A workshop designed to provide support for teams entering the Springboard Ideas Challenge open to all students and community members will take place Friday.

The workshop, organized by the Griggs Center for Entrepreneurship and Philanthropy, will take place from 1-5 p.m. in Room 301 of the Mabee Business Building.

“This is helpful for those competing in Springboard because it helps teams understand the perspective of our judges. It also provides guidance for two areas in which contestants frequently ask for help,” said Jim Litton, director of the Griggs Center for Entrepreneurship and Philanthropy and assistant professor of business.

Kevin Castello, Dr. Bill Petty and Hall Martin will present at the workshop, which is split into sessions that help answer the following questions:

• What do angel investors look for in a start-up?
• What goes into a business plan?
• How are financial projections made?
• What should be said in a pitch to a potential investor?

Castello, an intern analyst at G51 Capital, has experience in helping entrepreneurs find funding from angel investors.

Petty, professor of finance and the W.W. Caruth chairholder of entrepreneurship at Baylor University, is an expert on shareholder value-based management and has authored several works on the topics of small business management and finances.

Martin, director of the Austin Entrepreneur Network, works to assist start-up companies and companies in the early stages of development.

The West Texas Innovation Network is sponsoring the event, and a $200,000 grant was provided by the Texas Workforce Commission to make it possible.

“This is the first time we have hosted this particular workshop,” Litton said. “We have partnered with the local SBDC office in the past to conduct workshops in connection with Springboard.”

Litton said the deadline to submit a business plan for the 2012 Springboard Ideas Challenge is Mar. 28. The workshop is available to students ahead of time so they can work on their plan before the deadline.