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Business Plan Competition FAQs

I have a great business idea, how do I participate?

We suggest the following steps:

  • Consider forming a team of up to three members; if team members bring different areas of expertise you will find it helpful
  • Register your team by filling out the online registration form
  • Develop your business idea
  • Ideally use a business plan software to complete various parts of a business plan
  • Email Part 1 of the Business Model Canvas to bizplan@kean.edu by Feb 13.

Which software applications can I use for preparing the business plan?

You have several options including:

  • Business Plan Pro (desktop version) offered by Palo Alto Software.
  • Business Plan Pro can be purchased here 
  • Note: Business Plan Pro is not compatible with the MAC. If you are a MAC user, you must subscribe to Live Plan, which is an online business plan software that can be purchased here.

Live Plan (cloud version) offered by Palo Alto Software

Free software provided by U.S. Small Business Administration (SBA)

Which online resources may be helpful to me?

  • SBA.gov
  • Entrepreneur
  • Inc.
  • bplans

Can graduate students participate in the competition too?

Yes, as long as all the members are currently enrolled in Kean University, they can participate in the competition

How much is the prize money and funding available to the winners?

The total amount of prizes and funding available is $15,000 for your performance in the competition and $10,000 for work completed after the competition, for a total of $25,000. Our primary goal is to see BPC finalists launch a business, and it is our hope that you will utilize all the resources available to you to help you do that.

How will the prize and funding will be distributed?

All students participating in the 2025 Kean University Business Plan Competition must know how prizes and funding will work for the Business Plan Competition (BPC). If after reading this you do not understand how prizes and funding will work, please do not hesitate to contact Alex Rivera at alexrive@kean.edu or bizplan@kean.edu. It is essential for you to understand how prizes and funding will work if you are going to be a finalist in the BPC.

  • Prize money: Students who place first, second, or third in either of the BPC tracks will receive part of the $15,000 prize money for their achievement in the competition. You receive this award no matter what you do after the competition. The participants will receive a symbolic prize for their participation even if they do not place first, second, or third. The total amount you receive will depend on where you place in the competition. It is our hope that you use this money to fund your business.
  • Funding: Students who place first, second, or third in either of the BPC tracks are eligible to also receive part of $10,000 additional funding after the competition. To receive this funding students will participate in mentorship from professors or professional business consultants to help launch their business after the competition. Participation in this part of the program is optional, but you MUST participate in the mentorship to receive this part of the funding. The mentorship will focus on helping you launch your business. The total amount you receive will depend on where you place in the competition.