looking for the next great breakthrough business idea
of opportunities
Frequently Asked Questions
- Is this for me?
- What sort of ideas can be entered?
- Is my idea really a "breakthrough idea"?
- I have already been at work on my "breakthrough idea." We are already incorporated and have been generating some revenue. Is this program for us?
- I just started working on my idea. I don't have employees or revenue - I just have a plan that I'm looking to turn into a business. Am I ready for this competition?
- Can I enter more than one idea?
- How do I enter?
- Who is eligible to enter?
- Is there a cost to enter IDEA?
- What is the process?
- How can I be assured that my idea is safe?
- Do I maintain ownership of my idea?
- How will my entry be judged?
- If I don't win, what do I get out of it?
- What do I get if I win?
- What do I need to submit for Round Two?
Is this for me?
If you are an entrepreneur, inventor or small business person working on an innovative new business concept, or if you have already started on your journey but have been generating revenue for less than five years – this program is probably for you.
For those that participate, we will provide you with access to valuable tools and resources. The entry process will help you refine your investor pitch, and if you do well, there are substantial prizes, including funding awards totaling $50,000, attention in the media and an opportunity to pitch your idea to qualified potential investors and leaders in the business community.
What sort of ideas can be entered?
We are seeking new and innovative ideas. We don't want to create too many barriers or limitations, as we are likely to see concepts and ideas that span a wide variety of industries, product and service types, or even new business models.
Some entries will be for entirely new products, services or business processes, while others may be for dramatic improvements to things that already exist but have yet to reach their potential.
The only major constraints are that the idea needs to be economically viable, and it cannot violate or infringe on the copyright or intellectual property of another.
Is my idea really a 'breakthrough idea?'
Innovation comes in many forms. Vehicles with tracks have been around for decades, but until Mattracks™, you had to buy a vehicle that came fitted with tracks from the manufacturer. Now, thanks to the innovative products manufactured by the Mattracks company, almost any type of vehicle can be fitted with tracks.
Let’s look at a different kind of innovation. No one would have thought 20 years ago that selling coffee was a breakthrough idea, yet when Starbucks™ came along, that is exactly what they launched – an entirely new business model for cafes that sell premium coffee. Whether your idea is more like “Mattracks” or “Starbucks,” as long as it is innovative, it fits the IDEA Competition.
I have already been at work on my 'breakthrough idea.' We are already incorporated and have been generating some revenue. Is this program for us?
We seek innovation in business, and we want to support and discover the entrepreneurs and ideas that have not yet had the opportunity to break through. While there may be many definitions of what it means to "break through," to be eligible for the IDEA Competition, you must have less than $1 million in annual sales.
I just started working on my idea. I don't have employees or revenue - I just have a plan that I'm looking to turn into a business. Am I ready for this competition?
If you have a great idea, a passion to build a business and plan to start up a new business, then this program is for you.
Can I enter more than one idea?
Entries for IDEA may be submitted individually or as a group of up to four people and must be the original work of the entrants. Individuals or teams may submit as many original ideas as they wish, but only one idea per entrant can advance to the final round. If you wish to submit more than one idea, each should be sumbmitted as a separate application and you must submit the $150 application fee with each application.
How do I enter?
Detailed instructions can be found on the ENTER page. To enter the competition, you will need to complete and sign the registration form, answer all of the Round One questions (two pages or less), and send everything to us in the mail, along with your $150 registration fee.
Who is eligible to enter?
IDEA is open to all Northwest Minnesotans whether they are residents, former residents, students, alumni, faculty, etc. The competition is restricted to individuals or businesses who plan to locate their venture in Northwest Minnesota.
IDEA includes the following the counties of Northwest Minnesota: Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake and Roseau
Either an individual or a team of up to four persons is eligible. Ventures who wish to use award funds for the purposes of buying a franchise, branch or subsidiary; buyout of existing company; tax-shelter opportunities; real estate syndications; consulting/analysis projects or an existing company that has been generating revenue for more than five years is not eligible.
Is there a cost to enter IDEA?
There is a $150 (nonrefundable) application fee to enter the competition.
What is the process?
This is a competitive process, with all applicants submitting their information using the forms found on the Enter page of the IDEA website. The competition itself is comprised of three rounds:
- Round One: Registration Form, Round One Application, and registration fee, due November 15, 2011
- Round Two: Idea Plan, due February 15, 2012
- Round Three: Final Business Plan, due April 10, 2012
- Final Competition: May 2012
Each round is competitive and you will be notified if your idea advances to the next round.
How can I be assured that my idea is safe?
IDEA organizers will take reasonable steps to protect participants' intellectual property, and we ask that you also take appropriate steps to protect your ideas.
