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How to create business plans that attract professional capital.

Wharton Entrepreneurs Workshop #1 — “Starting Up: Is it a Product or is it a Company?” with Rob Coneybeer, WG’96, co-founder and general partner of Shasta Ventures.

The first in a series of Wharton Entrepreneurs Workshops at Wharton San Francisco , “Starting Up: Is it a Product or is it a Company?” features Rob Coneybeer , WG’96, co-founder and general partner of Shasta Ventures, an early-stage venture capital investment firm in Silicon Valley that invests in enterprise and technology consumer startups.

Rob discussed the fundamental elements you need to have in place to start a company and described how to create business plans that attract professional capital and ensure a company’s long-term success.

Watch the workshop in its entirety below:

Posted: December 16, 2010

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About wharton entrepreneurs workshop.

Hosted at Wharton San Francisco , each Wharton Entrepreneurs Workshop provides practical real-world advice and insights on launching a business from successful Wharton entrepreneurs.

A collaboration between Penn Wharton Entrepreneurship and the technology law firm of Wilson Sonsini Goodrich & Rosati, the workshops draw on the expertise of Wharton’s rich entrepreneurial community and offer a unique networking opportunity for the Wharton students and Bay Area alumni who attend.

Learn more  about the workshops or click here  to view all of the past workshops.

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Wharton Summer Programs: Business Plans

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Sample Business Plans

Search for additional books in  Franklin , our online catalog, using  business planning  as a subject.

Some volumes of the Business Plans Handbook are also available as an e-book .

Business Plans Handbook is a multiple volume collection of business plan samples.

• Business Plans Handbook Publication Date: 2019 Click the Connect To Full Text link to use this series as an e-book. You'll be able to view this most recent edition (volume 44), or use the menu to the right to run a keyword search within All Volumes.

Additional Resources

For additional resources take a look at our Entrepreneurship & Small Business Research Guide

BPlans.com  has a section called: How To ~ Writing your business plan . 

SBA.gov:  How to write a business plan .

SCORE : Business Plans and Financial Statements Templates Gallery

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Write a business plan

• Review templates and tools for developing and pitching your business plan.

Public Web sites:

Small business administration.

The "Small Business Planner" section has a specific page of resources to guide you when creating this essential component for getting your business started.

Start-Up Resource Center

An Inc. Magazine Web site offering a useful and thorough how-to guide with advice and ideas on Structuring a Business Plan .

Additional information on Business Plans is available at the Arthur Rock Center for Entrepreneurship. There is also a classic article written by Professor Bill Sahlman on How to Write a Great Business Plan .

More From Forbes

Business plan template: a step-by-step guide for entrepreneurs.

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What should be in your business plan?

Creating a business plan is a key part of starting any business venture. Even if you’ll never use it in this format for attracting investors and raising capital, it can be vital for helping all entrepreneurs to ask and think through essential questions.

Nowadays business plans are used as an internal roadmap for the execution of the company since pitch decks have taken over when it comes to fundraising required materials.  For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel ( see it here ) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million ( see it here ).

Don’t skip this part of the process. Though, do not let it become a distraction and slow you down from creating an actual business either.

For key insights on the why, when and how to create a business plan, and emerging alternatives for startups versus small businesses, see my Forbes article on How To Create A Business Plan .

There are many variations of business plans today. Especially, with the rapid growth of lean startups. A few minutes on Google will provide plenty of free business plan template options. The following is adapted from the SCORE Association’s recommended outline of categories, which covers most of the bases for exactly what to include in your business plan.

Executive Summary

This is the most critical part of your business planning. If you never flesh out a full business plan, make sure you create a fantastic executive summary. This brings together all of the key elements of your plan and will often be the make or break document which decides whether commercial lenders or investors will have any interest in seeing the rest of your documentation or pursuing a relationship with you. For additional guidance, you may want to review the Executive Summary Template that I recently covered on Forbes as well.

Company Description

This section provides a further overview of your company now.

• The company purpose, mission and vision
• Company formation information
• Who the founders are
• Location and geographical markets served or where you have a presence
• Current status and stage of business
• Any notable achievements so far

Products & Services

List what products and services your company has been formed to create. How are you solving the main problem and are serving the community with your business?

• Definition of the core product or service
• Development stage
• Screenshots or diagrams
• Current pricing
• Past test results
• Anticipated future products and services you hope to develop and roll out

Marketing Plan

This is another section which is an absolute must-have, even if you never develop a fully fledged business plan in its entirety. This holds key information that all financiers and potential investors are going to want to know. Even if you hope to just get away with using a pitch deck to raise the capital you need.

This is also a vital guide for yourself as a founder, and for your growing team as to what needs to be done and how.

Every minute invested in this section can pay great dividends over the longer term.

• Competition and market research
• SWOT analysis (Strengths, Weaknesses, Opportunities & Threats)
• Target market research (total market size and total addressable market (TAM))
• Brand and product positioning
• Elevator pitches and tag-lines
• Target customer personas and profiles
• Results of any testing conducted so far
• Marketing channels to be used
• Marketing budget
• Estimates of cost per action (CPAs)

For further guidance on this section, you may want to review the piece on Forbes with the title How To Create A Marketing Plan . 

Operational Plan

This is your opportunity to organize and demonstrate your understanding of this industry and business.

• Facilities and space needed
• Technology needs
• Equipment needs
• Supply chain management
• Logistics and distribution plans
• Order and fulfillment processes
• Quality control checks
• Legal and accounting needs

Management & Organization

This section of your business plan will help you to identify your own needs, and demonstrate to investors and other licensing bodies and agencies that you are the team to get this job done.

It basically shows your management and industry experience and who will do what.

• Founders and executive team
• Any owners and shareholders
• Board of directors
• Consultants and special advisors
• Key team members and department heads

Financial Plan

Provide an honest snapshot of where you are and where you reasonably hope to go, providing you secure the funding you need.

• Current balance sheet
• Past 2 years’ financials if applicable
• Financial projections for 12 months, and annually through year 5
• Break even analysis
• Cash flow projections
• Income and expenses

In this section you may also be including startup cost and capitalization requirements, or funding and loan requests.

Startup costs should be thorough, have some additional cushion built in, and focus on development of physical product or intellectual property and growth. Not what you want to pay yourself as a salary.

If fundraising, be sure to include a repayment schedule for any loans, use of funds, runway to follow up fundraising rounds, and the milestones you expect to achieve by then.

Include all other information, references and required documentation here.

This will typically include:

• Articles of incorporation and status
• Resumes of founders and key team members
• Copies of insurances
• Trademarks and patent registrations
• Deeper research data or links to references

Stay Flexible

Just like your first attempt at coding a website, practicing your pitch, or riding a bike, it’s not going to be perfect. Do your best. Get outside input from an expert. Just don’t wait until you think your business plan is perfectly polished and cannot possible go any further in depth. Otherwise, chances are you will have missed your window of opportunity by a long way.

