Entrepreneurship Challenge
Goal: To encourage, through a competition and significant funding, the establishment of a new innovative business, or significant reinvention of existing business, to be located in Woodstock. Funding to be $25,00 to $30,000 with $15,000 to $20,000 to be in private donations and $10,000 in a grant from the EDC. EDC grant to be conditioned on receipt of confirmation of the private funding.
Some criteria
1. Potential for job creation
2. Serves a gap in the current market
3. Possible use of existing downtown rental space or other existing commercial property
4. Applicants must show a need and market for product or service; must show revenue projections that exceed owners’ salaries after 3 years; show potential for reinvestment in business; provide a complete business plan that is no less than 10 nor more than 15 pages including 3 years projected financials (and 3 year prior financial history if an existing business); and a detailed statement as to when funds will be needed and for what purpose. If requested, applicants will be assisted in completing an acceptable business plan.
5. Competition is open to anyone, but business must be established in Woodstock
6. Preliminary applications to be reviewed by EDC or EDC “Attracting New Business” working group plus 1-2 residents familiar with business plans. Ultimate winner(s)to be determined by 2/3rds vote of a panel of judges tentatively to be composed of: EDC member(s); local professionals well versed in business plans; a commercial real estate broker; and a member of Woodstock Town selectboard.
7. Judges will reserve right to divide the award among multiple applicants and, also, if no applicant meets the criteria, to decline to grant award to anyone.
8. The judges will be assisted by a detailed rubric to be developed by the working group and to be agreed upon in advance with those providing private funding.
9. Finalists will make a public presentation of their proposal prior to decision of the judges