Skowhegan entrepreneur contest offers $20K prize
Entrepreneurs who want to start a business in downtown Skowhegan have a chance to win a $10,000 forgivable loan, commercial storefront space and other incentives in a contest being organized by Main Street Skowhegan and Skowhegan Savings Bank.
Main Street Skowhegan, a nonprofit supporting the revitalization of downtown Skowhegan, said Wednesday that the Main Street Skowhegan Savings Entrepreneur Challenge is still accepting submissions for business ideas after opening the contest in July.
The contest, which will kick off with a seminar next month, will last several months and end in February 2016, with one contestant winning an incentive package worth $20,000 to start or expand his or her business.
“Supporting business in Skowhegan is a core function of Main Street Skowhegan,” said Dugan Murphy, executive director of Main Street Skowhegan. “This is our way of giving new business ideas a shot in the arm.”
The nonprofit said anyone with business ideas should attend the competition’s opening seminar on Sept. 1, at 6 p.m., at 13 Elm St., where contestants will be given an overview of what’s needed to start a business. Contestants will then give five-minute business pitches to the contest’s program committee on Sept. 24. After that, the contestants will be asked to attend a seminar on writing a business plan on Oct. 12. Contestants will then write a business plan and submit it by Nov. 13. The finalists will be announced Dec. 1.
The finalists will give their final business pitches in front of a committee sometime during the month of January 2016, and the winner will be announced on Feb. 1, 2016.
The $20,000 incentive package for the winner will include a $10,000 forgivable loan from Skowhegan Savings, reduced rent at a downtown storefront space, website design services, one year of free membership with the Skowhegan Chamber of Commerce, consulting on legal and other matters and a number of other in-kind services.
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