It is also crucial to understand that nothing in this document is set in stone. Pretty much everything will absolutely change over time. Roles will change, marketing will change, financial projections will change, and your product and service menu can change.

Having raised money for startups, exited them, and after interviewing many of the most successful founders and angel investors on the DealMakers Podcast , I’ve got to experience both the struggles and wins in startup life. Things change rapidly overnight and for this reason you need to adapt quickly to the market and change whatever is required. 

This is a great guide and exercise. It’s a gateway to getting to the next step. Get it done, start taking action and stay flexible.

Creating a business plan remains a valuable part of launching any new business venture. Formats and business plan templates may have evolved, and new documents like pitch decks are becoming even more important.

Though without going through this process many entrepreneurs will find they have huge gaps in their ideas and may fall short when it comes to fielding questions from serious investors. Using this template you will cover most of the bases and will be able to take the next steps with confidence.

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What You Need to Apply

Applying for the wharton mba: application & admission requirements, below you will find full details on prerequisites, application fees, essay topics, gre/gmat test scores, references and other details you’ll need to satisfy the wharton mba admission requirements. however, the most detailed instructions are included in the application itself. remember, you must complete the online application to be considered for the mba program. if you’re looking for deadline information and an overview of the application process, please see application timelines and deadlines ., mba application checklist & prerequisite requirements.

A complete application will consist of the following items:

Background Information

Application fee.

• Transcripts (unofficial or official)
• Two Letters of Recommendation
• GMAT or GRE Score
• English Language Test Score

Essay Questions

Transcripts, letters of recommendation, english language test.

• Contact information (e.g., mailing address and phone number)
• Date of birth
• Beginning with your high school, please complete the Education and Transcript section for all of your academic experiences, including your bachelor’s or bachelor’s-equivalent degree, study abroad, summer school, and post-baccalaureate classes. If you have more information than the three forms will allow, please use the Microsoft Excel  Multiple Transcript Template  to record your additional education.
• To ensure the quick processing of your application, we are no longer accepting mailed transcripts at the time of application. Instead, please submit your transcript(s) as a scanned document or use the Transcript Template  found here. Use the upload feature, provided at each school listing, to submit your self-reported transcript(s).
• If admitted, you will be required to provide official transcripts of all previous academic work to verify the information provided in the uploaded documents. If there are discrepancies between the self-reported academic work and official records, your offer of admission will be withdrawn. Offers of admission are not binding until academic records are verified.
• Beginning with your most recent position, please complete the Employment section with your full-time experience, including military and entrepreneurial experiences. You can also include any significant part-time or summer employment since the beginning of college.
• The Employment section allows you to list your four most recent employments; however, all employment experience is important to us. Feel free to use the optional essay to explain any gaps in employment.
• Please note that we will see all of your answer to the Reason for Leaving question, whether or not it is fully visible on your application when you print it using Adobe Acrobat PDF.  This field is fully visible in our review system.
• Family information
• If you have ever been convicted of or plead guilty or no contest to a felony or misdemeanor (excluding minor traffic violations), you must report this information. Failure to disclose this information may result in the withdrawal of any possible offers of admission. Answers will be reviewed by the Wharton MBA Admissions Review Officer. This information will not be provided to the admissions committee as part of the regular academic review process.

The application fee for Wharton’s MBA program is $275 and non-refundable. It can be paid by credit card (Visa, MasterCard, or American Express), with your application.

Essays for the 2023-2024 Application Cycle

The Admissions Committee wants to get to know you on both a professional and personal level. We encourage you to be introspective, candid and succinct. Most importantly, we suggest you be yourself. For additional essay writing resources, see the  essay tips article!

Essay 1 : How do you plan to use the Wharton MBA program to help you achieve your future professional goals? You might consider your past experience, short and long-term goals, and resources available at Wharton. (500 words)

Essay 2 : Taking into consideration your background – personal, professional, and/or academic – how do you plan to make specific, meaningful contributions to the Wharton community? (400 words)

Required Essay for all Reapplicants:  Please use this space to share with the Admissions Committee how you have reflected and grown since your previous application and discuss any relevant updates to your candidacy (e.g., changes in your professional life, additional coursework, and extracurricular/volunteer engagements). (250 words)

Optional Essay: Please use this space to share any additional information about yourself that cannot be found elsewhere in your application and that you would like to share with the Admissions Committee. This space can also be used to address any extenuating circumstances (e.g., unexplained gaps in work experience, choice of recommenders, inconsistent or questionable academic performance, areas of weakness, etc.) that you would like the Admissions Committee to consider. (500 words)

Please note:

• First-time MBA applicants and re-applicants are required to complete essays 1 and 2.

Transcripts of all academic work completed at the baccalaureate/undergraduate level and beyond, whether or not for credit or a degree, are required to apply for the MBA program. When submitting your transcripts, you can do one of the following:

• Upload unofficial transcripts OR
• Self-report grades on our Online Transcript Template

Please note: Official documents are required upon admission and matriculation .

The Letter of Recommendation component of our application will be broken into two sections:

• A selection of positive personality characteristics. Recommenders will be asked to choose two characteristics from a list of ten that best describe the candidate they are recommending.
• Please provide example(s) that illustrate why you believe this candidate will find success in the Wharton MBA classroom. (Word count: 300)
• Please provide example(s) that illustrate why you believe this candidate will find success throughout their career. (Word count: 300)

We require two letters of recommendations from individuals who are well acquainted with your performance in a work setting, preferably from a current or former supervisor.

The title or position of the recommender is not as important as his/her ability to comment knowledgeably and specifically about you. Submit recommendations from people who can speak directly about your aptitudes and capabilities.

We require all recommendations to be submitted electronically. After you have contacted your recommenders, please complete the form on the Recommendations page.

After selecting your recommenders, it is possible that you’ll need to alter this selection. If a recommender has not begun their recommendation, you can delete them and assign another recommender.  Please note that your new recommender will not appear on the recommendation page of your application, however we will see the new listing when you submit your application.

If you or a recommender have questions, please reach out to [email protected] .

All applicants must submit results of either the Graduate Management Admission Test (older version or Focus Edition, both now referred to as GMAT) or the Graduate Record Examination (GRE).

We accept scores from tests taken at a test center or at home/online. All at-home tests are monitored by a human proctor online. Scores may be self-reported; when self-reporting your score(s) in the application please list your highest score first. Should you receive an offer of admission, official scores will then be requested for verification.

The GMAT code for the Wharton MBA Program is G56-97-73.  The GRE code is: 6802.

