Official Rules and Submission Requirements
Thursday, January 24, 2019
Business plans due by 5:00pm CT
6 hard copies + 1 digital copy
Thursday, February 7, 2019
Schedule TBD after January 24
Thursday, February 7, 2019
The Spirit of Ruby Red Ventures
Ruby Red Ventures is a project funded by the Mission Economic Development Corporation.
Mission, Texas is recognized for its role in the creation of the Ruby Red Grapefruit; thus, this project intends to nurture that entrepreneurial spirit and promote the creation of innovative businesses in Mission. In particular, this project seeks to encourage entrepreneurially oriented residents to develop and grow new ventures based either on their own ideas and technologies or those developed by others. This project also seeks to provide the participants with forums in which they develop skill in presenting their ventures to the venture committee and receive constructive feedback for increasing the probability of successfully launching their ventures. Qualifying entrants can request a share of $100,000 in capital funding grants, as long as it stays within the business, and is justified by the business plan.
Venture and Team Eligibility Rules
Participants. The project is for Rio Grande Valley resident created, managed, and owned ventures. In other words, residents must (1) have played a major role in conceiving the venture, (2) have management roles in the venture, and (3) own significant equity in the venture. In general, a member of the team should be CEO, COO, or President of the venture, or members of the team should occupy 50% or more of the functional area management positions that report directly to the CEO, COO, or President.
The maximum number of members on a team is five (5); although there is no restriction on the total size of the venture’s founding team.
Nature of Ventures. The project is for new or existing businesses. The business must be a
“qualifying business”. A qualifying business is defined as one that primarily exports its products or services outside of the Mission area, thus bringing new money into the local economy. To meet this definition, you must document that at least 75% of your company’s sales would come from outside of Mission, Texas. All ventures must be seeking outside equity capital in addition to the project awards.
Ventures can apply as many times; however, they can only be funded once.
Ruby Red Ventures Project Submission Requirements
Confidentiality and Intellectual Property Guidelines
- The authors of the business plan will retain all rights to the plan regarding its use at all times prior to and following the project except as stated below. Due to the nature of the project, we will not ask judges, reviewers, staff or the audience to agree to or sign non-disclosure statements for any participant.
- All public sessions of the project, including but not limited to oral presentations and question/answer sessions, are open to the public at large. Any and all of these public sessions may be broadcast to interested persons through media which may include radio, television and the Internet. Any data or information discussed or divulged in public sessions by entrants should be considered information that will likely enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged or presented in these sessions.
- Mission Economic Development Corporation, the organizers of this project, may make photocopies, photographs, videotapes and/or audiotapes of the presentations including the business plan and other documents, charts or material prepared for use in presentation. Participants retain all proprietary rights.
Business Plan Process
Phase I – Intent to Apply
- All participants must fill out an Intent to Apply Form which is available here.
- This form should include a brief description of the nature and purpose of the business.
- Description should not exceed 500 words.
- This form will be used to identify qualifying applicants.
Phase II – Formats
- Once the proposed business has been qualified, the formats below must be followed in order to continue to Phase II of the project process. The format guidelines will be strictly enforced.
- Plans must be limited to 30 pages (typed and double-spaced, #12 font, and 1 inch margins) of text, including the executive summary and summary financial data. Detailed spreadsheets and appropriate appendices may follow the text portion of the plan but will be limited to 10 pages maximum. In total, the plan should be no longer than 40 pages.
- Financial data should include a cash flow statement, income statement, and balance sheet. Include an explanation of the offering to investors indicating how much money is required, how it will be used, and the proposed structure of the deal, i.e., stock, debentures, etc. The team is not required to reveal its desired deal, although the judges may ask questions about it. Also, delineate the possible exit strategies.
- Appendices should be included only when they support the findings, statements and observations in the plan. Because of the number of teams in the project, judges may not be able to read all the material in the appendices. Therefore, the text portion of the plan (30 pages) must contain all pertinent information in a clear and concise manner.
- Six (6) hard copies as well as one (1) electronic copy of the final plan are due at Mission Economic Development Corporation office on or before the agreed upon date as listed in your acceptance email. Teams not meeting this deadline may be disqualified. For ease in handling, all copies of business plans should be professionally bound. Three-ring binders are not acceptable. Six (6) copies will be distributed to the Opening Round judges prior to the presentations.
Phase III – Written Plan Evaluation Criteria
- The judges will consider six criteria: I – Market Opportunity, II – Distinctive Competence, III – Management Capability, IV – Financial Understanding, V -Investment Potential and VI – Innovation.
- Plans should be sent to Mission Economic Development Corporation, 801 N. Bryan Rd. Mission, Texas 78572.
Part IV – Presentation Guidelines & Evaluation Form
- In this Round, each team will be given 12 minutes to present its business plan followed by a question and answer session between the presenting team and the judges.
- Equipment needs: Each presentation room will be set up with a projector, screen, and laptop computer.
- • A panel of judges will award 1st, 2nd, and 3rd place. First place will receive $25,000. Second and Third places will receive $15,000 and $10,000 accordingly.
- The entrepreneurs MUST start their business in Mission, Texas.
- The entrepreneurs must use the funds within one year from the date of winning the event.
For more information on the Ruby Red Ventures project, please contact:
Mission Economic Development Corporation
801 N. Bryan Rd.
Mission, Texas 78572