Wanted: Enterpreneurs and good ideas for state competition

A statewide contest is aimed at bringing out the best in entrepreneurs and ideas for business in North Dakota.

The six-month program, called Innovate ND, gives participants who pay a $100 entry fee access to a venture building process that includes online education and mentoring from proven business owners.

In the spring, a panel of private investors will choose the top business proposals to receive cash awards, services from state lawyers, accountants and others, and access to equity from the Bank of North Dakota's venture fund.

The categories to be judged include student entrepreneurs and women-owned businesses.

A third category is for "everyone else," including college students and entrepreneurs who have been in business fewer than five years and haven't reached $1 million in revenue in a year.

"It's about creating a fun environment for our entrepreneurs to win some of the prize money," Gov. John Hoeven said, in announcing the contest Thursday. "But it's much more than that. It's about fostering entrepreneurship but also supporting the development of those new businesses."

To organize Innovate ND, the state partnered with public, private and tribal entities statewide, Hoeven said.

Senior state Commerce adviser Linda Butts said the program brings different entrepreneurial activities under one umbrella. She hopes to see it grow.

"If we're successful and do this right, this is to commercialize businesses in North Dakota and that's the ultimate and end all goal," Butts said.

Participants can log on to http://www.innovatend .com for information. They must register before Jan. 12, and include a brief summary of their ideas.

Information from: The Forum, http://www.in-forum.com