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Entrepreneurs and new business start-ups are invited to compete in the Metro East Start-Up Challenge, Southern Illinois University Edwardsville’s first regional business plan competition.
The Start-Up Challenge is sponsored by University Park at SIUE and the Metro East Small Business Development Center (SBDC). The Challenge seeks to identify, reward and support entrepreneurs across the SBDC’s nine-county service area.
The St. Louis Regional Chamber and PNC Bank are supporting the competition as award sponsors. SIUE’s School of Business, the SBDC’s host organization, will assist with facilitating the competition.
The first-place winner will receive a $10,000 cash prize. The second-place winner will receive $5,000. Both awards also include an array of in-kind professional services. In addition, the Challenge winner may be eligible for low-cost office accommodations in University Park.
The Metro East Start-Up Challenge competition invites entrepreneurs and start-up business with business ideas from the following three industries: information technology, manufacturing and health care. In order for an existing small business enterprise to be eligible, it must have been established after Jan. 1, 2011. Existing business enterprises must also be headquartered in the nine-county St. Louis Metro East region of Calhoun, Jersey, Madison, Bond, Clinton, St. Clair, Washington, Monroe and Randolph. For pre-venture entrepreneurs, proposed new business operations will need to be located within the same nine counties.
The Metro East Start-Up Challenge includes three rounds, beginning with a questionnaire and executive summary submittal that is open to all applications that meet the eligibility guidelines.
In round two, selected applicants will be invited to submit a full business plan.
The third round is the “final pitch,” open only to successful second-round participants.
“PNC Bank has a history of supporting entrepreneurial initiatives, so it appreciates the opportunity to partner with SIUE on a new business plan competition centered on Southwestern Illinois,” said Michael Scully, PNC Bank regional president for St. Louis. “We believe our sponsorship is just another signal of PNC’s commitment to serving the needs of small businesses throughout the region.”
Apply at siue.edu/metroeaststartup. The entry deadline is Friday, Feb. 14. Semi-finalists will be announced Friday, Feb. 28, with winners announced Monday, April 28.
Patrick McKeehan, director of the SBDC in Edwardsville and East St. Louis, believes the Challenge will generate a number of regional benefits. Those include increasing the interest in and excitement for business start-ups along with identifying “high-impact” start-ups for possible location in the Metro East.
“The Challenge will help generate a greater awareness of SBDC’s services and resources for entrepreneurs and small business owners throughout our region,” McKeehan said.
Jim Pennekamp, executive director of University Park, points to the competition targeting key goals for the Park. It advances the academic mission of the University by strengthening relationships with private enterprise, while expanding learning opportunities for both students and faculty.
“The SIUE Metro East Start-Up Challenge creates the opportunity to engage with the region in cultivating an important economic development strategy,” said Pennekamp. “This is the first time a regional business plan competition supporting entrepreneurship and innovation has been held throughout greater Southwestern Illinois.”
The Start-Up Challenge will complement SIUE’s “Other 40” business plan competition, which is annually hosted by the School of Business and open solely to students. The title speaks to the fact that although 60 percent of new businesses do not succeed, the other 40 percent do.
The Metro East SBDC is a service to the community supported, in part, by the U.S. Small Business Administration (SBA), the Illinois Dept. of Commerce and Economic Opportunity and the SIU Edwardsville School of Business. SIUE operates two Small Business Development Centers and the International Trade Center. All Centers provide resources, information and support to entrepreneurs, small business owners, service providers and the University community.
University Park at SIUE is a 330-acre technology park located on the campus of Southern Illinois University Edwardsville (SIUE). The Park offers business and industry an ideal suburban location on a thriving university campus.
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