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John Pappajohn, Iowa’s premier venture capitalist, has announced the launch of the third annual John Pappajohn Iowa Business Plan Competition. Initially unveiled at the 2005 Iowa Venture Capital and Entrepreneur Conference, the business plan competition is designed to stimulate business development and provide support to outstanding business opportunities. Last year, more than 70 business plans were submitted with three outstanding businesses being awarded a total of $50,000. Six additional companies received honorable mention and received $1,000 each. To date, $110,000 has been granted to start-up companies that participated in this competition.

The contest is open to all new start-up and early stage companies (six years or less since founding) and will award $50,000 in prize money to the top three business plans submitted ($25,000 for first prize; $15,000 for second; and $10,000 for third). In the first round of judging, only executive summaries will be accepted from March 1 - April 18, 2008. Applications should be submitted to the John Pappajohn Entrepreneurial Center at the University of Iowa for screening. After initial screening, those selected to continue in the contest will be notified May 16 to submit their completed business plans no later than June 30.  Up to 10 finalists will be notified of their selection and will begin preparing for live presentations to the selection committee which will occur between September 8-12, 2008. At that time, the three finalists will be selected, and they will be requested to present a summary of their business at the 2008 Iowa Venture Capital and Entrepreneur Conference in Des Moines on October 15. Runners up will also be notified and expected to attend the conference to receive their awards. John Pappajohn will announce the winners and at the Conference.

Sponsored by Pappajohn, Equity Dynamics, Inc. and the five John Pappajohn Entrepreneurial Centers across the state, the John Pappajohn Iowa Business Plan Competition promotes new entrepreneurial activity and highlights venture capital resources around the state. 

“I am delighted to continue funding the competition . . .  and I anticipate continued enthusiasm for the contest. Even though there are only three winners, I foresee that many additional businesses will be started from the additional support and resources provided the state, JPEC and other agencies,” said John Pappajohn. “The business plans that I have reviewed continue to get better and better each year. “I know many of the companies that have received awards over the past two years have continued to grow and are experiencing success. But even more important, many of the other companies that participated have gained from the experience and continuing support offered through the JPEC, SBDC, IDED and Business Accelerator centers.”

Jamie T. Zanios, director of the North Iowa Area Community College John Pappajohn Entrepreneurial Center (NIACC JPEC), said, “We are very excited by John’s continued commitment to entrepreneurism in Iowa and support of the JPEC’s state wide. We anticipate that many entrepreneurs will begin calling and scheduling appointments with us to help prepare their business plans for submission and look forward to increased business activity as a result.”

Assistance with business plan entries is available at John Pappajohn Entrepreneurial Centers in Ames, Cedar Falls, Des Moines, Iowa City and Mason City; the Small Business Development Centers throughout the state; and at Iowa business accelerators and incubators in Ames, Cedar Rapids, Davenport, Dubuque, Iowa City and Mason City.

The John Pappajohn Entrepreneurial Centers provide entrepreneurial education, business support and partner with agencies like the SBDCs, IDED, EDC’s and local entrepreneurs to assist with funding and other needs of business, whether start-up, growing or owner transition.

Information on rules, eligibility, time lines and where to get assistance is available at www.iowabusinessplancompetition.com.

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