The Entrepreneur Challenge is a competitive process that will award more than $30,000 in business investment grants for new entrepreneurial ventures and existing businesses looking to expand with additional job creation in far Southwest Virginia.
This seven month business training, networking, and mentorship opportunity will result in pitch nights in communities throughout far Southwest Virginia in which you may find the perfect location for your business—and a community that wants you to succeed. Additional information can be found at http://www.myswvaopportunity.org/?q=entrepreneur_challenge
Once applications are received, a cohort of approximately 20-25 Challengers will be selected to participate in the training program.
Applications must be submitted or postmarked no later than 11:59 p.m. on June 17, 2013.
The Benefits of participation
Challengers will have the opportunity to compete for the top award of $10,000 as well as earn $500 for just completing the program. Additionally, each participant will develop a deeper understand of planning for a successful business, be partnered with a mentor and have networking opportunities with other regional entrepreneurs.
Awards
The following will be awarded from Virginia Community Capital to top performers of the program once they establish an eligible business for qualified business expenses.
• $10,000 (one award).
• $5,000 (two awards).
• $1,500 (three awards).
• $500 (for participants completing the program).
Eligible Business Categories
• Arts and Culture
• Outdoor Recreation
• Value Added Agriculture/Agritourism
• Restaurants and Hospitality
• Technology/Advanced Manufacturing
• Support services for the above
Other Incentives
Eligible Challengers who do not receive the top awards, and based on program qualifications, may also be able to participate in the Virginia Individual Development Account (VIDA) program, which offers a 2 to 1 match for any funding, up to $4,000 they save towards starting their own business.
Other Program Requirements
While this is a free program and the payoff can be big, but there are some conditions:
1. Selection in the cohort is a competitive process. Applications are due June 17, 2013. To be eligible, you must have a business or business idea that you want to pursue in one of the six categories. (See Eligible Business Categories.)
2. To win one of the competitive awards, you will have to locate your business within the region of eligible communities (See The Region.)
3. If you are selected as part of this inaugural cohort, you will have to commit to participating in all training and networking sessions between July and December 2013. In order to receive the $500 award, participants should not miss more than 2 sessions (1 classroom and 1 networking event). Should a vacancy be created, another participant may be selected to fill that position.
4. Units of governments are not eligible to participate.
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My Southwest Virginia Entrepreneur Challenge - Invest in yourself, your business dream, and Southwest Virginia
1.
Entrepreneur Challenge Challenger Fact Sheet
Invest in yourself, your business dream, and Southwest Virginia
Developing entrepreneurs and the strategic positions of Southwest Virginia communities.
Applications available April 23, 2013
The Opportunity at Hand
The Entrepreneur Challenge is a competitive
process that will award more than $30,000 in
business investment grants for new
entrepreneurial ventures and existing businesses
looking to expand with additional job creation in
far Southwest Virginia.
This seven month business training, networking,
and mentorship opportunity will result in pitch
nights in communities throughout far Southwest
Virginia in which you may find the perfect
location for your business—and a community
that wants you to succeed.
Once applications are received, a cohort of
approximately 20-25 Challengers will be selected
to participate in the training program.
Applications must be submitted or postmarked
no later than 11:59 p.m. on June 17, 2013.
The Benefits of participation
Challengers will have the opportunity to
compete for the top award of $10,000 as well
as earn $500 for just completing the program.
Additionally, each participant will develop a
deeper understand of planning for a
successful business, be partnered with a
mentor and have networking opportunities
with other regional entrepreneurs.
Awards
The following will be awarded from Virginia
Community Capital to top performers of the
program once they establish an eligible
business for qualified business expenses.
• $10,000 (one award).
• $5,000 (two awards).
• $1,500 (three awards).
• $500 (for participants completing the
program).