Results from one of the following tests is required for non-native English speakers with limited exposure to English:

• The Test of English as a Foreign Language (TOEFL iBT)
• Pearson Test of English Academic (PTE)
• The International English Language Testing System (IELTS)

All international applicants whose native language (language first learned and spoken at home) is not English, or who did not complete a degree from an institution where English was the language of instruction, are required to take the TOEFL, PTE, or IELTS. If you earned a bachelor’s or master’s degree from an institution at which English is the language of instruction, the test may be waived.

TOEFL –  The code for the Wharton MBA Program is: 2926.

PTE –  Report your scores directly to The Wharton MBA Program

Please upload a one-page resume. We are interested in your functional job skills, breadth and depth of experience, demonstrated leadership and management skills, and your potential for growth. We are more concerned with what you have learned in your positions than we are with the length of time you’ve been in the workplace.

• Only scan the important parts of your document. Do not scan pictures, graphics and unnecessary text.
• Save the scanned object as a .pdf file with the proper 3-letter extension. Please do not attempt to upload a document that is password-protected or that contains macros. This will cause the process to fail.
• Close the .pdf file.
• Check the size of your file. It should not exceed 10 MB.
• Upload your file using the buttons.
• Make sure scanned documents are clearly legible. Illegible documents will not be accepted and will delay the evaluation of your application.

Francis J. & William Polk Carey JD/MBA Program Requirements

The Carey JD/MBA Program is a joint-degree program and therefore shares admissions requirements with the Wharton MBA Program. In addition to the elements of the full-time MBA application, the Carey JD/MBA application includes a Law School section that requests additional information specific to the University of Pennsylvania Carey Law School JD program.

Note: You may not apply to the Carey JD/MBA Program and simultaneously apply individually to the Wharton MBA Program and/or the University of Pennsylvania Carey Law School JD Program in the same application cycle. Once you have submitted an application for the Carey JD/MBA Program, you cannot switch to the other degree programs or vice versa.

For additional questions about the Carey JD/MBA Program, please contact [email protected]  or visit the Carey JD/MBA Program website .

Application Eligibility Requirements

All applicants must hold a bachelor’s degree to be eligible to enroll in the Juris Doctor (JD) program. Applicants who are admitted to the Carey JD/MBA Program are admitted for the fall semester on a full-time basis only. All applicants must take the Graduate Record Exam (GRE) or the Graduate Management Admission Test (GMAT). The Law School Admission Test (LSAT) is not required. If an applicant takes the LSAT, they must also take the GRE or the GMAT. Regardless of test format, all applicants must register with the LSAC’s Credential Assembly Service (CAS) and all test scores must be reported. (See Standardized Tests and LSAC’s Credential Assembly Service (CAS) information below.)

Regular Decision

If you submit and complete an application for Round 1 or Round 2, you will receive a decision according to the Wharton MBA Admissions decision release timeline. Regular Decision applicants who are taking the LSAT should take the LSAT no later than September of the application year for Round 1 and November of the application year for Round 2.

Early Decision (Binding)

The Carey JD/MBA Program’s Early Decision option is designed for applicants who have thoroughly researched their law school options and determined that the University of Pennsylvania Carey Law School is their first choice. Our Early Decision program is binding. Applicants who wish to be considered for early decision must commit to matriculate in the Carey JD/MBA Program if admitted. If admitted, you must withdraw your applications from all other law schools and refrain from initiating new applications. You may not submit an early decision application to more than one law school.

Note: Applications must be submitted through Wharton no later than September 6, 2023, for Early Decision Round 1 and no later than January 4, 2024, for Early Decision Round 2. Early Decision applicants who are taking the LSAT should take the LSAT no later than September of the application year for Round 1 consideration and no later than November of the application year for Round 2 consideration.

How to Apply

As an applicant to the Carey JD/MBA Program, you are required to submit your application through Wharton Round 1 or Round 2. Please do not fill out nor submit the Fall 2024 – First Year JD application through the LSAC Electronic Application service. Once you have submitted your application through Wharton, the MBA application process is conducted independently by each school but the evaluation and decision-making are conducted jointly. The Law School will begin processing Carey JD/MBA applications in early October.

You are strongly encouraged to answer the application essay questions in relation to the Carey JD/MBA Program as opposed to only the Wharton MBA Program.

Standardized Tests and LSAC’s Credential Assembly Service (CAS)

All applicants to the Carey JD/MBA Program must take the GRE or the GMAT. We will accept at-home GRE, GMAT, and LSAT scores. The LSAT is not required. If an applicant takes the LSAT, they must also take the GRE or the GMAT. We will accept LSAT results from any exam taken from June 2017 or thereafter for the class entering in fall 2023. GRE or GMAT test dates must align with the Wharton MBA test date requirements for the appropriate application round. If you take a test more than once or take more than one testing format, all scores will be considered and must be reported in the application form. All test scores should be submitted in the JD/MBA application as directed. In addition, you must request GRE and/or GMAT official score reports from ETS and/or GMAC to be sent directly to the University of Pennsylvania Carey Law School. The University of Pennsylvania Carey Law School’s school code is 4122 for GRE score reporting and G56-RV-81 for GMAT score reporting. The Law School will not accept test-taker score reports directly from the applicant nor can we accept score reports transferred from Wharton.

Regardless of the testing format you choose to use, each applicant must also register with the LSAC Credential Assembly Service (CAS) and arrange to have all transcripts sent to LSAC from each college or university attended. When the Law School receives your application from Wharton, the Law School will request your CAS report, and LSAC will send it directly to the Law School. Please note that your CAS report will not be released by LSAC until all required transcripts have been received and processed by LSAC. In addition, if you have not or will not take the LSAT, please select the GRE/GMAT only checkbox in the LSAT section of the Test Information section.

The University of Pennsylvania Carey Law School requires that any international transcripts be submitted through the LSAC Credential Assembly Service for applicants who completed any post-secondary work outside the US (including its territories) or Canada. You must use this service for the evaluation of your international transcripts. The one exception to this requirement is if you completed the international work through a study-abroad, consortium, or exchange program sponsored by a US or Canadian institution, and the work is clearly indicated as such on the home campus transcript. This service is included in the Credential Assembly Service registration fee.

Recommendation Forms and Letters

You must submit two recommendation letters through the LSAC Letter of Recommendation Service. If you have obtained two letters of recommendation to be used for the Carey JD/MBA application, these letters can satisfy the University of Pennsylvania Carey Law School requirement but you must have your recommenders submit duplicate copies of these two letters to LSAC. Your CAS report will not be released to us until at least two letters of recommendation are on file with LSAC and assigned to the University of Pennsylvania Carey Law School. This service is included with your Credential Assembly Service registration. You and your recommender must use the letter of recommendation form available online through the LSAC Letter of Recommendation Service for each letter submitted to LSAC.  Please do not send letters directly to the University of Pennsylvania Carey Law School.  Note that we will accept up to four letters of recommendation through LSAC; however, your application is deemed complete with two letters of recommendation.

