2010 Invest Nebraska Venture Competitions Planned
February 2, 2010 by Tamara Kaup
Filed under News
Invest Nebraska
NebraskaEntrepreneur.com talks to Dan Hoffman, executive director of Invest Nebraska, about their Venture Competitions. Invest Nebraska is a nonprofit corporation that advises and invests in entrepreneurial businesses in Nebraska. In future posts we’ll talk with him about other Invest Nebraska activities and opportunities.
Q: What are the Venture Competitions you organize?
A: Last year we had six successful business plan competitions held across the state – five regional competitions and a statewide competition. We reviewed over 100 business plans from across the state. Most of the judges for the regional contests come from that area.
Winners get an equity investment award, typically around $20,000 to $30,000, and the contacts and expertise of our board members and me to help them grow the business.
I think we are accelerating entrepreneurship in the state, not only because we are creating successes, but also because the competitions force entrepreneurs to take that next step and develop their business plans. Competition brings out the best in people and their ideas.
Q: Who should enter the Venture Competitions?
A: Both startups and existing businesses can enter. They should be located or willing to locate in the area of the contest – the specific region for the regional contests or anywhere in the state of Nebraska for the statewide contest.
Business ideas vary – the regional competitions look different in different parts of the state. If we had a competition just in the city of Lincoln, we might get more technology-driven businesses due to the concentration of students and the universities and colleges in the area. In the Western part of the state we might get more lifestyle businesses like Cabela’s. In either case we are looking for opportunities to bring new dollars into the local area. We say it’s worth it for everybody to apply. Completing the business plan is another step forward to meeting your goal of being an entrepreneur.
The judges look not only at the business plan but also whether the entrepreneur can carry the plan forward. Does this person have the passion for it? You can tell those people who have the passion. While some of the winning plans are well-written, others are not as well-written but the entrepreneurs do have the passion.
One item we look at is competition. Is this idea something unique compared to other competitors? Does it have some competitive advantage?
One interesting result from last year was that all five regional winners happened to be women.
2009 winners: Ashley Hagan & Jeffrey & Stephanie Dusatko - Photo Credit InvestNebraska.com
Q: What makes the Invest Nebraska competitions different from other business plan competitions?
A: The prize isn’t just cash – it’s an actual investment. Invest Nebraska becomes a shareholder in the venture. Members of our board of directors help advise the business and become a source for contacts and opening doors. The business and Invest Nebraska negotiate details of the percentage of equity to be owned by Invest Nebraska after the contest.
The Invest Nebraska competitions are based on the success of Hormel Family Foundation’s Hormel Business Plan Competition, which started in 2007.
Q: What business plan competitions will Invest Nebraska have in 2010?
A: In 2010 we will have the same competitions as last year. The planned months are tentative: April for the Western Nebraska Venture Competition in Scottsbluff; May for the Northeast Nebraska Venture Competition in Norfolk; June for the Hormel Family Foundation Business Plan Competition in McCook; September for the York Venture Competition in York; October for the Southeast Nebraska Venture Competition in Peru; and November for the statewide East 2 West Nebraska Venture Competition in Omaha. There are more details on our Website, www.InvestNebraska.com, or you can email me at dan@investnebraska.com.
We think if entrepreneurs start seeing the same competitions come up every year they are more apt to put the effort into completing their business plans. Part of this is an ongoing trial: Is the regional structure a good approach or should we concentrate on cities? In a few years we hope to see.
