10 teams move forward in Iowa Business Plan Competition, including five from the Corridor

10 teams move forward in Iowa Business Plan Competition, including five from the Corridor

Companies will pitch for up to $25,000 In a startup world dominated by lean methods, agile practices and the business model canvas, there’s still room for a formal business plan as a company grows, according to representatives from the Iowa Business Plan Competition. “When you’re a new venture, and you want to get investors of any type, it requires a more full plan,” said Randy Pilkington, executive director of UNI Business and Community Services and director of UNI John Pappajohn Entrepreneurial Center, which produces the Iowa Business Plan Competition. The competition announced 10 companies will move forward as finalists, including five from the Corridor: Iowa Adaptive Technologies and Innovas Technologies from Coralville, Pear Deck and Translacare from Iowa City, and NextStep.io from Cedar Rapids. The competition, supported by Iowa venture capitalist John Pappajohn, will award $25,000, $15,000 and $10,000 prizes in a ceremony on September 18 in Des Moines. “He has been the father of entrepreneurship in Iowa, and continues to this day,” Pilkington said. The finalists will pitch to the panel of judges, including representatives from each of the state’s John Pappajohn Entrepreneurial Centers, the statewide Small Business Development Center, VentureNet Iowa and the Entrepreneurial Development Center, on August 20. Up until this point, the finalists were chosen purely based on their written plans. “This is their chance to present to us, and address those key questions,” Pilkington said. Since the competition started in 2006, the quality of applications has improved, Pilkington said, which he attributed to more support for entrepreneurship in Iowa. “What we’re seeing is the companies are more sophisticated,” he said. “We’re becoming more entrepreneurial as a state.” The 10 finalists, with…