The Innovation Incubator | New Jersey Future Business Leaders of ...

Sohum Pawar, Northern Region Vice President

?Innovation distinguishes between a leader and a follower.?
-Steve Jobs

The Innovation Incubator is a brand-new program that aims to give future business leaders a taste of what it?s like to manage a business, by enabling to develop one of their own. The program follows in the vein of the first FBLA-PBL goal, which urges members to ? develop competent, aggressive business leadership.?

The creators of the First Prize-winning business proposal will receive exclusive mentoring from a related business, to help turn their idea into a reality!

The Innovation Incubator offers you a unique opportunity to Fire Up Your Future, today!

• Create a written proposal detailing your idea for an original business.
• Proposals should address the following elements:
• Title: A concise name that quickly and clearly hints at what your business is.
• Executive Summary: A brief overview of your proposed business (No more than 200 words)
• Purpose: Describe the service or product your business seeks to provide.
• Startup Plan: What steps are involved in starting your business? Does it require an initial investment of time, money, resources, or some other quantity?
• Target Market & Viability: Who does your business seek to serve? Will potential customers be familiar with your product or service, or will you need to explain it to them? Is your business proposal realistic?
• Operational Process: What steps and efforts are involved in the day-to-day management of your business?
• Potential Risks: What are some obstacles you may encounter? Does your business have competition? Is it dependent on popular trends? How would you deal with such challenges?
• Mentoring: Describe the kind of local business that you would like to be partnered with, and why. If you have a specific business in mind, explain what it offers you, as a nascent entrepreneur.
• Goals: The most successful businesses seek to achieve a task greater than merely earning money. What is your business?s ultimate aim
• Personal Reflection: How do you see this business aiding your personal growth? What do you hope to learn from this experience?
• Proposals will be evaluated by a panel of judges at Mercer County Community College, based on the criteria listed on the following page
• Proposals may be submitted by teams of 1-5 members. Only one proposal per team is permitted.
• Proposals should not exceed five single-spaced pages. In business, clarity is key!
• Chapters may submit more than one proposal, however no member may be listed as an applicant on multiple submissions.
• The top three proposals will be recognized onstage at the 2013 NJ FBLA State Leadership Conference. All participating teams will receive certificates of recognition, and will be recognized on the NJ FBLA website. The team submitting the proposal that earns 1^st place will be assisted in finding a suitable business mentor, and will have the opportunity to receive valuable input and advice, in order to further develop their business plan and turn it into an actual, viable business.
• Remember, while the Incubator is all about turning visions into reality, your proposal must meet a basic test of feasibility ? you and your team members should possess the commitment to initiate and follow through on your business plan, if selected!
• In order for a proposal to be considered valid, all team members must complete the Media Consent form by the submission deadline, and mail it to the NJ FBLA Office at MCCC, PO Box B, Trenton, NJ 08690 or fax it to 609-570-3887.
• Submit the following submission form and your proposal via email to fbla@mccc.edu, no later than January 31, 2013.

Source: http://www.njfbla.org/2012/the-innovation-incubator/

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