Turn your business idea into a reality with help from CHYE, and win $7500 in startup capital, business services from top companies, and introductions to investors.
CHYE’s Business Plan Competition, application deadline May 15, 2016, offers Chabad Anash entrepreneurs in North America the opportunity to learn the secrets of successful startups from seasoned professionals in accounting, marketing, branding, and finance, and the chance to win cash and business services.
Here’s how the contest works: Participants will attend four online classes to learn the basics of building a business plan. At the end of the four-week course, contestants will submit their business plans for consideration. Six finalists will be chosen to compete in a live pitch event where one lucky winner will receive the Business Launch Box, worth over $20,000 in tools and services, along with valuable investor introductions. Runners up will receive additional cash and consultation prizes.
The Business Plan Competition is a new format for CHYE. CHYE Director Rabbi Yehoshua Werde hopes the program will inspire entrepreneurs of all types to participate.
“The classes offer preparation to someone who has a raw idea, and might not feel ready to pursue it without business knowledge,” says Rabbi Werde.
The contest is open to both men and women, who want to start a business or who have a business in operation for less than one year and with revenue below $50,000.
CHYE has enlisted experts in marketing, branding, accounting and business law to teach the basics of creating a viable business plan.
Chabad businessman Aharon Fehler, whose firm Evokia has worked with accounts like Simpson’s Jewelers and JLI, is leading the market research segment of the course. Fehler says, “The class will teach students how to gather data on customers, products and trends, and how to use the data to make important business decisions.”
Fehler got involved because of his previous work with Rabbi Werde. “I am inspired by his dedication and effort to help the potential entrepreneurs in our community turn their vision into reality,” says Fehler.
Saul Friedman, founder of accounting firm Saul N. Friedman & Co., is teaching the class on financial projections. With a 40-year track record and over 4000 clients, Friedman brings his knowledge and perspective on how to guide entrepreneurs.
“Many businesses are stuck in a box they can’t get out of on their own,” explains partner Simeon Friedman. “It’s important to get a fresh set of eyes, an outside perspective to direct them out of a tough situation.”
The firm has partnered with CHYE to help the next generation of Jewish entrepreneurs set up a structurally sound business from the start, improving chances for success. “At the end of the day, you want to be able to contribute to the community. Some people do it with money, some with knowledge,” says Friedman.
The additional two courses will cover marketing, and business plan creation.
Lawyer Adam Eilenberg of law firm Eilenberg & Krause will detail legal considerations for new businesses.
Eilenberg has worked with Crown Heights entrepreneurs and is excited to be involved in CHYE’s growing program. “Proper legal advice is an integral part of the startup process,” says Eilenberg. “We offer counsel to entrepreneurs on how to structure their business, raise money, and grow.”
After attending four-week program, participants will submit their final plans for evaluation by a committee of judges who will select six finalists. The finalists will attend a live pitch session on June 22, 2016 in Crown Heights, where they will present their work.
“This contest enhances CHYE’s core mission to give opportunity and tools to people with great ideas in our community,” says Rabbi Werde.
“I’m very grateful to our generous sponsors Saul Friedman & Co, AWS Supply, law firm Eilenberg and Krause, and the Cotlar family in memory of their son, Mendel Cotlar, for their commitment to building a brighter future for our community,” says Werde.