Read the state of the art of the Spanish Blue Business Plan Competition organized in the framework of MISTRAL.
The Maritime Cluster of the Balearic Islands is the MISTRAL partner responsible for the Blue Business Plan Competition on a regional scale in Spain, in the Balearic Islands, more precisely in Mallorca. The CMIB decided to divide the process into two phases: the first a BUSINESS ANGELS formation and the second the BUSINESS PLAN COMPETITION itself. Since financing is essential for startups to continue their growth over time, CMIB plans to implement an investment round for selected beneficiaries, which will take place next September in Palma de Mallorca.
Under the motto "If you want to train and have the appropriate tools to become a Business Angel, this course organized by the Maritime Cluster of the Balearic Islands can help you", a free course was convened. The call was made through different means:
- Mallorca Chamber of Commerce,
- CMIB website, etc.
The course was held between February 27th and 29th, 2020 and it was a complete success. Eighteen participants were registered, granting a certificate to all who attended the course. During the course, in addition to the analysis of the investment and its management, the concepts of Business Angels, business valuation process, and Due Diligence were introduced.
Blue Business Plan Competition
Turning next to the call for the Business Plan Competition, the CMIB used again a series of means to invite those who were selected to participate in a 3-day initial training course:
- the University of the Balearic Islands,
- the Balearic Islands University Foundation,
- Palma Activa,
- CMIB website, and
- emails etc.
Unfortunately, due to the state of alarm issued by the Government of Spain, in relation with COVID-19, CMIB had to suspend the training scheduled. Once again, MISTRAL managed to adjust to the pandemic since CMIB decided to carry out a digital training through a new call for business ideas. Several business ideas were submitted forcing CMIB to select only the most innovative and scalable.
In total 14 beneficiaries were selected, however, CMIB identified the 7 best business ideas which received support to develop their innovative idea through an acceleration program. It is noteworthy that CMIB chose not to restrict the competition of the business plan to a specific blue growth sector.
During May, 3 online training group meetings have been held during which representatives of different sectors of the Blue Economy were invited, so that the participants get to know the challenges and the opportunities offered by the sector and thus, guide or reinforce their idea, or even provide them with new concepts that help them improve their proposal or also learn about some challenges in the sector that allow them to introduce innovative solutions, since the objective is to generate business ideas for innovative projects that address the challenges related to the activities of the blue economy.
Participants were given the opportunity to work, through the entrepreneur test, on the different profiles of their working team (on the theme CEO and team). On top of that the Business Canvas model allowed participatns to work on their value proposition.
The rest of the group or individual meetings will take place in June 2020, according to the mentoring needs that arise among the participants. The sessions of Business Plan, Financial Projections, Communication and Elevator Pitch will be be developed during the month of June and July. In these sessions, participants will have the opportunity to receive training on idea pitching and elevator pitch practices; sectors that are of extreme significance for new business ideas.
All sessions are carried out through the Zoom Platform and are recorded live on YouTube.
The last phase will be the investment round in September 2020, in Palma.