Honduran Dream - Guidelines

1. Overview of Contest

This business case contest is designed to highlight the many options that exist here in Honduras to start a legitimate business.  Specifically, the contest will solicit business cases from high schools in the San Pedro Sula area and will provide USD 5,000 to one winner – approximately the same amount of money needed to immigrate illegally to the U.S.  The proposals will be judged on creativity, sustainability, employment creation, suitability for a potential immigrant, and presentation. 

2. Who can Enter

The original idea was to include 6 area schools.  Due to the overwhelming response, the number of schools participating has been expanded to 25.  Each school accepted into the contest will receive an official invitation letter from US embassy.   The schools are at liberty to engage as many students as they desire in the proposal development process, but one student should be selected to represent the team at the contest launch and final presentation.

3. Requirements for the Business Idea

The objective of the business plan contest is to identify alternatives to immigration by highlighting the many opportunities that exist in Honduras.  Consequently, the business plans should be developed from the prospective of a potential immigrant.   An innovative idea for a new internet service, for example, would not succeed because it would score low on the criteria for a potential immigrant to develop.

4. Deadlines

 

5. Final Plan Submission:

At a minimum, final submissions should include:

• ten copies for distribution to judges;
• an itemized list of business components required not to exceed USD 5 thousand
• a summary of the business idea and market opportunity
• an analysis of current or potential competition
• a quantitative assessment of potential return on investment
• an estimate of potential job creation

From these 25 submissions the judges will select 6 finalists.  These schools are expected to send one representative to the final Judging event.  

6. Final Judging

At the Judging event each representative of the 6 finalists will be expected to make up to a 10 minute live presentation of their plan to the panel of judges.  These judges will rate the quality of the presentation and combine the results with the other criteria.  After a brief intermission, the judges will name the winner.

7. Judging Criteria

The panel of qualified judges will review all 6 finalists and select one winner based upon the following criteria:

20% - Innovation
20% - Sustainability of solution
20% - Potential for job creation
20% - Suitability for a potential migrant to develop
20% - Presentation to judges

The decision of the judges are final and binding.

8. Awards Presentation

The winning entry will be awarded 5 thousand USD, to go towards purchasing components of the selected plan. 

The remaining 5 business cases will be sent with the judges and US Embassy endorsement to appropriate financing agencies.  NOTE: Neither the judges nor the embassy are responsible for any decision taken by these agencies on these plans.