Nearly 175 people with 89 ideas have enrolled in the third Innovate ND program and competition. Ideas have come from all corners of the state including six from the northwest, 19 from the southwest, 32 from the northeast and 24 from the southeast. In addition, seven out-of-state teams enrolled from Minnesota, California, Ohio and Virginia. Winners must agree to launch their business in North Dakota in order to receive the prize money.

Innovate ND is a statewide initiative designed to help entrepreneurs turn business ideas into viable new North Dakota business ventures. The program provides access to education and advice for developing, testing and launching a successful new business. Forum Communications is the lead sponsor for Innovate ND.

“This is a great new bunch of potential entrepreneurs and we are excited about the continued strong interest in this program,” Commerce Commissioner Shane Goettle said. “This program gives people with a business idea a huge jump start on developing their business dreams and becoming part of North Dakota’s growing business community.”

TIMELINE:

The idea summaries submitted by all participants are currently being judged. However, people still interested in competing this year should contact Brandi Schoenberg for late registration information. The top entrepreneurs with the most thought out and sustainable ideas will advance to the second judging round.        

Entrepreneurs participating in the second round will prepare and submit by Feb. 6 an Idea Plan that explains their idea’s innovative elements and competitive edge, offers more details about how the idea can be a viable business, and includes a marketing and sales plan, financial projections and a business execution plan.

Judges will select 20 top ideas to advance to round three. The winners of the University of Mary Entrepreneur Fair, the Marketplace BOSS and the DSU Business Plan competition will also advance to round three and will submit final business plans, financials and PowerPoint presentations by April 10, 2009.

Innovate ND experts and mentors will work with finalists to improve their business plans and final presentations. The Innovate ND finals are scheduled for May 18 in Bismarck. At this time, finalists will make oral presentations to a panel of judges including potential investors. The Innovate ND Awards Banquet is scheduled for May 19 to announce five champions who will receive $10,000 to build their business venture.

Innovate ND ventures will be judged on innovation, commercial viability, investment opportunity, the entrepreneur team and the quality of presentation.

QUICK FACTS:

• Launched by Governor John Hoeven in 2006 to provide education and support to help people turn business ideas into a reality.
• 155 teams involving 298 individuals participated in Innovate ND in the first two Innovate ND competitions.
• 40 new businesses that participated in the program are in operation or development stage in North Dakota today.
• Organized by the North Dakota Department of Commerce, the UND Center for Innovation and the NDSU Research and Technology Park.
• Sponsors include: Forum Communications (lead sponsor), Cavendish Farms (premier sponsor), Great River Energy, State Bank & Trust, Bremer Bank, North Dakota Association of Rural Electric Cooperatives.
• Partners include the Dickinson State University Strom Center for Entrepreneurship, the University of Mary IDEA Center,the Wahpeton Center for Business Development and Marketplace for Entrepreneurs.
• Up to five $10,000 cash prizes will be awarded.
• Link to the Innovate ND Logo.

PAST PARTICIPANTS ABOUT INNOVATE ND:

Lura Enterprises, West Fargo ( www.luraconcretescreed.com) – View short video by Lura Enterprises.

“Innovate ND gave us a ‘leg-up’ when taking our product to an international market. The program provides an educational opportunity for any body looking to start a business in North Dakota,” Dennis Lura of Lura Enterprises said.

Lura Enterprises, led by two father-son combos Dennis and Brent Lura and Dale and Jeremy Lura, was one of five winners in last year’s Innovate ND competition. Their Lightning Strike Roller Screed is a device for leveling concrete that has unique features not found in any other similar product in the world.  Since completing the Innovate ND process, Lura said their business is more focused and they have a better understanding about how to get from point A to point B.

Slow-N-Tell, Reynolds, ND ( www.slowntell.com) -- View short video from Slow-N-Tell.

“The $100 registration fee for Innovate ND was nothing compared to what we got for it. Would we be where we are without Innovate ND? No, because Innovate ND set us on the fast track,” Scott Ault of Slow-N-Tell said.

Scott Ault of Reynolds was another winner of the 2008 Innovate ND competition. His Slow-N-Tell device illuminates the brake lights based on the truck’s rate of deceleration instead of only when the driver touches the brake pedal. After winning Innovate ND, Slow-N-Tell was one of only 20 businesses selected to advance to the second round of the Forbes.com 2008 Boost Your Business Contest.

QUOTES FROM ORGANIZERS AND SPONSORS:

“Innovate ND is a way to cultivate the budding entrepreneurs among us,” Commissioner Shane Goettle of the North Dakota Department of Commerce.

“More than 300 North Dakotans have participated in InnovateND in the first two years. The participants developed creative business ideas in every industry sector of the economy, among all ages, in rural and urban regions,” Bruce Gjovig, Director and Entrepreneur Coach at the UND Center for Innovation.

“InnovateND is a terrific example of public-private partnerships working together to foster the entrepreneurial climate in North Dakota,” Brenda Wyland, NDSU Research & Technology Park Incubator Manager.

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Julie Fedorchak

(701) 391-1140