GAUNTLET FAQs — The Advancement Foundation

Frequently Asked Questions

Q1 - What is “The GAUNTLET Business Program and Competition ”?

A1 - The GAUNTLET was established by The Advancement Foundation to spur successful business ventures through a highly coordinated entrepreneurial ecosystem. The program began by building a network of community leaders as mentors, engaging entrepreneurs in business planning, and harnessing resources from around the community. The GAUNTLET is now Virginia’s largest business program and competition with nearly 1000 Alumni!

Q2 - Who can participate?

A2 - Any person with a business idea or a current business they are looking to expand can participate. Main Street businesses (most likely to open in retail space or online; physical therapy, coffee shop, retail store, etc.), High-Growth businesses (increase at a significantly faster pace; technology-based companies, prototyping, etc.), and non profit entities can participate in the program and in the competition.

Q3 - What if I have a partner(s) for my business, can they come too?

A3 - Of course! All business partners are welcome to attend the classes and participate in the competition. The cost for each business partner is $99 which includes their own copy of the notebook.

Q4 - What if I cannot make a class?

A4 - When possible, we record classes and make those recordings available to participants through a private, dedicated Gauntlet webpage. If you are not able to make a class, it will not be held against your final score as long as you do not miss more than 2 classes.

Q5 - Will the program be in person or virtual this year?

A5 - The GAUNTLET Business Program class of 2024 will be held virtually using a online platform which allows for some unique opportunities for collaboration and the provision of cross-regional resources. Some extra credit classes and networking opportunities which may be held in person; but the majority of the program will be virtual (online).

Q6 - How does the judging for the competition work?

A6 - Once a business submits their business plan for the competition, the judging takes place in two phases with two separate panels of judges. Each phase of judging is are based on separate scoring rubrics. These rubrics are provided to you with your class materials once you register. Judges for both panels are selected from the localities and may be community development, economic development, and/or community business leaders.
PHASE 1: Business Plan Judging: All business plans submitted through the 2024 GAUNTLET program will be judged by a panel of business plan judges. All business plans are kept confidential. Top scoring business plans are selected to move on to Phase 2: In-Person Pitch Competition.
PHASE 2: In-person Pitch Competition Judging: Top scoring businesses from Phase 1, move on to pitch their business ideas in front of a separate panel of Pitch Competition judges. Pitches are judged live (typically by economic development and business leaders). Pitches are kept confidential.
While not everyone will win a cash award at the end of the competition phases, all businesses who turn in a business plan will receive an award package with some form of in-kind award(s) package.
ALL businesses then come together for the Annual GAUNTLET Graduation & Award Ceremony which is held at the end of May.

Q7 - Does this program cost anything?

A7 - There is a flat $25 fee upon submission of your application. The educational portion of The GAUNTLET costs $249. If you would like to add a business partner to participate in the program, the cost is only $99 per partner. If businesses want to compete by submitting a Business Plan for judging, there is an additional $100 fee.
A7 – The GAUNTLET program fees are as follows:
·         $25 registration fee: due upon submission of your application
·         $249 class fee: for the virtual education portion of The GAUNTLET Business Program (including access to notebook)
·         $99 business partner fee: for each additional business partner who participates in the educational portion of The GAUNTLET
·         $100 competition fee for anyone who wants to submit a business plan which will make them eligible for cash/in-kind awards.

Q8 - Are there any restrictions on age to participate?

A8 - All persons of any age are invited to participate in the program.
· Anyone under the age of 18, must have their participation agreement signed by their legal guardian.

Q9 - What if I do not plan on opening my business in one of the participating localities?

A9 - All businesses are welcome to participate in classes and the competition. Please note each year some communities may offer additional prize packages that are restricted to their community. All competing businesses are eligible for unrestricted prize packages and must operate in their specified community for a minimum of one year.

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