Carey JD/MBA Interview

Carey JD/MBA interviews are granted by invitation only. If you are invited to interview, you are required to complete the Wharton Team Based Discussion as well as a Carey JD/MBA interview.

Application Status/Questions

The University of Pennsylvania Carey Law School Admissions Office is committed to serving our applicants as efficiently and effectively as we can during the MBA application process. Please be advised that it may take approximately two weeks from the date that we receive the Carey JD/MBA application from Wharton to process and complete the applicant file. We will notify you of the date upon which we receive your application from Wharton and inform you of any missing documents upon receipt of your Credential Assembly Service report. We will also notify you of the date upon which your application is complete.

You can check the status of your application at any time using Application Status, the University of Pennsylvania Carey Law School’s online status checker. To access the online status checker, please visit https://www.law.upenn.edu/admissions/jd/ .

For additional Law School application instructions, please visit  https://www.law.upenn.edu/admissions/jd/how-to-apply.php .

Tuition and Financial Aid

For detailed information on Law School tuition and financial aid, please visit https://www.law.upenn.edu/admissions/financing/ .

Wharton/Lauder Institute Joint-Degree Applicants

The Lauder Institute offers a joint-degree MA in International Studies in tandem with the Wharton MBA or JD programs at Penn. The Lauder Institute shares MBA program requirements with the Wharton MBA program, and the application is reviewed in its entirety by both the Lauder and Wharton Admissions committees. Accepted Lauder MBA/MA students are admitted jointly into both programs, not independently into each. Lauder applications are accepted in all 3 application rounds.

In addition to the Wharton MBA application, Lauder requires that you complete a language assessment called the Oral Proficiency Interview(s), one Lauder essay, and answers to supplemental questions regarding international/cross-cultural experience. You will be prompted to submit these items in the online application.

For any questions you have about the Lauder/MBA application process, please contact the Lauder Admissions office at [email protected]

Oral Proficiency Interview (OPI)

An Oral Proficiency Interview (OPI) is required of all Lauder applicants and must be scheduled and completed with Language Testing International (LTI). To schedule an OPI, complete and submit LTI’s online application . When scheduling your OPI(s), please be sure to register as a Lauder applicant with LTI. There is no need to forward your scores to the Admissions Committee—Lauder OPI scores are available for the Admissions Committee to review through LTI’s online portal.

The OPI may be completed any time after July 1, 2023 to count for the current admissions cycle, but it must be completed by September 6, 2023 for Round 1 applicants or January 4, 2024 for Round 2 applicants. OPI ratings are valid for a single application cycle, and reapplicants to the Lauder program will need to retake the OPI(s). If you have any questions about scheduling the OPI please contact LTI by phone at +1-914-963-7110 (extension 115 or 127) or by email at [email protected] . Please consult with the Lauder admissions office if you have questions regarding the language requirements for Lauder.

For applicants to one of Lauder’s five Programs of Concentration : An OPI in the proposed language of study is required. The ACTFL Proficiency Guidelines for the OPI range from Novice to Distinguished, and an Advanced rating is the expected level for admission to Lauder.

Educated native speakers of Romance languages* [such as French, Italian, Spanish] will be considered for the Latin America/Portuguese program without prior knowledge of Portuguese. These applicants should test in their native language and are required to submit a Superior-level OPI rating for that language. In addition, educated native speaker applicants who speak some Portuguese should take an OPI in Portuguese even if the expected rating is at or below Advanced.

Educated native speakers in Romance languages* [such as French, Portuguese, Spanish] will be considered for the Europe/Italian program without prior knowledge of Italian. These applicants should test in their native language and are required to submit a Superior-level OPI rating for that language. In addition, educated native speaker applicants who speak some Italian should take an OPI in Italian even if the expected rating is at or below Advanced.

* a person who speaks that particular language as a first language AND whose formal education was delivered in that language through high school.

For applicants to Lauder’s Global program: One OPI in a language other than English is required of all applicants to the Global program. Applicants to the Global Program must test at the Superior level. Applicants may test in their native language provided it is not English.

For applicants to Lauder’s General Track Africa Program  of Concentration:  Candidates applying to the General track Africa Program must demonstrate Superior-level proficiency on the OPI in any language other than English. Applicants may test in their native language provided it is not English.

Lauder Essay

Discuss why you are applying to the Lauder Institute, detailing specific reasons, experiences, and background for choosing your Program of Concentration, as well as your interest in further study in that Program. Applicants to Programs of Concentration involving language study (Africa-French; East and Southeast Asia; Europe; Latin America; South Asia, the Middle East, and North Africa) should also discuss what they hope to gain from advanced language and cultural education, as well as describe how they have learned the language they will study (e.g. undergraduate courses, undergraduate major, etc.). Finally, please describe how you see yourself benefiting from, and contributing to, the Lauder community.   (800 words)

Lauder Interview

Lauder interviews are granted by invitation-only, based upon a full review of your submitted application. Typically, the Lauder interview is conducted remotely or on-campus with a current Lauder student. If you are invited to interview, you are required to complete the Wharton team-based discussion as well as a Lauder interview.

The Lauder Institute is committed to supporting candidates who are admitted to the Lauder Institute. In fact, nearly all of our students receive some kind of financial support for the graduate degree in International Studies. Please visit our website for more information on Lauder fellowships, tuition and financial aid .

Lauder applicants may also apply for the University of Pennsylvania’s Foreign Language and Area Studies (FLAS) Fellowships program .

Interviews for the MBA program are offered by invitation only. If you have been invited to interview, then you will participate in the Wharton MBA Team Based Discussion (TBD). Visit the Interview Process for more details and tips.

Admissions Decisions

After you apply to an MBA program, all decisions are released via Online Application System. Decisions released include:

Admission to the Wharton MBA

We offer clear admission to highly qualified candidates pending confirmation of official academic transcripts and test scores. Admissions are made on an individual basis & all applicants are measured against both the MBA admissions requirements & in the greater context of all applicants.

Conditional Admission

We offer conditional admission to candidates who clearly demonstrate significant potential for success both within the Wharton MBA program and post MBA, but whom we feel need additional preparation before beginning the Wharton MBA program. Conditional admission is typically based on the need for strengthening a candidate’s analytical background or improving English communication skills.

Candidates can expect to remain on the waitlist until the previous round of decisions are released. There is no rank order to the waitlist, and we are unable to offer feedback to candidates while they remain on the list.

The committee welcomes important updates that you believe add significant value, growth, or development to  your application since submission.

International Applicants

Requirements for the MBA program are the same for both international students and U.S. citizens. Recognizing the special challenges that international students face, both Wharton and the University of Pennsylvania provide information and resources to help you navigate the MBA application process, and we assist international students with issues like obtaining a visa and relocating to a new country.