Eligible Business Categories
• Arts and Culture
• Outdoor Recreation
• Value Added Agriculture/Agritourism
• Restaurants and Hospitality
• Technology/Advanced Manufacturing
• Support services for the above
Evening Schedule
Date Topic Covered
April 23, 2013 Applications available
June 17, 2013 Applications due
July 8, 2013 Cohort announced
July 23, 2013 Intro to Business Basics
July 30, 2013 Credit Counseling
August 6, 2013 CORE FOUR – Part 1
Success Planning
August 10, 2013 NETWORKING
August 13, 2013 CORE FOUR – Part 2
Marketing
Planning/Social Media
August 20, 2013 CORE FOUR – Part 3
Cash Flow Planning
August 27, 2013 CORE FOUR – Part 4
Operations Planning
September 7, 2013 NETWORKING
September 10, 2013 Customer
Service/Tourism
September 17, 2013 Financing your
business/Writing your
business plan
September 24, 2013 Classroom pitch practice
October 5, 2013 NETWORKING
October 8, 2013 Mentor “speed dating”
October 22, 2013 Pitch night
October 29, 2013 Pitch night
November 12, 2013 Pitch night
Early December 2013 Awards Ceremony at the
Hotel Norton
Other Incentives
Eligible Challengers who do not receive the
top awards, and based on program
qualifications, may also be able to participate
in the Virginia Individual Development
2. Entrepreneur Challenge – Challenger Fact Sheet, p. 2
Account (VIDA) program, which offers a 2 to
1 match for any funding, up to $4,000 they
save towards starting their own business.
Other Program Requirements
While this is a free program and the payoff
can be big, but there are some conditions:
1. Selection in the cohort is a competitive
process. Applications are due June 17,
2013. To be eligible, you must have a
business or business idea that you want to
pursue in one of the six categories. (See
Eligible Business Categories.)
2. To win one of the competitive awards,
you will have to locate your business
within the region of eligible communities
(See The Region.)
3. If you are selected as part of this
inaugural cohort, you will have to commit
to participating in all training and
networking sessions between July and
December 2013. In order to receive the
$500 award, participants should not miss
more than 2 sessions (1 classroom and 1
networking event). Should a vacancy be
created, another participant may be
selected to fill that position.
4. Units of governments are not eligible to
participate.
How to Find out More
• Visit www.mySWVAopportunity.org
• For additional information contact Brandi
Hall: 276-889-8188, bhall@uvawise.edu
The Region
While we intend for the Entrepreneur Challenge model
to be employed in other parts of the full 19-county
Southwest Virginia region, we are beginning with a
pilot area.
Counties: Buchanan, Dickenson, Lee,
Russell, Scott and Tazewell, and Wise.
Cities: Norton
Towns: Appalachia, Big Stone Gap,
Bluefield, Cedar Bluff, Cleveland, Clinchco,
Clinchport, Clintwood, Coeburn, Duffield,
Dungannon, Gate City, Grundy, Haysi,
Honaker, Jonesville, Lebanon, Nickelsville,
Pennington Gap, Pocahontas, Pound,
Richlands, St. Charles, St. Paul, Tazewell,
Weber City and Wise.
Funders and Sponsors
VA Dept. of Housing and Community
Development (DHCD) through the Building
Entrepreneurial Economies program
Regional Strategies
A number of regional initiatives are a launching point
for creating businesses around Southwest Virginia’s
regional cultural and outdoor assets. Look for ways
your business can use these opportunities. Here are
some links for exploring them further.
• www.myswva.org
• www.heatwoodvirginia.org
• www.roundthemountain.org
• www.thecrookedroad.org
• www.clinchriverva.com
• www.spearheadtrails.com
Coordinating Partners
Virginia Dept. of Housing and Community
Development (DHCD)
Virginia Tourism Corporation
UVa-Wise
Virginia Main Street
People, Inc.
