Finalists will take plans to investors

By SALLY DUROS

Springboard 2001-Midwest -- the business plan competition aimed at women entrepreneurs -- closed its inaugural application process with 200-plus submissions. Linda Darragh, vice president for finance and technical specialist at the Women's Business Development Center, said 25 women entrepreneurs will be selected to present their businesses to an audience of venture capitalists. Darragh coordinated the Springboard competition here.

Entrants will be notified by e-mail by Thursday whether they made the first cut to be considered for the 25 spots. The finalists will be selected March 19 and head for a May 9 investment forum. In 2000, 125 women entrepreneurs raised $ 400 million through Springboard events held on the East and West coasts. Springboard's nationwide goal is to raise a minimum of $ 1 billion in venture capital funding for women-led businesses.

"We are very pleased with the high quality and quantity of responses received to date. I feel quite optimistic that the presenters we select will be top flight," said Sona Wang, co-founder and general partner of Inroads Capital Partners and Springboard chairman.
Key university participants and investors began screening the applications Monday.

Teams of four -- including investors and consultants -- will evaluate the business plans and select the 25 most promising. The teams will be looking for businesses offering compelling products or services that offer solutions to real business issues and demonstrate a sound business model. The financing request must be sufficient for venture funding.

Springboard will determine if the market is growing and whether the plan demonstrates that the business can capture a significant share of the market. But the most important criteria by far, Wang said, is the quality of the management team. She said comments will be marked on all submitted plans, including those that don't make the cut. Sally Duros is a Chicago-based business writer who can be reached at Sally@sduros.com. Linda Darragh of the Women's Business Development Center coordinated the competition here. ; JEAN LACHATopyright 2001 Chicago Sun-Times, Inc.