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Milestones
Milestones are one of the measures that your mentors use to evaluate team progress. In addition, the milestones are the major building blocks of a business plan, established in a sequence that provides a logical way to develop your plan.
Throughout Round 2 your mentors evaluate your progress on a continuing basis and formally at the three milestone due dates, at which they inform the competition of your pass/fail status. Teams that are progressing satisfactorily can continue in the competition; teams that are not are disqualified.
The best way to proceed is to be in frequent contact with your mentors so that they know on a routine basis whether or not you are making appropriate progress and how to better guide you if you are not. In other words, do not look at a milestone due date as a test date that you must cram for. By the same token, do not expect your mentors to read through documents that you give them at the due dates and rendering a quick pass/fail judgment. Instead, if your mentors are kept fully informed of what your team has accomplished along the way, then when a milestone due date is at hand, your mentors will already know the status of your team and you will not be stressed by last minute preparations.
The Milestones
- Competitive analysis and marketing plan
- Operational plan
- Financials