Academic Requirements

The MBA Admissions requirements are as follows: a college-level education equivalent to a four-year American undergraduate or baccalaureate degree (the same as a first university degree). Several universities around the world offer three-year undergraduate programs. If you received a bachelor’s degree upon completion of one of these undergraduate programs, you are eligible to apply to the MBA program. Many candidates from three-year programs have a master’s degree as well, but it is not required.

When applying, list all of the post-secondary educational institutions you have attended, including technical and professional schools. Use the full names of the institutions attended, and provide the titles of all diplomas or degrees earned.

Please submit only official academic records from educational institutions. Official records are defined as original documents issued by the institution that bear both the actual (not photocopied) signature of the registrar and the institutional seal. Records issued only once by institutions should be photocopied and certified as official copies by school officials or legal authorities, such as embassies or public notaries. Please do not send the original copy of an academic record that cannot be replaced.

If you have attended more than one institution, submit official records from each institution, except study-abroad programs that are listed on your official undergraduate transcripts. If academic records and diplomas are not issued in English by the institution, submit both the official record and an authorized English translation.

All translations should be complete and literal renditions of the original record. Records should show the date of enrollment, courses taken, units of credit or time allotted to each subject during each term or year, your marks or ratings in each subject, and, if available, your rank in the total class or group.

The institutional grading scale (or other standards of evaluation, including minimum passing and failing marks and the definitions of grades between them) should appear on official records, or you should provide them as an attachment. For more information on the general MBA Application process, see the ‘ Application Checklist ‘ section above.

English Language Examinations

• Pearson PTE

You may waive an English test if you have earned an undergraduate degree or master’s degree in an English-speaking country or from an institution at which English is the language of instruction. You must provide evidence to support the waiver. If your test score is more than two years old (from the date of the exam to the date of application arrival), you must retake the test.

How to take a test:

• The TOEFL iBT is offered at more than 3,000 authorized TOEFL iBT test centers or from the privacy of your own home and monitored online by a human proctor.
• The PTE is offered at 400+ test centers in 117 countries or at home.
• The IELTS is offered in test centers or at home.

Wharton only accepts official scores for English language tests.

Student Visas

Should an offer of admission be extended and accepted, you are eligible to apply for either an F-1 or J-1 visa. To meet the eligibility requirements for a student visa, you must show proof of equivalent academic documents (diplomas), results from the TOEFL or PTE examination, and financial resources to pursue your course of study. Detailed information regarding the requirements and application process to obtain a student visa is sent to admitted students in the spring.

Interdisciplinary Program Applicants

Interdisciplinary study is central to our curriculum, with a wide array of dual and joint-degree options. In general, a dual-degree requires one  less year than it would take to pursue the two degrees separately. Joint degrees are fully integrated with the Wharton MBA curriculum and use a shared application. We offer two joint-degree programs: The Lauder MBA/MA in International Studies and the Carey JD/MBA .

Two programs combine the Wharton MBA with graduate study at other institutions; others combine a Wharton MBA with University of Pennsylvania biotechnology, design, engineering, law, medicine, nursing, and social work masters degrees.

Applying for Interdisciplinary Programs

You must apply to both Wharton and the second school or program. This means that the appropriate standardized test scores (e.g., LSAT, GRE, or MCAT), a completed application form, your transcript(s), and your letters of recommendation must also be sent to the partner school.

Admission decisions are made independently by each school, and you may pursue a dual-degree program only if admitted to both schools. Unless otherwise indicated, you may apply to both programs simultaneously. However, if you are admitted to both programs and do not want to begin at Wharton, you will need to request a deferral and will be subject to our deferral policy.

If you are already enrolled in a program, you may apply to Wharton in the fall semester following commencement of study in the co-sponsoring school. If you are applying to a three-year program, you may apply in the fall of your second year. If you are enrolled in the MD, DMD, or VMD program, you may apply to Wharton to start during any August up to and including the August following the third year of enrollment in the medical program.

To satisfy the MBA program requirements of the dual-degree program, you must take at least 15 courses at Wharton. Courses taken at Wharton prior to admission and matriculation into the Wharton MBA program may not be applied toward the degree requirements of the MBA.

Applicants to the three-year Carey JD/MBA Program must apply via a shared application. Given the unique nature of the program, applicants may not, after receiving an offer of admission, decide to enroll in one school and not the other (i.e., an applicant may not choose to only attend Wharton and not Penn Law, or vice versa, after a joint decision has been rendered). Applicants are encouraged to apply prior to matriculation in the Law School. However, since the first year of the three-year JD/MBA program takes place at Penn Law, Penn Law students have the option of applying during their 1L year, during Round 1 or Round 2 of the Wharton MBA admissions timeline.

Also, the joint-degree Lauder Program application is reviewed in its entirety by both the Lauder and Wharton Admissions Committees, and you must apply via a shared application. Accepted MBA/MA students are admitted jointly into both programs, not independently into each.

Reapplication

If you applied to a program and were not admitted, we encourage you to reapply for the next academic year. Reapplications make up approximately 10% of our applicant pool in any given year. The most important thing is that you demonstrate through essays, subsequent career growth, and/or academic preparation that you are a stronger candidate. We recommend you review the MBA Prerequisites before re-submitting an application to ensure they have not changed since you last applied.

Reapplication Essays

If you are reapplying, you are required to complete the requisite application essays plus the optional essay. Please use this space to explain how you have reflected on the previous decision on your application and to discuss any updates to your candidacy (e.g., changes in your professional life, additional coursework, and extracurricular/volunteer engagements). You may also use this section to address any applicable extenuating circumstances. (250 words)

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10 Free Business Plan Templates in Word, Excel, & ClickUp

Praburam Srinivasan

Growth Marketing Manager

February 13, 2024

Turning your vision into a clear and coherent business plan can be confusing and tough. 

Hours of brainstorming and facing an intimidating blank page can raise more questions than answers. Are you covering everything? What should go where? How do you keep each section thorough but brief?

If these questions have kept you up at night and slowed your progress, know you’re not alone. That’s why we’ve put together the top 10 business plan templates in Word, Excel, and ClickUp—to provide answers, clarity, and a structured framework to work with. This way, you’re sure to capture all the relevant information without wasting time. 

And the best part? Business planning becomes a little less “ugh!” and a lot more “aha!” 🤩

What is a Business Plan Template?

What makes a good business plan template, 1. clickup business plan template, 2. clickup sales plan template, 3. clickup business development action plan template, 4. clickup business roadmap template, 5. clickup business continuity plan template, 6. clickup lean business plan template, 7. clickup small business action plan template, 8. clickup strategic business roadmap template , 9. microsoft word business plan template by microsoft, 10. excel business plan template by vertex42.

