Innovate ND day
Statewide Day of Innovation and EntrepreneurshipBy WHITNEY PANDIL-EATON, Staff Writer wpandileaton@minotdailynews.com
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Fact Box
Innovate ND A simple breakdown of the process
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*For full details or to enroll, visit (www.Innova
teND.com) or contact Brandi Schoenberg at the state's commerce department at 328-5300.
1.) Participants enroll in the program at a cost of $100 or $50 if they participated in Wednesday's event. This registration provides them with an Innovate ND web account and access to a variety of business and educational tools.
2.) Participants must prepare a two-page Executive Summary which outlines their business plan and objectives.
3.) From there, an unspecified number of participants will be asked to create an Idea Plan, which further defines the product, the marketing plan and the financial projections.
4.) From those, approximately 20 proposals are chosen by a five-person panel.
4.) Those 20 participants must then create a Final Business Plan which outlines every operational, managerial and financial aspect of the company, and must give a 15-minute presentation to the five-person judging panel.
5.) Of the 20 presentations, the panel will then select five participants who will each receive $10,000 to assist them in starting their business.
Note: Nov. 20 is the deadline for participants to submit their Executive Summary.
Quick Facts: Since its inception in 2006, 500 people with 250 ideas have participated in the program and 70 new businesses are operational or are in the developmental stage as a result.
Dozens of people interested in starting their own business gathered at one of six statewide locations Wednesday to hear details about Innovate ND, a state-run program, and to get advise from several local business professionals.
Kicking off the event via interactive video was Gov. John Hoeven, who, in 2006, launched Innovate ND, a statewide competition aimed at assisting entrepreneurs to turn innovative concepts into viable business ventures in the state.
"We kicked off this (statewide, interactive video) endeavor in an effort to be as inclusive as possible and to get people excited about entrepreneurship across the state," he said. "As you contemplate your business idea today, who knows, it may be the next big thing."
Arthur-native Doug Burgum is one whose business concept turned out to be "the next big thing."
In 1983, he mortgaged his family's farm in order to start his own business, Great Plains Software, in the then little-known field of
computers. After some early volatility, Burgum accepted a buyout from Microsoft for $1.1 billion in 2001. Since then, he has founded the Kilbourne Group, a company devoted to the revitalization of downtown Fargo, and Arthur Ventures, a technology venture fund.
Using these experiences, Burgum outlined the four elements he believes are vital to the success of entrepreneurs.
The first is passion.
"As an entrepreneur you will run into so many barriers that you will need to be passionate about your product to get past those road blocks," he said.
To highlight the next two important elements perseverance and courage Burgum told the story of Intuit, a small business software company, who spent more than a decade promoting the now heavily-used QuickBooks software as well as his own experience of having to confront his family with the risky business venture.
The final element gratitude.
"Despite the headwinds of a new product, to live in the U.S. or North Dakota and have one of the highest quality of life, it all begins with gratitude," he said. "We have freedom of choice, freedom of thought and freedom of speech. Be grateful that all those things exist."
After the speech, participants of the event were invited to ask Burgum questions via the social media Twitter and following the statewide Q&A broadcast, each community broke away to local sessions.
At the Minot location, held at Job Service ND, one of the five Innovate ND 2008 winners, Paul Wolf, spoke about his experiences with the program and demonstrated his product.
"It was a lot of work, but they (Innovate ND) give you all the resources you need to get started," he said. "My best advise is to take the feedback they give you and act on it, and ask as many questions as you can."
Already a successful entrepreneur with a software company in the 1990s, Wolf said another business idea struck him in 2007 as he was dealing with "one of life's little struggles."
"I'm an avid boater and camper, but the lights on my trailer never worked," he said. "I didn't like waiting til the last minute to test the lights but I also didn't like having to drag everything out, hooking it up and having to walk back and forth to check each brake light and turn signal."
Out of frustration, Wolf went to the store in 2007 but was unable to find a product that would allow him to test the lights on his trailer remotely.
After more than a year of work, Wolf launched Light Check, a portable trailer light testing device that has diagnostic capabilities, on Oct.1. Although not yet commercially available, Wolf said he does have his product being tested by a U-Haul center, his target market, in Minneapolis.
Aside from the Innovate ND award, Wolf is also currently in the running for a $50,000 grand prize being awarded by (www.alibaba.com) and (www.inc.com) in a competition based on consumer votes.
Having owned a licensed in-home day-care center for nearly two decades, Eva Inches is a seasoned entrepreneur, but she attended Wednesday's session to learn the lastest business information.
"I came today to learn about what the program might have to offer because I've already picked everyone's brain from the Canadian border south," she said. "I've had this business in the back of my brain since 2007 and with retirement coming I'm really thinking hard about it."
The focus of her business would be to finish quilts for residents using a long-arm quilting machine. Through her own research, Inches said there is a strong demand in the region.
With her visit to Wednesday's event, Inches said she is considering joining the Innovate ND program, something which Kayla Effertz, coordinator with the state commerce department, encourages.
"The encourage everyone with an idea to participate in Innovate ND," she said. "The biggest advantage of the program is that it provides resources to help get you started. Even if you don't win the competition, you will be better prepared to start your own business."
