STARTUP Franklin Southampton is a partnership between the Downtown Franklin Association and Franklin Southampton Economic Development, Inc. with funding provided by Bronco Federal Credit Union.
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!
Program Overview
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 Cotton via email at contact@startupdowntownfranklin.com 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 March 15, 2019.
- 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 seven of the business courses on the days listed below from 5:30 p.m. - 7:30 p.m. at the Main Event:
- Class #1 Simple Steps for Starting a Business Overview: Wednesday, April 03
- Class #2 Sales and Marketing: Wednesday, April 10
- Class #3 Accounting: Wednesday, April 17
- Class #4 Finance and Credit: Wednesday, April 24
- Class #5 Innovation and Branding: Wednesday, May 01
- Class #6 Business Planning: Wednesday, May 08
- Class #7 One-on-one Business Plan Working Session: Wednesday, May 15
- 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 May 22, 2019.
- All participants are required to present a 5-10 minute business pitch to a panel of judges on May 29, 2019 at the Main Event.
- Winners of the program will be announced at the Awards and Business Showcase event on June 05, 2019 at the Main Event.
It is MANDATORY that participants attend all events listed above.
Award Guidelines
- 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 Downtown Franklin, The City of Franklin, and the following incorporated Towns of Southampton County: Courtland, Capron, Newsoms, Ivor, and Boykins by October 31, 2019.
- All award monies must be spent with appropriate documentation provided by December 31, 2019.
Evaluation Criteria
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
- Timeline
- Financial/funding needs
- Business pitch at Pitch Night
Made in the U.S.A.