2020 Application Closed.
Eligibility: High school juniors, seniors and college students who have an idea for a product, service, business, or other innovation.
Scholarship Award: USD $2,000 scholarships
Application Requirements:
- Business Idea and Business Plan
- Resume
- Transcript
- Educator Recommendation
- Color headshot suitable for website posting
Business Idea: Please provide a brief description including:
- Your proposed idea, business, or product
- Why there is a need for it & how it is different from others in the same category
- How you would make (or have made) a prototype
- What your plan is for turning this innovation into reality
- How you got the idea and what you have done about it thus far
Business Plan: Applicants are also required to include a business plan outlining strategies for launching their idea. A business plan outlines how you plan to grow your business and explains your strategic vision.
Visit websites such as Small Business Administration for information and guidance and tips for creating your plan. The Small Business Administration website provides free information for young entrepreneurs and for guidance. You may also take 30-minute free online courses for young entrepreneurs to assist you with starting a business, as well as creating a business plan, which also contains a sample business plan template:
- https://www.sba.gov/tools/sba-learning-center/training/young-entrepreneurs
- https://www.sba.gov/tools/sba-learning-center/training/how-write-business-plan
- https://www.sba.gov/starting-business/write-your-business-plan/how-make-your-business-plan-stand-out
Your business plan should include the following components in a document:
- Executive Summary
- Company Description
- Market Analysis
- Organization and Management plan
- Service or Product description
- Marketing and sales plans
- Funding request needs (if applicable)
- Financial projections
Application Opens: August 15, 2020
Deadline to Apply: October 1, 2020 11:59PM
*Please note that closing time is in EST.
