The Muskingum County Business Incubator celebrated its 8th annual business plan competition Wednesday to help beginner businesses with potential to grow.
In order to qualify for the competition the companies had to produce a business plan following nine criteria and then five finalists were selected. Wednesday afternoon, the five contestants made a 10 to 15 minute presentation to explain their business to a panel of five judges.
"So the quality of the business plan ,the quality of their presentation, but then also the judges confer with one another and they actually decide on the strength of the business in general and decide if that business has a possibility of being viable,” said Sherry Stewart, Executive in Residence for MCBI. “And if so, which of those finalists has the plan that is the most viable and the most likely to succeed."
The judges selected a first and second place winner. The first place winner, Insight Market Data, received $5,000 in cash and $5,000 in business services. The company has created an app called Ringside Shopper, that eliminates paper coupons.
"If you built a system, that can accurately measure shopper brand loyalty and sensitivity and then make that information available, in real time, to manufacture right when the shopper is standing in the store, deciding what to buy, knowing the product is already in the shoppers hand and then letting manufactures essentially fight over shoppers by offering customized incentives, direct to their smart phone," said Owner and Founder, Jim Wilson.
Wilson says every little bit of money and affirmation they have been giveen helps. Ringside Shopper is at one grocery store in La Grange. For more information check out Insight's website at insightmarketdata.com.