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| Innovate ND Offers Assistance, Funding to Launch New Business Ideas |
BISMARCK, N.D. - Gov. John Hoeven kicked off the 1st Annual Governor’s Innovation Forum, Innovate ND, on Nov. 8, 2007 a new statewide economic  development initiative designed to help entrepreneurs turn business ideas into functional businesses.
“North Dakota’s future depends on our ability to cultivate entrepreneurs and grow businesses from within our state,” Hoeven said. “This is a call to all innovators. We invite anyone with a business idea – big or small – to enroll in Innovate ND and get help developing that idea into a business plan and ultimately, we hope, into a viable new North Dakota business.”
Innovate ND is an intensive, six-month program that will provide direct assistance to North Dakota people who have business ideas. With a $100 entry fee, participants will gain access to a venture building process that includes online entrepreneur education ($450 value, business planning tools ($150 value), and coaching and mentoring from proven business owners. Ultimately, a panel of private investors will review each business idea, provide feedback, and select winners to receive a wide variety of business services and potential seed capital investments to launch their businesses.
A total of $20,000 in cash awards will awarded to the top three business proposal in three different categories. Additionally, more than $150,000 of in-kind services from North Dakota lawyers, accountants and other venders will be awarded, and winners will have access to $25, 000 in equity from the Bank of North Dakota Venture fund.
Current and former North Dakotans and entrepreneurs who want to relocate to North Dakota are eligible to enroll in Innovate ND. Student entrepreneurs are also eligible, but will be judged separately and awarded an independent monetary prize.
“North Dakota’s future growth depends to a large degree on our ability to grow businesses and our economy from within,” Commissioner Shane Goettle of the North Dakota Department of Commerce said. “Innovate ND is a way to cultivate the budding entrepreneurs among us.”
In organizing the program, the Governor and North Dakota Commerce Department have joined forces with the UND Center for Innovation, the NDSU Research and Technology Park, as well as public, private and tribal entities statewide.
Most of Innovate ND would run out of UND's Center for Innovation, though classroom material would be available online at www.InnovateND.com. Hoeven credited the center's director, Bruce Gjovig, with the idea.
Gjovig said local entrepreneurs can already go to the center for help and he hopes Innovate ND will expand that service to rural areas of the state. In fact, the business plan contest would have a special category for rural residents, as well as women and high school-age entrepreneurs.
“We have a wealth of ideas and creative business people throughout the state,” said Bruce Gjovig, Director, UND Center for Innovation. “Connecting those ideas with business development experts and funding is the key and this program bridges the gap and inspires those who are on the cusp of starting a new company.”
Innovate ND sponsors include the Nash Foundation, Otter Tail Corporation, Impact Foundation, Bremer Bank, Great River Energy, Dakota Growers Pasta Company and Headwaters Inc. Other resources providers include Atlas Business Solutions, Dorsey & Whitney, Eide Bailly, Reichert, Fisher & Co., University of North Dakota Entrepreneurship Department, and Small Business Development Centers.
Enrollment in the program runs from now through January 12, 2007 and can be completed online at www.innovatend.com. A $100 fee is required to participate in the full program. For more information about the program contact Bruce Gjovig at the UND Center for Innovation at 701-777-3132 or innovatend@innovators.net . |
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