join us for our very own business plan competition!
The following is an outline of the steps that must be taken to be eligible for any amount of prize money from the STARTUP Franklin Southampton program. Also listed are the mandatory dates and deadlines of program events that all participants must attend. The minimum requirements outlined below must be met in order to qualify to participate in the program.
Please contact - Ashley Covington via email at firstname.lastname@example.org or call 757-562-1958 for more information about the program.
Steps for Participant Selection
- Complete the online application or download, fill out, and submit an application via US Mail, email or deliver it in person to the Franklin Business Center by September 03, 2021.
- Staff will review your application to determine if it satisfies minimum qualifications. You will then be notified if your business is eligible for consideration.
- Once chosen the participant must attend all six of the business courses on the days listed below from 5:30 p.m. - 7:30 p.m. at The Main Event:
- Class #1 Accounting: Wednesday, September 15
- Class #2 Finance and Credit Wednesday, September 22
- Class #3 Branding and Marketing: Wednesday, September 29
- Class #4 Business Planning: Wednesday, October 06
- Class #5 Business 101: Wednesday, October 13
- Class #6 Business Plan Study Hall: Wednesday, October 20
- At the conclusion of the business courses participants must submit a business plan via US Mail, email or deliver it in person to the Franklin Business Center by October 27, 2021.
- All participants are required to present a 5-10 minute business pitch to a panel of judges on November 03, 2021 at the Main Event.
- Winners of the program will be announced at the Awards and Business Showcase event on November 10, 2021 at the Main Event.
It is MANDATORY that participants attend all events listed above.
- The award monies can be used for operating expenses including equipment, rent, renovations, inventory and marketing.
- One grand prize winner will receive $20,000
- One runner-up winner will receive $10,000
- Award winners of any amount must open their business in eligible/designated commercial trade zones of the City of Franklin, Virginia and Southampton County, Virginia by April 01, 2022.
- All award monies must be spent with appropriate documentation provided by June 30, 2022.
Applicants will be evaluated on the following key criteria:
- Overall business idea/concept
- Local economic diversification/type of business
- Retail and restaurant type businesses rank highest
- Viability of business and potential for success
- Potential for business growth and job creation
- Marketing opportunity and approach
- Quality of business plan
- Management team
- Financial/funding needs
- Business pitch at Pitch Night