Colorado rural businesses will soon be participating in a unique competition. Business owners will present their ideas, and the best will receive funds to realize their vision.
Imagine Shark Tank encountering rural America.
The Greater Colorado Pitch Series allows any company located in rural Colorado to apply for a funding range of $ 50,000 to $ 1 million in available investment. Proponents of the competition say it is a viable way to get people interested in entrepreneurship, especially young people who may have left their communities and are interested in returning and starting a business.
This year, the event will include an audience engagement platform that allows attendees, both live and virtual, to participate in the event. During presentations, audience members can use the app to provide feedback on the show, make connections for the founders, and interact with each other.
Don Albrecht, director of the Western Center for Rural Development at Utah State University, thinks the idea is a good one.
“There is still a limited possibility for … a farmer on his tractor who gets a good idea,” he said in an interview with The Daily Ionder. “But companies have also been built that have doctors of science looking for such funds, and yet it is really difficult for a farmer on his tractor to compete for such things.” If this is something where you can go directly to potential investors … it sounds fantastic to me.
Meanwhile, Don Macke of e2 Entrepreneurial Ecosystems, hosted by Network Kansas, a non-profit organization dedicated to developing the entrepreneurial ecosystem, said such economic development activities make it easier for young people to return to rural communities they may have left.
“These [pitch competitions] “In a way, it’s a broader strategy to round up that if you’re in business or competition, you also have the opportunity to have these bigger conversations, either on a personal or community level with young people,” he said in an interview with The Daily Yonder. it can include knowing what they are passionate about and what they want to do with their lives. “If you then start building some of these other parts around it, the community can optimize the positive results for both young people and the community.
In NetWork Kansas, the organization created the Youth Entrepreneurship Challenge Series, said Amara Kniep from Network Kansas in an interview with The Daily Yonder. This year, Network Kansas had over 1,000 students who participated in more than 50 competitions nationwide, she said.
“This is an opportunity to cooperate with young people, depending on the target age,” Meke said. “It simply came to our notice then. There is a connection between the engagement and in the end, maybe the decision to stay or return. So that’s important. This type of activity can be a great role in building community in terms of involving several generations in a fun activity. “
He said that it also opens the idea that entrepreneurship can be a career. Therefore, people might decide to return to their rural roots.
“Now that I’ve worked for someone, I’m ready to buy a job or start a business and you can start to see those long-term results,” he said. “There are so many prospects that this is not an immediate solution for the economy, but it is a really smart long-term investment.”
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