Building off of our announcement of the new microfund last month, we are excited to share that Maine Venture Fund will also be hosting a business plan competition called the Maine Startup Challenge this fall. To encourage entrepreneurial thinking across all age groups, there will be four tiers to the competition: K-8, high school, collegiate, and open. 

Business plans are a great tool for early stage entrepreneurs to refine their business idea and share their visions with their community, and potential investors. It outlines how the business will work. What will it sell? Who will buy it? Who are the competitors? It helps an entrepreneur organize and communicate their ideas so they can get the support needed to have a successful business. 

Business plans submitted to the Maine Startup Challenge will be judged by a panel of Maine investors and entrepreneurs. There will be cash prizes for each tier to help the entrepreneurs move their business to the next level. The winner of the open tier will also have the opportunity to pitch their business idea to the Maine Venture Fund board for additional investment. The competition will culminate in an in-person (pandemic allowing) event where the top entrepreneurs will have the opportunity to pitch their idea to the community. 

We will start accepting applications on September 1, but you can find business plan templates and educational materials for those who have not created a business plan before on our website. Additionally, for educators who want to bring this into their classroom, there will be a lesson plan available. Applications will close on Friday, September 30, 2022.

Want to learn more? Visit the Maine Start-up Challenge page on our website, or email nina@maineventurefund.com. 

A huge thank you to our generous sponsors for making this event possible, and supporting entrepreneurs in Maine!!