A business plan template is a structured framework for entrepreneurs and business executives who want to create business plans. It comes with pre-arranged sections and headings that cover key elements like the executive summary , business overview, target customers, unique value proposition, marketing plans, and financial statements.  

A good business plan template helps with thorough planning, clear documentation, and practical implementation. Here’s what to look for:

• Comprehensive structure: A good template comes with all the relevant sections to outline a business strategy, such as executive summary, market research and analysis, and financial projections 
• Clarity and guidance: A good template is easy to follow. It has brief instructions or prompts for each section, guiding you to think deeply about your business and ensuring you don’t skip important details
• Clean design: Aesthetics matter. Choose a template that’s not just functional but also professionally designed. This ensures your plan is presentable to stakeholders, partners, and potential investors
• Flexibility : Your template should easily accommodate changes without hassle, like adding or removing sections, changing content and style, and rearranging parts 🛠️ 

While a template provides the structure, it’s the information you feed it that brings it to life. These pointers will help you pick a template that aligns with your business needs and clearly showcases your vision.

10 Business Plan Templates to Use in 2024

Preparing for business success in 2024 (and beyond) requires a comprehensive and organized business plan. We’ve handpicked the best templates to help you guide your team, attract investors, and secure funding. Let’s check them out.

If you’re looking to replace a traditional business plan document, then ClickUp’s Business Plan Template is for you!

This one-page business plan template, designed in ClickUp Docs , is neatly broken down into the following sections:

• Company description : Overview, mission, vision, and team
• Market analysis : Problem, solution, target market, competition, and competitive advantage
• Sales and marketing strategy : Products/services and marketing channels
• Operational plan : Location and facilities, equipment and tools, manpower, and financial forecasts
• Milestones and metrics: Targets and KPIs

Customize the template with your company logo and contact details, and easily navigate to different sections using the collapsible table of contents. The mini prompts under each section guide you on what to include—with suggestions on how to present the data (e.g., bullet lists, pictures, charts, and tables). 

You can share the document with anyone via URL and collaborate in real time. And when the business plan is ready, you have the option to print it or export it to PDF, HTML, or Markdown.

But that’s not all. This template is equipped with basic and enterprise project management features to streamline the business plan creation process . The Topics List view has a list of all the different sections and subsections of the template and allows you to assign it to a team member, set a due date, and attach relevant documents and references.

Switch from List to Board view to track and update task statuses according to the following: To Do, In Progress, Needs Revision, and Complete. 

This template is a comprehensive toolkit for documenting the different sections of your business plan and streamlining the creation process to ensure it’s completed on time. 🗓️

If you’re looking for a tool to kickstart or update your sales plan, ClickUp’s Sales Plan Template has got you covered. This sales plan template features a project summary list with tasks to help you craft a comprehensive and effective sales strategy. Some of these tasks include:

• Determine sales objectives and goals
• Draft positioning statement
• Perform competitive analysis
• Draft ideal customer persona
• Create a lead generation strategy

Assign each task to a specific individual or team, set priority levels , and add due dates. Specify what section of the sales plan each task belongs to (e.g., executive summary, revenue goals, team structure, etc.), deliverable type (such as document, task, or meeting), and approval state (like pending, needs revisions, and approved).

And in ClickUp style, you can switch to multiple views: List for a list of all tasks, Board for visual task management, Timeline for an overview of task durations, and Gantt to get a view of task dependencies. 

This simple business plan template is perfect for any type of business looking to create a winning sales strategy while clarifying team roles and keeping tasks organized. ✨

Thinking about scaling your business’s reach and operations but unsure where or how to start? It can be overwhelming, no doubt—you need a clear vision, measurable goals, and an actionable plan that every member of your team can rally behind. 

Thankfully, ClickUp’s Business Development Action Plan Template is designed to use automations to simplify this process so every step toward your business growth is clear, trackable, and actionable.

Start by assessing your current situation and deciding on your main growth goal. Are you aiming to increase revenue, tap into new markets, or introduce new products or services? With ClickUp Whiteboards or Docs, brainstorm and collaborate with your team on this decision.

Set and track your short- and long-term growth goals with ClickUp’s Goals , break them down into smaller targets, and assign these targets to team members, complete with due dates. Add these targets to a new ClickUp Dashboard to track real-time progress and celebrate small wins. 🎉

Whether you’re a startup or small business owner looking to hit your next major milestone or an established business exploring new avenues, this template keeps your team aligned, engaged, and informed every step of the way.

ClickUp’s Business Roadmap Template is your go-to for mapping out major strategies and initiatives in areas like revenue growth, brand awareness, community engagement, and customer satisfaction. 

Use the List view to populate tasks under each initiative. With Custom Fields, you can capture which business category (e.g., Product, Operations, Sales & Marketing, etc.) tasks fall under and which quarter they’re slated for. You can also link to relevant documents and resources and evaluate tasks by effort and impact to ensure the most critical tasks get the attention they deserve. 👀

Depending on your focus, this template provides different views to show just what you need. For example, the All Initiatives per Quarter view lets you focus on what’s ahead by seeing tasks that need completion within a specific quarter. This ensures timely execution and helps in aligning resources effectively for the short term.

This template is ideal for business executives and management teams who need to coordinate multiple short- and long-term initiatives and business strategies.

In business, unexpected threats to operations can arise at any moment. Whether it’s economic turbulence, a global health crisis, or supply chain interruptions, every company needs to be ready. ClickUp’s Business Continuity Plan Template lets you prepare proactively for these unforeseen challenges.

The template organizes tasks into three main categories:

• Priorities: Tasks that need immediate attention
• Continuity coverage: Tasks that must continue despite challenges
• Guiding principles: Resources and protocols to ensure smooth operations

The Board view makes it easy to visualize all the tasks under each of these categories. And the Priorities List sorts tasks by those that are overdue, the upcoming ones, and then the ones due later.

In times of uncertainty, being prepared is your best strategy. This template helps your business not just survive but thrive in challenging situations, keeping your customers, employees, and investors satisfied. 🤝

Looking to execute your business plan the “lean” way? Use ClickUp’s Lean Business Plan Template . It’s designed to help you optimize resource usage and cut unnecessary steps—giving you better results with less effort.

In the Plan Summary List view, list all the tasks that need to get done. Add specific details like who’s doing each task, when it’s due, and which part of the Business Model Canvas (BMC) it falls under. The By Priority view sorts this list based on priorities like Urgent, High, Normal, and Low. This makes it easy to spot the most important tasks and tackle them first.

Additionally, the Board view gives you an overview of task progression from start to finish. And the BMC view rearranges these tasks based on the various BMC components. 

Each task can further be broken down into subtasks and multiple checklists to ensure all related action items are executed. ✔️

This template is an invaluable resource for startups and large enterprises looking to maximize process efficiencies and results in a streamlined and cost-effective way.

