The deadline for entering this year’s IDEA Competition is just days away. Since its inception two years ago, the competition has built a reputation for helping local innovators in bringing new products and services to market. Over $90,000 has been awarded to Northwest Minnesota innovators, helping local innovators with product engineering, patent filing costs, market feasibility studies, and website development, as well as many other development costs.
The purpose of the competition is to assist the most promising local entrepreneurs in the commercialization of innovative products, processes and deliveries by connecting them to the best resources available, along with access to the capital it takes to launch a successful venture. The competition awards as many as five $10,000 p rizes each year to winning ideas. Since its launch two years ago, the competition has awarded $90,000 to nine Northwest Minnesota entrepreneurs.
The cash awards are just one of the benefits. Nancy Fisher, from Warroad, MN, and inventor of Highway-My-Way™, was one of five 2010 winners. "Being a contestant in the IDEA competition was like working on a ‘mini-MBA,’” Fisher said. “Writing the business plan, making financial projections, and preparing a presentation were all very practical learning experiences." Ms. Fisher expects a product launch later this year.
