Business Plan Competition
For Mason County Based Businesses
Applications due by July 31, 2017
One lucky entrepreneur with a viable business idea or with less than $100,000 in sales annually will win $50,000 in prize money in a “Shark Tank”-style competition in front of a live audience Sept. 15. And the only catch is the winner must start or relocate the business in Mason County, Mich.
Administered by the Ludington & Scottville Area Chamber of Commerce, the Momentum Business Plan Competition is in its third year of offering a $50,000 cash prize to an eligible independent for-profit or non-profit venture with a viable business idea, plan or invention; or an existing organization or company with less than $100,000 in sales or revenue annually. The winner also receives advising from the Momentum board of directors comprised of local CEOs and business leaders, as well as the 2016 winner. New this year is a second prize of $5,000 provided by the Mason County Growth Alliance. Eligible contestants can upload a business plan to momentumstartup.org until July 31. Entrance requirements and rules also can be found on the contest website, momentumstartup.org.
“We’re thrilled to open our third year of this competition that has helped launch two successful businesses in Mason County and hopefully many more to come,” said Ludington & Scottville Area Chamber of Commerce President/CEO Kathy Maclean. “The Momentum competition is all about fostering the entrepreneurial spirit and giving small business owners the resources to succeed while showcasing how regions like Mason County are ideal innovation incubators.”
Interested applicants should submit business plans according to the format on the website by July 31. (Applicants needing initial assistance in creating a business plan can contact Tom Hinman at the Ludington and Scottville Area Chamber of Commerce at firstname.lastname@example.org or 231-845-0324.) On Aug. 7, a selection committee will shortlist applicants to ten candidates. Five finalists will be selected Aug. 21, who will receive the opportunity to meet with a mentor from the Ludington & Scottville Area Chapter of SCORE (national nonprofit that helps small businesses and entrepreneurs) for coaching and feedback. Based on that feedback, the finalists can improve their plans and submit revised versions by Sept. 11, ultimately pitching their ideas in person before the Momentum board and public audience on Friday, Sept. 15, 6 to 8 p.m. at West Shore Community College, 3000 N Stiles Rd., Scottville. Past Momentum contestants are allowed to reapply.
The Momentum Business Plan Competition again will coordinate with Startup Weekend Ludington July 28 – 30 at Camp Douglas Smith on Hamlin Lake in Ludington, part of a global grassroots movement for entrepreneurs. The winning idea from Startup Weekend Ludington will receive an automatic slot in the Top 10 of the Momentum Business Plan Competition as long as the submitting team complies with the Momentum application requirements.
“The Momentum Business Plan Competition has done exactly what we hoped it would do – create an entrepreneurial spirit in Mason County and build a support network for them,” said John Wilson, chairman of the Momentum board, CEO of Western Land Services and chairman of the Pennies from Heaven Foundation that funds the contest award. “We are also excited this year to get additional prize money from the Mason County Growth Alliance to help more entrepreneurs overcome financial hurdles that could keep them from launching their businesses – plus the continued support of the Chamber and SCORE in conjunction with West Shore Community College. The team is working well together!”