The Small Business Action Plan Template by ClickUp is tailor-made for small businesses looking to transform their business ideas and goals into actionable steps and, eventually, into reality. 

It provides a simple and organized framework for creating, assigning, prioritizing, and tracking tasks. And in effect, it ensures that goals are not just set but achieved. Through the native dashboard and goal-setting features, you can monitor task progress and how they move you closer to achieving your goals.

Thanks to ClickUp’s robust communication features like chat, comments, and @mentions, it’s easy to get every team member on the same page and quickly address questions or concerns.

Use this action plan template to hit your business goals by streamlining your internal processes and aligning team efforts.

For larger businesses and scaling enterprises, getting different departments to work together toward a big goal can be challenging. The ClickUp Strategic Business Roadmap Template makes it easier by giving you a clear plan to follow.

This template is packaged in a folder and split into different lists for each department in your business, like Sales, Product, Marketing, and Enablement. This way, every team can focus on their tasks while collectively contributing to the bigger goal.

There are multiple viewing options available for team members. These include:

• Progress Board: Visualize tasks that are on track, those at risk, and those behind
• Gantt view: Get an overview of project timelines and dependencies
• Team view: See what each team member is working on so you can balance workloads for maximum productivity

While this template may feel overwhelming at first, the getting started guide offers a step-by-step breakdown to help you navigate it with ease. And like all ClickUp templates, you can easily customize it to suit your business needs and preferences.

Microsoft’s 20-page traditional business plan template simplifies the process of drafting comprehensive business plans. It’s made up of different sections, including:

• Executive summary : Highlights, objectives, mission statement, and keys to success
• Description of business: Company ownership and legal structure, hours of operation, products and services, suppliers, financial plans, etc.
• Marketing: Market analysis, market segmentation, competition, and pricing
• Appendix: Start-up expenses, cash flow statements, income statements, sales forecast, milestones, break-even analysis, etc.

The table of contents makes it easy to move to different sections of the document. And the text placeholders under each section provide clarity on the specific details required—making the process easier for users who may not be familiar with certain business terminology.

No business template roundup is complete without an Excel template. This business plan template lets you work on your business financials in Excel. It comes with customizable tables, formulas, and charts to help you look at the following areas:

• Highlight charts
• Market analysis
• Start-up assets and expenses
• Sales forecasts
• Profit and loss
• Balance sheet
• Cash flow projections
• Break-even analysis

This Excel template is especially useful when you want to create a clear and visual financial section for your business plan document—an essential element for attracting investors and lenders. However, there might be a steep learning curve to using this template if you’re not familiar with business financial planning and using Excel.

Try a Free Business Plan Template in ClickUp

Launching and running a successful business requires a well-thought-out and carefully crafted business plan. However, the business planning process doesn’t have to be complicated, boring, or take up too much time. Use any of the above 10 free business plan formats to simplify and speed up the process.

ClickUp templates go beyond offering a solid foundation to build your business plans. They come with extensive project management features to turn your vision into reality. And that’s not all— ClickUp’s template library offers over 1,000 additional templates to help manage various aspects of your business, from decision-making to product development to resource management .

Sign up for ClickUp’s Free Forever Plan today to fast-track your business’s growth! 🏆

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A business journal from the Wharton School of the University of Pennsylvania

This Year’s ‘Eight Great’ Business Plans: You Pick the Winner

May 19, 2004 • 11 min read.

Space Tourism. Renewable energy. Computer animation. And not a single dot-com. As the great Bob Dylan once sang, the times, they are a-changin’. The eight finalists in the 2003-2004 Wharton Business Plan Competition want to save the world with solar energy or cutting-edge medical devices, or see it from afar via a reusable space capsule, to name a few of the business plans presented. The winner, announced April 26, received a check for $20,000 plus a shot at something even more valuable – the possibility of five minutes with a venture capitalist.

Unlike past years, when the bursting of the Internet bubble cast a pall over the world of startups, even those that had nothing to do with the ’net, this year’s Great Eight emerge in an economy that’s showing signs of vitality. Plans for a stock offering by Internet-search company Google have given a much-needed boost to the tech sector. Employment is on the upswing and economic growth has begun to accelerate, suggesting that investors might once again be interested in backing promising early-stage ventures such as those that were presented at Wharton’s Venture Fair, held April 26.

This year’s competition involved almost 700 students from the University of Pennsylvania, including students in 10 of Penn’s 12 professional schools. The eight finalists were chosen from a field of nearly 200 teams; any team that included a Penn student could participate. In addition, the Venture Fair scored a number of firsts this year. For the first time, two undergraduate teams made it to the finals. Likewise, a team from Wharton West, the school’s California campus, appeared for the first time.  

The Great Eight made their 20-minute presentations to a panel of venture capitalists, entrepreneurs and even a journalist. The judges included representatives of St. Paul Venture Capital, Goldman Sachs, Canaan Partners, JK&B Partners, Sienna Ventures, Microsoft and Johnson & Johnson. More than 300 professionals were involved as either judges or mentors.

This year’s winner received $20,000 in cash, a trip to make a presentation at the Global Start-up @ Singapore business plan competition and entry into the Wharton Venture Initiation Program – Wharton Entrepreneurial Programs’ mentoring program for student entrepreneurs. The second-place team received $10,000, and the third-place team, $5,000. Each team also received $5,000 worth of legal services and $5,000 worth of accounting and strategy-consulting services.

Here are the eight finalists in alphabetical order. Try to guess who the judges picked, and don’t peek.  

BioSpectrum . This biotech company aims to accelerate the search for new drugs. It has devised a faster means of screening proteins that have a role in diseases. As with conventional screens, its technology would test the proteins’ responses to large libraries of chemical compounds. “Understanding proteins enables drug researchers to target more effectively the root causes of disease earlier in the drug-development process, thus saving time and money in a process that currently requires on average 15 years and $800 million,” the team explained in a summary of its plan. BioSpectrum’s technology allows it to miniaturize the chemical reactions required to run screens. That lets it run more screens on the standard-sized plates that drug companies use for the tests and thus reduce waste. Rather than licensing its technology, BioSpectrum would perform screens for drug companies and contract-research companies.

CelfCure . Can the body’s neurological tissues rebuild themselves? With a little help from CelfCure, they may. The biotech company wants to harness what’s called manipulated autologus stem cell therapy, or MAST. In MAST, physicians take cells from a patient’s body, culture them in a lab, load them with drugs, then put them back in the patient. The technology, which has shown promise in research labs, can be used to treat neurological problems such as head and spinal-cord injuries and stroke. So far, it isn’t available for practicing doctors. The problem, said Ajay Bakshi, a neurosurgeon and one of the CelfCure team members, is that “biotech companies don’t have access to patients, and hospitals don’t know how to grow cells.” CelfCure would act as a bridge, providing the cultured cells and techniques for transplantation. “Our business proposition rests on developing MAST technologies for various diseases and making them available for medical use by establishing a centralized laboratory,” the team explains in its summary.   

