Cash and In-kind Prizes Offered to Small Biz Innovators
Southern Utah “Concept to Company” contest focuses on technology innovations and includes much larger prizes
Due to popular demand, Grow Utah Ventures, Zions Bank, USTAR, Workman Nydegger, Ballard Spahr, SEED Dixie, and CFO Solutions are bringing its “Concept to Company” Contest back to Southern Utah.
Like last year, this years contest will focus on new technology innovations. Applications are available online at www.ConceptToCompany.org. Applicants from the Five County and Six Country regions of southern and south central Utah will have a judging preference in the contest, according to event organizers. “We really want to nurture technology development in the Southern Utah Region,” said Jill Elliss, Director of Southern Region USTAR.
The "Concept to Company" contests are ongoing innovation contests held in various regions across the state of Utah and were created as a way to encourage entrepreneurism and stimulate business growth in the state. Each competition focuses on a different industry and matches the unique entrepreneurial strengths of that particular region. To date, the Concept to Company contests have distributed more than $190,000 in prize money and helped over 18 companies bring their business ideas to fruition. The Southern Utah contest will focus on new product or service innovations related to technology in any field.
“The goal of these contests is to grow new business in Utah and stimulate our local economy,” said T. Craig Bott, president and CEO of Grow Utah Ventures. “Based upon what we’ve experienced so far, Utah’s entrepreneurs are making a significant impact and will no doubt be a driving force in helping the state and our nation survive this struggling economy.”
The application deadline closes on March 14, 2010 and finalists will be announced around March 25, 2010. Finalists will present their ideas to a panel of judges on April 9, 2010. The winners will be announced later that day with the winning entry receiving up to $35,000, comprised of cash and the equivalent value in consulting or prototyping services to help bring the idea to fruition. Two runner-up winners will each receive up to $17,000 comprised of cash and services.
Last year’s “Concept to Company” contest grand prize winner, Efficient Fuel Systems used the prize from the contest to finish prototyping its products and get it ready to market and sale to potential customers.
“What helped us most in winning last year’s contest was the instant credibility it provided us,” said Jared Loosli, president and CEO of Efficient Fuel Systems. “The credibility we gained legitimized us and helped open doors for us and gave us the ability to talk to people, specifically customers. The money was useful as well because it enabled us to take our product to the next level and finalize our prototype sooner and get us to the point we needed to be to demonstrate our products potential.”
In addition to last year’s winner and the two runners up, seven of the 8 finalists are also receiving regular support through training and mentoring. These seven businesses are all selling products and services and are growing and becoming active participants in the Southern Utah communities.
“The three winners, and other finalists continue to work with us on a regular basis “, Elliss said. “These meetings have enabled us to provide consulting services and help these companies hone their business ideas and thought processes. The outcome of this contest has been outstanding.”
For more information on the “Concept to Company” contests, including an application for the General Technology contest visit www.ConceptToCompany.org.
