Bemidji, MN – January 18, 2011-- Seventeen ideas with the potential to be profitable business ventures were recently advanced to round two of the IDEA Competition. Round one of the competition closed December 31 and judges reviewed all submissions in early January.
The 17 winners were chosen from a wide geographic area. "We received applications from all over the region – Argyle, Bagley, Bemidji, Crookston, Fosston, Lake Bronson, McIntosh, Nevis, Park Rapids, Thief River Falls, and Warroad," said Michelle Landsverk, project coordinator. "We were extremely pleased with the quality of all the applications that we saw this year. Northwest Minnesota is truly a region of innovators."
The round one winners will now advance to the second round, for which they will have to submit a more detailed plan, due by February 28, 2011. From there, a panel of judges will select the finalists who will compete in the last round. The final judging takes place May 10. Up to five winners will each receive $10,000 to advance their innovative idea.
The main goal of the IDEA 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 IDEA Competition is a project of Ingenuity Frontier, a collaboration of partners joined by a common purpose — to grow the economy of Northwest Minnesota by outfitting the next generation of homegrown innovators for success in the global marketplace. IDEA sponsors are 360º Center for Manufacturing and Applied Engineering Center of Excellence, Bremer Banks of Crookston and Warren, Midwest Minnesota Community Development Corporation, the Northwest Minnesota Foundation, University of Minnesota, Crookston, and the Northwest Regional Small Business Development Center. IDEA was made possible through a generous grant from the Blandin Foundation.
Innovators who missed this year’s entry deadline are encouraged to continue refining their business ideas and enter the competition next year in September. For more information on the competition, visit the IDEA website: www.ideacompetition.org.
