Challenge issues last call for entrepreneurs
Kick-off seminar is Thursday
HOULTON, Maine — Those interested in participating in the Houlton Entrepreneur Challenge are reminded that the kick-off seminar is Thursday, Sept. 1, 2016 from 6-8 p.m. at the Houlton Higher Education Center.
The seminar, presented by Josh Nadeau, Small Business Development Center director at the Northern Maine Development Commission, will cover starting and running a business in Maine. Those participating in the Challenge are required to attend. The program will include information on resources, developing a business idea, financing, selecting a legal structure and much more.
This is the first of two seminars to be held in conjunction with the Entrepreneur Challenge. A seminar on writing a business plan will be held on Wednesday, Oct. 5. That session will again be required of all Challenge participants.
There is no charge for the sessions, but registration is requested. The seminars are open to the public even if attendees do not intend to participate in the Challenge.
The Houlton Entrepreneur Challenge is a contest featuring a $35,000 incentive package, including a $25,000 forgivable loan and donated services by several area businesses. Presented by the Town of Houlton, Southern Aroostook Development Corporation (SADC) and major financial partner Machias Savings Bank, the effort is open for new business ideas, existing businesses with a new idea or expansion plan, as well as businesses outside the area who are interested in opening an operation in Houlton.
Initial business concepts must be submitted by Sept. 16. Participants will then present a five-minute oral “pitch” before the selection committee to determine who will continue to Phase II of the program. Phase II will begin with the seminar about creating a business plan on Oct. 5, and a completed plan must be submitted by Nov. 23.
In addition to Machias Savings Bank, the other financial partners are Houlton Water Company, Buildings Etcetera, F.A. Peabody Company, J. McLaughlin Construction, MMG Insurance, S.W. Collins Company and York’s of Houlton. Business partners already committed to the program are Severson, Hand & Nelson, Northern Maine Media/WHOU 100.1FM, F. A. Peabody Company, OTT Communications, Houlton Rotary Club, Paychex and Davis Gates & Alward. Time Warner Business Class is a promotional partner. Educational partners include the Houlton Higher Education Center, Northern Maine Development Commission and Small Business Development Centers of Maine.
Further information on the Entrepreneur Challenge is available on the Town’s website at www.houlton-maine.com or SADC’s web site at www.sadcaroostook.org. Program manuals with all pertinent information can be downloaded from these web sites. Copies are also available at the Houlton Town Office, Machias Savings Bank Houlton Branch and other locations around town. Information is also available by calling Nancy Ketch, Houlton Community Development Director at 207-521-5938 or Jon McLaughlin, SADC Executive Director at 207-521-0157.
To register for the Sept. 1 or Oct. 5 seminars, contact Nancy Ketch, Houlton Community Development Director, at (207) 521-5938 or comm.development@houlton-maine.com.
The Houlton Entrepreneur Challenge is open to all legal U.S. residents and all individuals eligible to conduct business in the U.S. who are 18 years of age or older at the time of entry. The proposed businesses can be independent operations or franchised, and can be a one-person or team concept. A current Houlton business can apply as an expansion, so long as it introduces a new element in the current business.
The program will include three phases and features a mandatory educational component so participants are well prepared for their new venture. Phase I begins with this week’s “Starting Your Maine Business” seminar.
The winner will be announced the week of January 23-27. The selected business will receive the $25,000 forgivable loan as well as multiple benefits to aid in the start or expansion of their business.
