The Wisconsin Governor’s Business Plan Contest is an opportunity for startups of all sectors and sizes to experience the business plan process, gain exposure and win prizes, said contest veteran Jackie Hind (pictured) of Plumb Pharmaceuticals.
The Madison-based health technology startup won the contest last year.
The deadline to enter the contest is 5 p.m. Sunday [Jan. 31, 2021]. It’s designed to help entrepreneurs write business plans, prepare them to launch a company, get feedback from mentors, and interact with investors and other professionals.
For their initial entries, contestants submit 250-word idea abstracts. Contestants who advance to subsequent contest rounds will have the opportunity to expand their plan in stages. About 80 judges drawn from the finance, sales, marketing, research and technology sectors across Wisconsin score the entries and provide feedback on submissions.
Plumb Pharmaceuticals won a “fabulous amount of money,” Hind said. “It really did help us to improve the technology that we’re working on.”
It also won space at StartingBlock, a hub for entrepreneurs, and the space is large enough for social distancing among team members, she added.
Plumb Pharmaceuticals created a drug-delivery technology for extended-release medications. It fills tiny droplets with medications to inject under the skin and release slowly over time. Currently, the company is focused on fighting opioid addiction and says the slow release of medication requires fewer doses, lowers relapse and allows for fewer clinic visits.
Hind said she expects the platform to have clinical trials in the next two years. The company is currently looking at the technology in larger cohorts of animals, meeting with investors and scaling up manufacturing.
“It’s not just about developing it, but it’s about being able to manufacture enough of it,” she said. “We’re kind of seeing some of that play out with the COVID vaccine.”
But the contest is not just for breakthrough technologies in the health sector.
“I would recommend that anybody with any type of early-stage company would really benefit,” Hind said. “Not just, hey you’re only in it to win it, but you’re in it for the process — you meet people, you get feedback and the whole thing is really worth doing.”
Enter the contest: https://govsbizplancontest.com/
View a webinar with Hind on how to win the contest: https://bit.ly/3iWFEpl
-By Stephanie Hoff