Student Business Plan Competition
Attention ADA Students—Do you have an entrepreneurial spirit and a desire to create your own destiny? Do you have an interest in private practice ownership or audiology clinic management? If so, it’s time to get down to business and get prepared for the ADA 2022 Student Business Plan Competition.
- Submit your letter of intent to participate by June 8th.
- Submit your two-page executive summary and two-minute video pitch by June 15th
Contestants must be ADA student members in good standing and must be listed as students at some time during calendar year 2022. Students may participate in the competition individually or as part of a two-person team. No more than two people may participate as a team.
Finalists will receive an all-expense paid trip to the AuDacity Conference at the Gaylord Texan, October 20-23 in Grapevine (Dallas), Texas, where they will present their business plans in person. The Grand Prize Winner will receive a $5,000 ADA cash grant to be used to advance business objectives and enhance business and leadership skills.
Business plans will be judged based on the following criteria:
The Executive Summary should contain the following elements and be no more than two pages:
- Your business's name and location
- A summary of the rationale for practice start-up and the unique value proposition of your practice and/or the problem that the establishment of your practice will solve
- A simple explanation of your practice concept (include projected staffing, services provided, target market etc.)
- A description of your practice’s competitive advantages
- A summary of the management team you've assembled whose experience meets your practice’s needs
- Summary financial data that is realistic, accurate and compelling, including projected start-up capital requirements
- Wednesday, June 8th — Deadline to submit Letter of Intent
- Wednesday, June 15th — Two-page executive summary and two-minute pitch video due
- Thursday, June 22nd — Quarterfinalists selected/notified
- Friday, July 22nd — Business plan due
- August 12th – Notification of Semi-finalists
- Week of August 22nd – Semi-finalists meeting with judges
- Friday, September 2nd — Revised Business Plan due
- Monday, September 12th — Finalists selected
- Tuesday, September 20th — Final polished Business Plan due
- Thursday, September 29th — Poster due (ADA to print)
- Monday, October 10th — Presentation due
- Thursday, October 20th – Friday, October 21st — Posters at AuDacity 2022
- Friday, October 21st and Saturday October 22nd — Live Business Plan Competition and Awards at AuDacity 2022
Business Plan Competition & Practice Management Webinar Series
- Although it is not required, it is highly encouraged that students who wish to participate in the competition also view the Business Plan Competition & Practice Management Webinar Series. This series is hosted by the Student Academy of Doctors of Audiology (SADA) and features experts in a variety of topics, including business planning, finance, marketing, and practice management.
- Use of Materials: ADA reserves the right to use material prepared for the competition in publicizing and promoting the event. ADA may use these materials in any printed materials and any videotape or other medium that it may produce. ADA may videotape any portion of the competition and utilize these tapes in any way that its sees fit.
- Entry Fees: The ADA Student Business Plan Competition does not have an entry fee.
- Changes to Competition Rules: While not anticipated, these rules and prizes are subject to change at the discretion of ADA. ADA and its staff and volunteers have the right to interpret these rules according to their own judgment.
- Decisions regarding the Competition and the Winners: All decisions regarding the competition rules, procedures, and processes are at the sole discretion of ADA. Changes and/or interpretations of these rules may be made by the ADA any time. The decision of the participants, semi-finalists, finalists and winner are at the sole discretion of the judges and the ADA. Best efforts will be made to make decisions in accordance with this Official Rules document.
- Student Enrollment: The competition is for students enrolled in an Au.D. Program at an accredited university at any point during 2022 (recent or upcoming graduates are encouraged to participate).
- SADA Membership: Students must be members of the Student Academy of Doctors of Audiology (SADA) in good standing.
- Nature of Ventures: The ADA Business Plan Competition is for the development of new, independent audiology practices, which are innovative and future oriented.
- Non-confidentiality: All sessions of the competition, including but not limited to oral presentations and question/answer sessions, are open to the public at large. Any and all of these 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 could possibly 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. Due to the nature of the competition, we are not able to ask judges, reviewers, staff, or the audience to agree to or sign non-disclosure statements. ADA cannot guarantee that other individuals will not obtain access to electronic or hard copies of the business plan. All presentations are open to attendees, and some presentations may be videotaped. Attendance by media personnel is expected.
- Copyrights & Permissions: If a contestant uses copyrighted materials and/or images from a third-party in their submissions or presentations, they must obtain permission and authorization in advance from the owners to use this material.
Written Business Plan
- Written Business Plan Submission: A complete written business plan from the quarterfinalists must be submitted by 5:00 p.m. Pacific Time on Friday, July 22nd (more information will be distributed to selected quarterfinalists).
- Minimum Contents of the Written Business Plan: Your business plan may also include:
- Cover Page
- Executive Summary
- Company Description
- Market Research
- Product/Service Line
- Marketing & Sales
- Financial Projections
- Supporting Information
- Appendices: Should be included only when they support the findings, statements, and observations in the plan. Because of the contestants participating in the competition, judges may not be able to read all the material in the appendices. Therefore, the text portion of the plan must contain all pertinent information in a clear and concise manner.
Suggested Resource Materials for Review in Completing the Business Plan
- U.S. Small Business Administration
- SCORE – Business Plan Template for a Startup Business
- LivePlan (SADA members can receive a 25% discount by using the following link: 25% DISCOUNT)
- ACME Audiology Practice Budget Worksheet
- Watch our recorded Business Plan Competition & Practice Management Webinar Series.