$17,500 FOR BLACK ENTREPRENUERS

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 6, 2009 -- The African American MBA Association (AAMBAA) of The Wharton School at the University of Pennsylvania is once again hosting the New Venture Competition as part of the 36th Annual Whitney M. Young, Jr. Memorial Conference being held at the Park Hyatt Hotel in Philadelphia on February 19th-20th, 2010. The primary purpose of the New Venture Competition is to provide entrepreneurs of African descent the opportunity to present their ideas for growth companies to a panel of experienced entrepreneurs, angel investors and venture capitalists. Judges will award the following prizes:

Grand Prize: $10,000
Second Prize: $5,000
Third Prize: $2,500

Who Should Apply?

The competition is open to African-American entrepreneurs, entrepreneurs of African descent, and teams containing at least one African-American founder or person of African descent. Entrepreneurs are not required to have any affiliation with The Wharton School and/or the University of Pennsylvania, but all Stage III finalists are required to register for the Conference.

Developed businesses, those already generating revenue, are not eligible for this competition. Only new early-stage/start-up companies are eligible.

There is no limit to the as to the maximum or minimum number of people on each team.

How to Apply?

Phase I: Submission of Executive Summary
Due Date: December 18, 2009

To enter the New Venture Competition, an executive summary of your business plan must be submitted to the New Venture organizing team. The executive summary should provide the judges with a brief description of your concept/product, feasibility, target market, financial sustainability and management team.

Please observe the following guidelines before submitting the executive summary:

Maximum length: You may submit a total of 2 pages, including appendices and exhibits. Plans exceeding 2 pages will not be considered.
Recommended font type: 12 pt Arial double spaced
Please submit the document in Adobe PDF format
Executive summaries must be submitted electronically prior to the deadline stated to be considered valid
Please submit all documents to: wmy@wharton.upenn.edu
Phase II: Selected teams invited to submit a complete business plan
Due Date: January 11, 2010

The top semi-finalist teams from Phase I will be notified by January 4th and are invited to submit a full business plan. The business plan is the key to launching a new venture. It is a critical tool for communicating to potential investors, strategic partners and key employees how you will implement your new venture and why you think it will succeed. It can serve as an operating tool that helps you manage your business with your specific goals in mind. It is also a vehicle for obtaining feedback and input from valued experts.