Tom and Annie Pratt Entrepreneurial Award Application Form

Applicant must be a resident of the United States

TimeZone

Applicant Information

* Application Date:

* Applicant Name:

BU Student ID# (if available):

* Phone # (xxx-xxx-xxxx):

* Email Address:

* Street Address:

* City:

* State:

* Zip Code:

* Program Of Study:

* Graduation Date:

NOTE: All answers are limited to no more than 30,000 characters, please be sure to answer all questions in each topic.

How did you hear about the Pratt Entrepreneurial Award?

Project/Company Information

Please complete the following application. The committee appreciates clear, concise information with full details about your business/concept. Please provide any documentation that you feel might be useful.

* Project/Company Name:

* Indicate the amount of Pratt Award funding you seek and specifically what it will be used for. Please provide:
1) A description of your company/concept;
2) City and state where the company is located;
3) Social Media Presence for your company (if already established); and
4) Information on your business plans now and in the future. Include key activities such as:

What have you done to date and what do you need to accomplish?
How are you going to establish your customer base and relationships?
How will you generate revenue (e.g. retail, e-commerce sales, or service provision)?
If providing a product, what do you need to do to establish your distribution channels?
If you are providing a service, what will you need to do to staff the enterprise?

* 1. Overview and Key Activities
a) A description of all individuals involved in the primary venture, including a brief description of each one's credentials/experiences and role in the business.
b) Identify financial, physical and personnel resources that are needed for your venture. Specifically, what resources are required to acquire customers, begin distribution, or produce revenue streams?
c) Describe outside partners and what role they will play in your business. These could include:

Suppliers and what role they will play in your business.
Any other important people or organizations that will help you carry out the activities in your business (e.g., consultant, accountant, lawyer).

* 2. Key Individuals, Resources, and Partnerships
* Value Proposition Please provide a detailed explanation of:
a) The specific goods and/or services you offer.
b) Why these provide a value to the customer. For example, which one of your customer’s problems are you helping to solve or needs are you trying to satisfy? What are the features of your product(s) or service(s) match customer needs?
c)What are the features of your product(s) or service(s) match customer needs?
d) Include trademark/patent protection information if applicable.

* 3. Customer(s) based on the value proposition you have identified above, please provide the following information:
a) Who are the current customers? Why are they your customers?
b) Who are future customers? Why will they be your customers?
c) What makes the customer for your product/service unique (if they are) from customers buying similar products or using similar services?

* 4. Market Analysis please provide information on (provide research documents):
a) How your industry/sector of the economy has performed over the past 2-3 years. For example, has the industry/sector seen rapid growth, has it been consistent, or has it stagnated?
b) During the next 12-24 months, how do you see your industry/sector of the economy performing? (For this section, be sure to identify the sources of your information. For example, specify data from the Small Business Association (SBA) or other sources that projects a growth rate in your industry.
c) Please provide a description of the top 2-3 competitors in your area and what they do well.
d) Describe what consumer needs your competitors are not addressing. If feasible, suggest reasons why these needs are not being addressed in the current market.

* 5. Promotion please address the following:
a) Describe the channels through which your customers want to be reached. Which channels are most efficient and why?
b) How will you get, keep and grow customers? Which segments are already established?
c) What role does customer feedback have in your business model and promotional strategy?
d) Describe your plan to promote the business, including a sales strategy, advertising, website, social media, etc

* 6. Assets, Revenue, and Funding Describe the following:
a) Do you currently have any assets for your business such as real estate, equipment, furniture, vehicles, or other? What is their approximate value?
b) Estimate your monthly revenue for a 12-month period based on what you know at this point. How specifically will you make money? What is your revenue model?
c) What are your pricing tactics? Include pricing information for both goods and services and/or a price list.
d) Finally, describe any additional sources of funding that you have for this project, such as personal savings, investors, etc.

* 7. Expenses Describe the funds you need to operate such as salaries, insurance, legal, accounting, rent and furniture, utilities, supplies, advertising, licenses, etc. Please estimate your monthly expenses for a 12-month period. If you have taken loans/used credit or plan to take loans/use credit, list any debt amounts you may have (such as loans, credit card, or bank debt) and include repayment plans in your expenses.

Video Submission: The video does not replace the application; it is a supplement to the application. Candidates are welcome to submit a video application. Videos should be kept to roughly one minute in duration, no larger than 25MB, and in an elevator speech style. (An elevator pitch is a brief (think 60 seconds!) way of introducing yourself, getting across a key point or two, and making a connection with someone.) Please use Closed Captioning when recording the video. Please email this video to [email protected].

Periodic business and budget updates will be required if funds are awarded.