Distributed Resource Imagery . This company wants to use your personal computer when you’re not, borrowing it to make cartoons. DRI, devised by an undergrad team, is as close as any of this year’s finalists comes to being an Internet company. It would use its software and know-how to tie together internet-linked PCs and then lease their combined power to Hollywood animation companies. These days, movie animation is rendered by computers – lots of them. An animator such as Pixar, famous for such hits as Toy Story and Finding Nemo , typically spends tens of millions of dollars a year on an in-house “render farm” of high-powered computers. DRI would let animators outsource their rendering and get rid of their machines. It would pay the PC owners for the right to use their machines when they weren’t.  

Greenhands . If this company’s business model is simple – it’s a retailer – its goal is profound. It wants to clean the air, one car at a time. Greenhands would sell environmentally friendly automotive fuels such as propane and natural gas. It would start in the United Kingdom and later move to the rest of Europe and the United States. Initially, it would focus on high-mileage drivers such as cabbies. “These are safe, tried and tested fuels,” said team member Gbenga Kogbe. “They’re also cleaner and cheaper, and our target market – high-mileage drivers – really cares about cheaper.” These fuels haven’t caught on because the big oil companies have so large an investment in producing gasoline and diesel fuel that they are loath to promote them. That indifference equals opportunity for Greenhands, Kogbe said. “The market’s still too small for the big companies,” so they wouldn’t respond to Greenhands’ entry, he argued. Greenhands would start operating in Glasgow, Scotland, which is small enough to be manageable but large enough to show the viability of its business.

IL Aerospace Technologies . ILAT’s target customers would be people who view climbing Mount Everest as passé. The company has developed a means of sending tourists to space, if only briefly. Its “reusable launch vehicle” would carry three people more than 60 miles above the earth, allowing them four minutes of weightlessness before their capsule fell, slowed by a parachute, back to earth. “It’s an experience that can’t be simulated on earth,” said team member Oded Loebl, a pilot who has worked at Israel’s military aircraft test center. ILAT, the Wharton West entry, can build its vehicle for $3.7 million using off-the-shelf technologies, Loebl said. When one judge questioned whether people would be willing to risk their lives for four minutes in space, he had a ready answer: “It costs $60,000 to climb Everest. There’s a five-year waiting list and a one-in-five chance that you won’t make it back alive.”

InfraScan . In much of the world, technologies that detect brain bleeding such as CT scans and MRIs are scarce. That scarcity represents an opportunity for InfraScan. It has developed a handheld device that it calls the HematoScope to detect brain bleeding. The device, about the size of a personal-digital assistant, would allow emergency-room doctors to do quick, cheap scans of patients with head injuries. If a scan came back negative, the physician wouldn’t need to send that patient for a CT or MRI. And that, in turn, would reduce the wait for patients who really needed those far-more-costly technologies. The device could also be used in battlefield triage. “This isn’t just a concept,” said team member Sandeep Naik. “We have a working prototype and have conducted human clinical studies.” The HematoScope grew from a patent filed by Britton Chance, an emeritus professor at the University of Pennsylvania and a pioneer in the field of medical optics. It’s able to detect brain bleeding thanks to the light-absorbing properties of hemoglobin.

Integrated Biometric Solutions . Ever lose your key card when staying at a hotel? Or have you accidentally left it behind when you went for a jog and then had to trudge to the front desk in your shorts and plead for a new one? Integrated Biometric Solution’s fingerprint recognition system would make these sorts of hassles disappear. Instead of using a keycard to enter your room, you’d simply press your fingertip against a scanner. “This technology would also allow you to charge things anywhere in a hotel with your fingertip,” said team member Ian Framson. IBS’ system would cost about $300,000 for a hotel to install, so the company, created by an undergrad team, initially would target luxury chains. If the scanners worked in hotels, they could be rolled out on cruise ships and in commercial buildings.

Solestia . Like the sun, solar-electric technology keeps rising. It may seem like a relic of the 1970s oil crisis, but in the last decade, it has taken off again, with the number of solar installations in the United States increasing by 300%. It would probably grow faster if not for its high upfront cost, said team member Sandra Caruba. Solestia would spur the process by providing lease financing for solar systems. It would offer the financing through existing solar-system installers, piggybacking on their marketing. “Banks look at solar systems and see small-ticket consumer goods that are hard to repossess and redeploy,” Caruba said. “We see good reuse potential.” The underlying technology is stable, which means rooftop panels don’t quickly become obsolete. Several states, including California and New Jersey, offer tax rebates for installation. That represents another source of revenue, in addition to lease payments, for Solestia, Caruba said.

And the winner is … InfraScan, maker of the Hematoscope. Second prize went to CelfCure, and third to BioSpectrum. Distributed Resource Imagery won the Frederick H. Gloeckner Award in Entrepreneurial Studies, which goes to the best undergraduate team.

First prize gives InfraScan a big boost, said team member and founder Baruch Ben Dor. “For the purpose of raising funds, this is extraordinary PR.” Ben Dor had tried raising funds on his own and come away frustrated. “My problem was to get through the first five seconds with a venture capitalist. Winning the competition gives me the first five minutes of his attention. It doesn’t give me his money. But it does give me his attention.”

For the competition, Ben Dor, who has a doctorate in physics, teamed up with Naik and Samonnoi Banerjee, both Wharton MBA candidates. They brought business skills that he lacked. Ben Dor had posted a note at a Wharton website saying he was looking for a chief financial officer. Naik responded, and Ben Dor told him he wanted someone to rewrite his business plan and help him with his pitch to venture capitalists. “Sandeep proposed doing it free of charge and said, ‘We’ll do it as an entry in the Wharton Business Plan Competition.’”

For Naik, it was an opportunity to polish his presentation skills and work on a branch of technology – medical devices – that he already knew well. Before coming to Wharton, he had worked for Medtronic, a Minneapolis medical-device maker. “I’ve always thought that you can have a ground-breaking technology, but if you can’t make it easy to market, it’s never going to take off. I asked Baruch tons of questions. The more I questioned him, the more I found out that the technology is very simple and low cost. It’s mobile. And there’s a huge unmet need.”

The technology also had a personal appeal for Naik, who grew up and attended college in India. “My dad had a stroke about 12 years ago. I remember the day. I was an undergrad, and I got the first glimpse of the healthcare system in a developing country. It took forever for the EMS to get there. My father was partly paralyzed, and the responsiveness of the EMS was a big factor. That’s had a big impact on me. The earlier you can get medical attention, the better.”

If all goes as planned, InfraScan may give future patients in developing countries a better chance of getting early access to an MRI and, perhaps, a better outcome.

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