Award increased to $40,000
HOULTON, Maine — After the first Houlton Entrepreneur Challenge met with success, the town has decided to pursue a second challenge.
The announcement was made Monday, April 3, by Houlton Community Development Director Nancy Ketch at a regular meeting of the Houlton Rotary Club. The contest is again presented by the town of Houlton, Southern Aroostook Development Corporation (SADC) along with major financial partner Machias Savings Bank.
The first round of the program concluded in January when Gerry Berthelette, owner of Volumes Bookstore, was selected as the winner of the inaugural Challenge. Volumes is in the process of expanding their store.
Volumes received a prize package of more than $10,000 which includes a $7,500 forgivable loan and incentives from program partners totaling over $2,500. Berthelette has owned the store, located on 75 Bangor St., for 18 years and seen it through three locations. The store sells used and new books, collectible books and remainders, large print and audio books as well as gift items and Maine souvenirs.
The second Entrepreneur Challenge will run similarly to the first, Ketch said and includes three phases. It will also feature some enhancements to give applicants more opportunities to access guidance and business assistance.
The prize package for the Challenge has also been increased to $40,000. This amount includes a forgivable loan of up to $30,000.
“We learned a great deal from the first round of the Entrepreneur Challenge,” Ketch said. “We have taken that information and added some enhancements to this year’s program.”
Jon McLaughlin, SADC executive director, said, “This round, we are focusing more on customized assistance. We realize someone who has been in business needs different guidance than someone just starting a new venture. The goal remains, though, to help all of the contestants be successful.”
Several of the financial partners have contributed toward the prize for the second round. “Machias Savings Bank is happy to again be the major financial partner in this exciting endeavor,” said Chris Fitzpatrick, executive vice president of business banking for the bank. “We were very pleased with the outcome of the first round of the Entrepreneur Challenge and think this second round will be even better.”
The program officially kicks off Wednesday, May 17, with an information night called “Ignite The Spark,” which will feature a panel discussion. The panelists will include local entrepreneurs sharing their stories and experiences to inspire those present to ignite their own spark to move forward with their business idea. Information will also be provided by the Selection Committee about the criteria they are looking for in a winner and tips for being a successful contestant in the Entrepreneur Challenge.
Another new aspect of the Challenge will be the opportunity for contestants to participate in one-on-one coaching sessions with mentor teams consisting of experienced business people. These informal sessions will allow contestants to discuss their ideas with the mentors. The mentors will evaluate and recommend any additional assistance and resources that would be beneficial to the contestant. This assistance will be customized based on the contestant’s level of experience. The sessions will be held late May and early June.
Phase I will also involve contestants submitting a 1-2 page Concept and presenting a 5-minute Oral Pitch in front of the Selection Committee. Contestants will again need to submit a complete Business Plan for Phase II of the Challenge. Those continuing on to Phase III will be required to do a final presentation and interview with the Selection Committee before a winner is determined. There will again be several business service prizes offered to the winner. Those are still being lined up.
Further information on the Houlton Entrepreneur Challenge is available on the Town’s web site at www.houlton-maine.com or SADC’s web site at www.sadcaroostook.org. Information is also available by calling Ketch at 207-521- 5938 or McLaughlin at 207-521- 0157.