- Our responsibility
Electronic and hard copies of business plan entries will be viewed by or distributed to judges and organizers only. We will not require our judging panel to sign nondisclosure agreements as these are experienced investors, executives and entrepreneurs. They are each in the position of hearing ideas, business pitches and new deals on a regular basis. We do require that they respect the entrants’ confidentiality rights and that they sign a confidentiality agreement as a condition of their participation, but IDEA will not arbitrate any disputes over judges' handling of entries. - Your responsibility
First and foremost, as an entrant, you are free to exclude any material you feel to be truly proprietary and at risk of disclosure. Second, if there is material that you will be sharing that is truly proprietary, whether you are sharing it with IDEA or anyone else, you should take appropriate steps to protect yourself. We recommend the following book as a good resource to understand the appropriate documentation for protecting intellectual property. It can be found at Amazon.com and other websites.
The Complete Guide to Securing Your Own U.S. Patent: A Step-by-Step Road Map to Protect Your Ideas and Inventions – With Companion CD-ROM
By Jamaine Burrell, Michael M. Anthony
Publisher: Atlantic Publishing Company, April 20, 2007
ISBN: 0910627053
- If you are part of a team, intra-team confidentiality is the sole responsibility of team members, and we will not arbitrate any disputes that arise during the competition. Individuals or teams advancing to the final round will be required to submit a brief statement of their venture to be used for public relations purposes. This may be as general or specific as a team desires, but it should be considered public information. We expect all judges to act ethically. If there is a relationship between a member of the judging panel and an entrant, it will be disclosed to other judges for that particular entry, and the judge will recuse him or herself from judging that entry if it is determined that a conflict of interest exists.
Special note: all developmental work done with the Northwest Regional Small Business Development Center will be confidential and a signed confidentiality form will be in place prior to beginning consulting work.
Do I maintain ownership of my idea?
Absolutely. This is your idea, your innovation, and it is your intellectual property.
How will my entry be judged?
Entries will be judged on the following criteria:
- Innovation: We are looking for breakthrough ideas. They can be for a technology, product or service; an entirely new idea or the evolution/improvement of a previous idea. Ideas should be unique and different, providing a competitive advantage. Ideas that show the greatest innovation will be viewed more favorably.
- Commercial Viability: Can the idea be commercialized within two years? Can the idea create or serve a market need? What are the customer benefits? Is there a clear strategy for making the idea into a high-growth business? Judges will be evaluating ideas on their potential to generate revenue, profits and employment.
- Investment Opportunity: If an investment opportunity was available and contemplated, would investors invest in this venture? Is the entrepreneur team invested in the venture?
- Entrepreneur Team: Are key leaders and advisors available (or identified subject to financing) to fill key positions to execute the venture plan?
- Quality of Presentation: As the judging progresses to the final round, some emphasis will be placed on entrant's quality of presentation (clear, concise), both written and orally.
If I don't win, what do I get out of it?
All of the finalists will have a chance to make a presentation before the judging panel. The judging panel consists of experienced investors, along with business and technical professionals. Whether or not you are selected as one of the “winners” or even make it to the final round, you will receive valuable comments and suggestions from the judges all along the way that can help you as you move forward, whether you decide to compete again next year, or go ahead with your business venture on your own.
What do I get if I win?
Entrepreneurs who advance to the final round will have the opportunity to present their idea to a judging panel (private investors and business and technical professionals) who will review a maximum of 15 business ideas and select up to five winners. The winners will receive cash awards of $10,000 each, which can be used for almost anything you need to get your idea off the ground – legal costs, prototype development, marketing assistance, research and development, equipment, etc. The IDEA Competition award is not assignable, i.e., it cannot be transferred to any other individual, organization, or entity without written permission from the IDEA Competition; neither can the award be transferred to an alternate idea without written permission from the IDEA Competition.
In addition to receiving a cash award, IDEA Competition winners will be assigned a business advisor, who will provide guidance through the complexities of product commercialization, as well as providing connections to additional resources. Past winners have placed a high value on this assistance, and in fact, have deemed it one of the greatest benefits of participating. (See "Testimonials.")
What is the IDEA Competition's Privacy Policy?
IDEA will not distribute, sell or share your personal information without your consent for any reason. Your email address, contact information and any other information that you provide to IDEA will be kept strictly confidential.
IDEA has a firm policy that any relationship of any kind between a member of the review board and an entrant be disclosed to other members of the review board and for that particular entry, the review board member will recuse themselves from all manner of judging.
What do I need to submit if I advance to Round Two?
Entrepreneurs participating in the second round will need to submit a detailed business plan. In this plan, judges will be looking for:
- An explanation of the innovation and what competitive advantage it has.
- A more detailed explanation of how the idea can become a viable, profitable business.
- A marketing and sales plan that details how you will address a market need.
- Financial projections demonstrating how to generate revenue and profits (and why the venture would be attractive to investors).
- A description of your entrepreneur team and your ability to execute the business plan.
For more details on the Round Two application, download the IDEA Plan Style Guide.