Futuresax

FutureSAX is the inner Saxony Business plan competition of the Free State Saxony in Germany, whose goal is to lend support to start-up businesses and growing enterprises.

Business plan competition futureSAX

General information

The competition is possible due to Businessplan-Wettbewerb Sachsen GmbH (BPWS), which is operated 100 percent by the Sachsen Aufbaubank - Förderbank. BPWS is the intermediary between ambitious entrepreneurs/growing companies on one hand, and well grounded enterprises, over 100 Judges/Coaches as well as advisors, sponsors and financial sources on the other hand (the so-called futureSAX network).

Conditions for participation

Everyone who has an idea for an innovative product or an innovative service with high market potential is entitled to take part of the Business plan competition futureSAX. Participation is absolutely free.

A condition is that a concrete need for finance for the enterprise exists and the instatement of the business idea is intended to be in the free state of Saxony. At least one team member must be able to provide proof of residency or work place in Saxony.

Procedure

The Businessplan competition futureSAX is divided into three competition phases, in which the competitor participants are aided under expert consultation in the development of their own professional business plans. In the course of the competition the business ideas continually mature, the participants profit from free seminar programsfact|date=March 2008 and the opportunity to network with others in their industry along with key sponsors of the competition.

On the basis of a business or a development idea (phase 1) the production of a business and Marketing strategy develops and (phase 2) a detailed and professional Business plan (phase 3) is constructed. Each phase ends with a confidential evaluation of the practicality of the business ideas by independent Juries. The entrance into the Business plan competition is possible in each competition phase.clarifyme

The most impressive Business plans are distinguished with prize money. At the first two award ceremonies, four teams are awarded - one team each per industry (technology, ITK, bio/nano-technology, and service) are awarded. With the third award ceremony altogether five prizes in the three categories “start-ups”, “growth” and a “special university prize” is awarded.

Apart from the phase's closing Jury vote, guaranteed is the technical support to the competitors by the numerous sponsors, such as free of charge and regularly offered coaching and seminar meetings about start-up relevant information (formulation of the business idea, development of a marketing concept, financial plan, legal forms and fiscal questions etc).

Apart from the technical support with the development of Business plans through futureSAX, the opportunity is granted to the competitors to establish contacts to financial sources such as Venture Capitalists, etc. at the numerous futureSAX networking seminars.

History

On 7 November 2002 started the Business plan competition futureSAX as a Saxony wide and open industry competition for innovative start-ups and recent growth enterprises. Thus it replaced the IT-Business plan-competition (exclusive for the IT-industry) which had existed since 1999 and was also presented by futureSAX.

Since 2002, so far more than 490 start-ups and entrepreneurs as well as 10,000 participants in net-working meetings & workshops have took part in the Business plan competition futureSAX. However in the competition year futureSAX 2006, altogether 140 teams took part and 188 business ideas, marketing concepts and Business plans were submitted. In the years 2003 to 2005 the competition grew approx. 67 percent.

On October 5th, 2006 futureSAX launched into the fifth open-industry competition, which will run until 18 July 2007. The total prize money amounts to 68,000 euros.

External links

* http://www.futuresax.de
* http://www.sab.sachsen.de