Idea Audition to reward great business idea with $5,000 cash prize

by Steve Wiggins
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Idea Audition

Idea Audition

THE SHOALS –On November 18, would-be entrepreneurs can present their business ideas to a panel of area professionals, and the best idea will be awarded a $5,000 cash prize. The Shoals Chamber of Commerce’s Idea Audition has been designed to help foster new businesses, help entrepreneurs polish their presentations, and introduce them to community leaders who might be instrumental in helping make their ideas a reality.

“This is part ‘Shark Tank’ and part ‘American Idol,’” said Mary Marshall VanSant, Vice President for Investor Relations and Public Policy for the Shoals Chamber. “We’ll even help business people rehearse and polish their presentations, as a way to help them concentrate on refining their ideas and make them into workable businesses. Five thousand dollars is a great reward for the best one, but we’re hoping that the exposure to business leaders in the community will also foster some mentor relationships.”

Mary Marshall VanSant

Mary Marshall VanSant

The idea for the Audition came from a group of Chamber members who want to encourage entrepreneurs to create businesses in the Shoals area. “Our area has tremendous resources to support the business start-up,” said VanSant, “from the Shoals Entrepreneurial Center to the Shoals Chamber, and from the Alabama Technology Network to the Small Business Center at UNA. When we began brainstorming the idea of a business pitch contest, the UNA Business School stepped forward and offered facilities and expertise, and the idea of this event was formed.”

Participants must register by November 11, 2014, and there is no cost to participate. Registration and contest rules can be found on the event website at www.shoalsideaaudition.com.

“There will be a training session in October, so that participants can practice their presentations, with experts on hand to help them work out the kinks,” said VanSant. “Then, in November we’ll gather and participants will have five minutes to make their presentation. Our panels will be made up of local business people who have started their own businesses or who work with entrepreneurs to get their projects off the ground. The panels will eliminate presentations until two finalists are chosen, at which point they will pitch in front of a larger audience to determine the winner.”

university-of-north-alabamaThe idea behind a $5,000 prize is to help a potential businessperson make the winning idea into a viable business, but there are no restrictions on how the prize money must be spent.  “In addition to the cash, there are other prizes for the winner, including counseling sessions with bankers, marketing professionals, and sales and distribution experts,” said VanSant. “Even if an idea presented doesn’t win the grand prize, it’s our hope that the presenters will learn about the supportive community we have here for start-up businesses. We also hope that mentor relationships can be formed. Our panelists are experts and are anxious to share their knowledge and wisdom with people who are just beginning the start-up process.”

 

 

 

 

shoals chamber of commerceThe Shoals Chamber of Commerce and the University of North Alabama are the Platinum Sponsors for the event. Gold level sponsors include Bank Independent, BBVA Compass Bank, Alabama Technology Network, and Progress Bank. Silver level sponsors are the Shoals Entrepreneurial Center, B Electric Inc., Lyons HR, Polypac, and Shiloh Holdings. Bronze sponsors are Shoals Angel Network, No’Ala Studios, and Alliance Packaging.

 

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