(1) When the executive summary is deemed complete and the seed capital project deemed appropriate for further consideration, the applicant must submit a business plan to the council.

(2) This plan must contain the following items:

(a) the executive summary;

(b) the company's history and business development objectives;

(c) the product and technology description;

(d) the market size and characteristics assessment;

(e) the sales and marketing strategy;

(f) a description and assessment of the competition;

(g) the financial projections, including income statements, balance sheets, and cash flow projections for five years;

(h) the historical financial statements of the company including balance sheets and income statements for the three previous years or as many as are available;

(i) a description of the management team, including a detailed resume for each member;

(j) a manufacturing and operations plan;

(k) the ownership structure; and

(l) an organization and personnel plan.

(3) If deemed necessary, personal financial data may be requested.

(4) A cover letter must also accompany the business plan and include a description of other capital or matching fund efforts. The cover letter must also contain the names of up to three individuals who could provide the council with a threshold review of the products, technology, process and market potential of the company if such a review is deemed necessary by the council.