OWB EDC offers up a challege

Two pro-Owensboro posts in a row, no I'm not running a fever or on the take.

The Owensboro Economic Development Council recently offered a $15,000 grant to the best business plan offered up in a challenge.

Entrepreneurs and entrepreneurs-to-be must submit an overview of their proposal for a their business by mid-march. Businesses must have the potential for $1 million in revenue and hiring at least five people. The top four proposals must then come up with a more detailed business plan to be judged in April. The winning proposal gets lots of love and consulting from the EDC, $15,000 in seed money and free rent for six months in their new business incubator. The catch - well, your business must be willing to set up shop in Owensboro.

Wow, I have to say this is a great idea. The $15,000 is just enough seed capital to support a business getting their legs under them. The space in the incubator is of no cost to the EDC, it is sitting empty right now anyway, and Madison Silvert and the crew running this show seems to have a good head about them so you'll probably get some top-notch advice. My only suggestion - this challenge should be repeated, perhaps quarterly.

This type of project is the type of small step needed to get some momentum going for the small business/entreprenual spirit in the city. Now, we just need to keep making those small steps, many, many, many more small steps. Let's face it, the winner of this challenge at best has a 33% chance of succeeding (I just came up with that number) so we need at least three of these challenges to have one successful business with at least 5 new jobs and revenues of $1 million.

To continue with the EDC love, I've got to say the blog is a great idea. Yeah I know, blogs are so 2005, but Owensboro still has a newspaper that requires payment to read online! (more on that later, heh) so to see an organization in Owensboro embracing technology is somewhat refreshing.

Lets keep making those small steps.