After a two-month hiatus, the Craig Economic Development Advisory Committee reconvened on Monday to focus on preparations for the second edition of the Craig Business Plan Competition.
Special guests, including Moffat County High School teacher Krista Schenk and students from her entrepreneurship class, were in attendance to observe the proceedings.
A committee led by Craig Economic Development Manager Shannon Scott took a closer look at the upcoming competition, with Scott highlighting the initial motivation behind the competition: entrepreneurship and innovative business ideas within the community. We emphasized lighting the fire and the added incentive of a cash reward to get the winning venture off the ground.
Two companies participated in the first competition, both in the startup category.
The Local Marketing District offered a prize of $15,000 to the first place winner and $5,000 to the second place winner. Participants also received free consulting from the Colorado Small Business Development Center, a partner of the competition.
“People have great ideas and thoughts for businesses all the time, but they don't really have guidance on how to make those ideas a reality,” said Scott, who was joined by the Small Business Development Center. He added that it was helpful in implementing his ideas.
Mr. Scott reflected on the success of the first competition, detailed in the Commission's 2023 Annual Report, and shared insights into the process and results of the first year's competition. Scott said that despite the initial low turnout, the committee recognized those who turned business ideas into tangible realities and deemed them successful.
Looking forward to the 2024 contest, which is scheduled to begin this summer, Scott opened the floor to committee members for suggestions for improvements.
One of the proposed changes was to compress the contest schedule from three phases to two, reducing the overall duration from six months to three months. Additionally, discussions revolved around the possibility of merging the different competition categories into a single overarching business plan category and awarding more than just his first place award in each category.
Craig Duran, liaison officer for City Council, asked about potential steps to increase the award, and Scott suggested there could be a higher request from the local marketing district for this year's award.
Students who attended the conference also expressed valuable insights, highlighting the potential need for large prize money to encourage new business creation and improving the distribution of prize money to better meet the needs of budding entrepreneurs. Suggested adjustments.
City Council Liaison Officer Randy Looper also suggested that a larger percentage of the prize money be earmarked for new business areas.
“It's going to take a lot more time for new business to take off,” Scott acknowledged.
Scott said the overall goal of the competition is to create diversification by supporting existing and new businesses, but that “it probably takes more time to get a new business off the ground than it does to expand an existing business.” It will take a while,” he added.
Mr. Schenck emphasized the broader significance of the competition beyond financial rewards, emphasizing the valuable expertise and networking opportunities provided throughout the process.
“It's worth a lot more than (the prize money),” she said.
“That's exactly the intent,” Scott agreed. “Even if we don’t win, we want[participants]to build those relationships, those contacts, those conversations to do business successfully.”
As the conversation progressed, the group reflected on strategies for fostering a culture of entrepreneurship within the community and drew inspiration from neighboring towns.
Committee member John Miller shared his experience participating in a similar business plan competition in Hayden, noting the entrepreneurial spirit displayed in the community and exclaiming how it could be replicated in Craig. He said he had doubts about it.
“If people don't realize there's an opportunity, they won't dream, and we see that a lot in our community,” Miller said. “I don't know how to take that action, but I feel like this conversation is about that.”
“That's probably the goal,” Duran said. “How do we build that spirit? How do we attract the dreamers who have that vision and are waiting to take the next step?”
