500 Hazel Avenue, Homer, AK 99603
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Popular Business Idea Competition Re-launches and Expands for 2010
The Friends of the Homer Library today announced the kick-off of the popular ‘BizIDEA’ Contest. BizIDEA has a proven track record in stimulating new business ideas that enhance the entrepreneurial culture of Homer and the surrounding region.
First organized in 2005, BizIDEA has generated an outpouring of unique entrepreneurial ideas from throughout the Kenai Peninsula. Over 70 great business ideas have been entered in previous contests, with many establishing sustainable businesses. Examples include Kachemak Bay Oysters, Cycle-Logical, Ring of Fire Meadery, and Homer Hounds.
BizIDEA provides both prize money for the best entries, and exposure to potential business investment money. Entry requirements have been designed to generate the most innovative new ideas without cumbersome paperwork or protocol.
Open to anyone living on the Kenai Peninsula, the first place winner will receive $1,000, first runner-up will receive $650, and the second runner-up $350. Prize money will be awarded for the most creative and practical new business ideas.
“Entrepreneurship drives economic growth in smaller communities such as Homer and the Kenai Peninsula”, commented Michael Haines, an independent economic development and business consultant. “And, business ideas created from contests such as BizIDEA pave the way to future economic prosperity”.
“The contest illustrates the innovative role the Homer Library is playing in the community”, says Helen Hill, Executive Director of the library. “This one of many new programs we have implemented since the new library opened four years ago”.
This year, two workshops will be available to prospective entrants prior to the submission date deadline. Workshop 1, to be held Thursday, Oct. 7 from 6-8 p.m. at the Homer Public Library, will describe the contest in detail, hints on how to make the best contest submission, and describe ‘war stories’ from two previous entrants.
Workshop 2, to be held Tuesday, Oct. 19 from 6-8 p.m., will describe the process and opportunities available to entrants following the contest. Appropriate time will be available at both workshops to answer prospective entrants’ questions.
Those entrants interested in pursuing their business ideas beyond the contest will be given the opportunity to create a business plan for the idea and have that business plan submitted to select business investment groups. Professional assistance will be provided to develop the business plans.
Contest entries must be postmarked by November 7th, 2010 to qualify. Three business and financial experts from the corporate and investment community will judge the entries, with the winners announced in mid-November.
Description of the BizIDEA Contest, contest rules, sample entries, and contact information can be obtained from the Homer Library, the Homer Library web site, and the Homer Chamber of Commerce. Entries must be submitted electronically via e-mail to info@friendshomerlibrary.org.
Entrepreneurship is the energy and the backbone that drives our industry and commerce. It is the single most important, yet most cost-effective, stimulus for economic growth.
Homer is an “entrepreneurs’ community”. Most businesses were started by an entrepreneur. It is important to insure that these current and future entrepreneurs are encouraged and stimulated so that the Homer economy continues to grow and prosper. Yet, current entrepreneurship and the methods used to encourage it are largely misunderstood and poorly directed.
The Homer Public Library is playing a key role in the future economic development of the City and the surrounding region by creating an “entrepreneurial culture” within the community. The library’s “Network for Entrepreneurial Excellence (NEE)” is the cornerstone in developing this “entrepreneurial culture”.
NEE is an integrated network and a partnership of local and regional resources assembled to stimulate and develop entrepreneurship. It brings together the private and public sectors to create a new breed of entrepreneur that can make a major impact on Homer.
NEE creates programs that encourage entrepreneurship, identifies those individuals with the best natural ability to become an entrepreneur, exposes prospective entrepreneurs to the practice of entrepreneurship, educates and trains the prospective entrepreneurs on the theory of entrepreneurship and business practices, guides the prospective entrepreneurs into a business, and mentors and monitors the progress of each new entrepreneurial business.
Encouraging an entrepreneurial culture, is important for Homer’s economic growth. Through the resources of the Library, NEE brings the ‘pieces’ of entrepreneurship together in a coordinated program.
Download the BizIDEA Contest Entry Form and Packet by Clicking Here
