We've Got The County Covered
We've Got The County Covered
Come mid-March locals with a start-up business in the incubation stage, or even just an idea for a business, will have a chance to pitch their business dream to a group of Montana business experts. At stake is a first prize of $5,000 for the winning business proposal. The live pitch business competition is all part of the annual “Invest in Business” conference sponsored by Montana’s 10 Small Business Development Centers (SBDC). It will be the first time the annual conference, in its seventh year, has been held in a rural area. The two day event will be hosted at MSU-Northern’s campus in Havre on March 15 and 16.
According to Joe LaPlante, Director of the Small Business Development Center housed at Bear Paw Development in Havre, the annual gathering of Montana’s network of Development Centers is a “chance to showcase some of the many ways the regional Centers can help existing and start-up businesses. We help turn business dreams into a reality.” The SBDC organizations help develop new and existing businesses from securing financing to providing employee and owner training. The upcoming conference offers a large number of breakout presentations that range from how to use crowd funding for raising capital to bridging the generation gap in the workplace.
The Shark Tank competition
At 3pm on March 16, the SBDC’s version of Shark Tank will be staged at MSU-Northern’s SUB and cafeteria area in the Student Union. For readers not familiar with the idea behind the local Shark Tank, it’s a takeoff of a popular TV series in which aspiring business owners pitch their business ideas to potential investors. On TV the investors judge the business idea and, if they see real potential, offer financial help to develop or expand the idea. The investors expect some level of payback from their investment. In SBDC’s version three winners will receive $5,000, $2,500 or $1000 prizes to develop their idea—with no strings attached or payback expected from regional sponsors who provide the prizes.
LaPlante said, “This is the third year of the Shark Tank competition during our annual SBDC Network conference. In prior years we’ve had 25-30 business presentations.” He added, “So far we’ve had a number of inquiries about how the Shark Tank competition will work. We are encouraging people with a start-up business or a business idea to call us and let us explain the details of the competition.” One requirement is that the business must have earned less than $5,000 in revenue to date.
The deadline to apply to compete in the Shark Tank event is February 19. LaPlante said, “There are some documents that are required later for the final event—like a basic business plan. The SBDC offices will help a competitor prepare the necessary documents for their presentation.” The completed package of materials for the Shark Tank competition is due by March 1 and there is a $100 application fee to compete.
LaPlante described the competition process. The application materials are submitted in advance of the Shark Tank contest. LaPlante said, “Then, before the actual event, we have a first round where the competitors present their idea to a local panel. The presentations are scored and the five highest scorers will be in the final round for the prize money.” In the final, live competition presenters have three minutes to explain their business idea with an additional six minutes for the judges to ask questions. The top three presentations will be awarded the prize money at the end of the final Shark Tank competition. The Shark Tank event with the five finalists is open, at no charge, to the public.
LaPlante is of the opinion that there are many good business ideas along the Hi-Line. “The problem is,” he added, “some potential business owners are uncertain of how to prepare for the Shark Tank competition. People who are interested in pitching their idea should give me a call and I can give them details about the competition and guide them if they want to pitch their idea. It’s a great way to get an immediate funding start for a business idea.”
You can get more information about the Shark Tank event by calling Joe LaPlante at the Havre SBDC office (406-399-1557). More information about the two day conference, the keynote speakers, the topics for the breakout sessions and how to register for the two day event is available online at sbdc.mt.gov/investinsuccess, or call LaPlante who is one of the Co-chairmen of the overall annual meeting set for March 15-16 at MSU-Northern in Havre.
The conference is a rare opportunity to have access to many business experts, learn new business techniques, network with other small business owners and have the Shark Tank experience. LaPlante added, “This is the first time the SBDC Network has hosted such an event on the Hi-Line. We are expecting a great turnout.”
