(Radio Iowa) – An economic development group is launching a competition for entrepreneurs in four northwest Iowa counties. The Iowa Lakes Corridor Development Corporation is sponsoring the Big IDEA challenge in Buena Vista, Clay, Dickinson and Emmet Counties. Trevor Smith, the group’s senior vice president, says business owners are invited to submit a 90 second video that will be posted online in January. “(It) will then go to a voting period where the public can vote on the best entrepreneurship idea,” he says, “and then the top five finalists for that will then go to a final ‘pitch off’ in late May where they will present their idea to a panel of judges and compete for a prize.” Each of the five finalists will get a cash prize.
“It’s $5000 for first place, $3000 for second, $1000 for third and $500 for the fourth and fifth place finalists,” he says. Smith says the money and attention from the competition could be a great opportunity to turn a dream into reality. “We have plenty of entrepreneurs in our region and plenty of people who have great ideas,” Smith says. Similar contests are held throughout the state. Last week, a business pitch competition in southwest Iowa called REV 2024 handed out 19-thousand dollars in prize money to two start-ups.
This past spring, the Red Rock START Up competition in Marion County connected four businesses with mentors and investors. And in 2012, the City of Grinnell sponsored a competition to attract a restaurant to a vacant spot. The winner got three months of free rent, 10-thousand dollars in cash and 30-thousand dollars worth of food, dishes, silverware.