Virginia Small Business Development
Centers (SBDC)
Southwest Virginia Cultural Heritage Foundation
Clinch River Valley Initiative
Virginia Community Capital
Virginia Department of Business Assistance
Southwest Virginia Technology Council
Virginia Coalfield Economic Development
Authority
Cumberland Plateau Planning District Commission
LENOWISCO Planning District Commission
3. Entrepreneur Challenge 2013
APPLICATION
Return applications to: Brandi Hall, One College Avenue, Wise, Virginia 24293, bhall@uvawise.edu, phone: 276-
889-8188; fax: 276-328-0233. Applications will be accepted through June 17, 2013 by 11:59 p.m. or postmarked by
that date. Applications can be submitted via email, postal mail or fax. For questions regarding the program or
application, please contact Ms. Hall.
Name of Applicant: __________________________________________________________
Name of business, if applicable: ________________________________________________
Address: ___________________________________________________________________
City/Town:___________________ State:___________ Zip code:_____________________
Home phone:____________________________ Cell phone:_________________________
Email:_____________________________________________________________________
Website: ___________________________________________________________________
Which eligible category most closely describes your business? (Mark all that apply)
Arts and Culture – emphasis on products or offerings that value handmade, authentic and distinctive of the
Southwest Virginia culture
Outdoor Recreation – emaphasis on products or offerings that promote, showcase, or make use of natural
assets and outdoor opportunities
Value Added Agriculture/Agritourism – emphasis on products or offerings that use raw indigenous
materials, and through production, create a product offering that has a
substantially higher value, including agritourism offerings
Restaurant and Hospitality – emphasis on services that provide meals, lodging, or other guest services that
enhance the visitor and/or tourist experience
Technology/ Advanced Manufacturing – emphasis on industries that use advanced technology to
improve their products or services
Other and Support Services/None of the above – emphasis on activities that support any of the above
categories
Please answer the following questions about your business. Limit all responses to 2-3 paragraphs, however, provide
enough detail so that your answers can be evaluated thoroughly.
1. Describe your business or business concept. Provide enough description to explain to
someone unfamiliar with your business would know what you are offer and how it
benefits customers. Include how this business or business concept is unique from current
offerings in the region.
4. 2. How does your business or business concept fit into the above eligible categories? How
does it fit into the local and regional strategies and initiatives of Southwest Virginia?
3. How would participation in this program help you launch, expand, or develop your
business?
4. Attach a current copy of your résumé.
By checking this box, I understand that I may/may not be selected to participate in the Entrepreneur Challenge
which offers training, networking opportunities and potential monetary awards. If selected to participate in the
program, I will attend scheduled trainings and events and participate as an engaged member of the group. If my
business or business idea is selected as an award winner, once I establish an eligible business within the eligible
region, I will use the funds for qualified business expenses.
Schedule of Events
Date Topic Covered
April 23, 2013 Applications available
June 17, 2013 Applications due
July 8, 2013 Cohort announced
July 23, 2013 Intro to Business Basics
July 30, 2013 Credit Counseling
August 6, 2013 CORE FOUR – Part 1: Success Planning
August 10, 2013 NETWORKING
August 13, 2013 CORE FOUR – Part 2: Marketing Planning/Social Media
August 20, 2013 CORE FOUR – Part 3: Cash Flow Planning
August 27, 2013 CORE FOUR – Part 4: Operations Planning
September 7, 2013 NETWORKING
September 10, 2013 Customer Service/Tourism
September 17, 2013 Financing your business/Writing your business plan
September 24, 2013 Classroom pitch practice
October 5, 2013 NETWORKING
October 8, 2013 Mentor “speed dating”
October 22, 2013 Pitch night
October 29, 2013 Pitch night
November 12, 2013 Pitch night
Early December 2013 Awards Ceremony at the Hotel Norton
The Region (for this pilot program) includes:
Counties: Buchanan, Dickenson, Lee, Russell, Scott and Tazewell, and Wise.
Cities: Norton
Towns: Appalachia, Big Stone Gap, Bluefield, Cedar Bluff, Cleveland, Clinchco, Clinchport, Clintwood, Coeburn,
Duffield, Dungannon, Gate City, Grundy, Haysi, Honaker, Jonesville, Lebanon, Nickelsville, Pennington Gap,
Pocahontas, Pound, Richlands, St. Charles, St. Paul, Tazewell, Weber City and Wise.