Eight entrepreneurs survived Round One to enter the final competition for $24,000 in cash and business services in the fourth annual San Joaquin Entrepreneur Challenge to be held on Wednesday, March 20, 2013. The Entrepreneur Challenge is an American Idol style, multi-round business idea competition, with the audience and a panel of expert judges selecting the winners. The eight finalists are proposing a broad range of business ideas—from electronic devices to food products. Ideas being presented include web sites for fashion and for finding US made products, a medical device, a sliding security door, a survival kit in a walking stick, a portable water container for pets, waterproof connectors for consumer electronics products and soup in a tea bag. Contestants hail from Stockton, Manteca, Oakdale, Tracy, Modesto, and Riverbank.
A total of $10,000 in cash and $14,000 in professional services will be awarded to the two winning entrepreneurs. Professional services will include legal, accounting, marketing and general business assistance.
The March 20 event will be held from 5:00 p.m. to 8:30 p.m. at the Stockton Golf & Country Club, 3800 West Country Club Boulevard, Stockton, Calif. Members of the public are invited to attend for a cover charge for each event of $15.00 prepaid or $20.00 at the door. Light refreshments will be served. For more information or to register to attend the events go to: http://www.sjchallenge.com.
Mark Plovnick, San Joaquin Angel President and University of the Pacific Director of Economic Development, said “Round One impressed us with the innovative products we saw, the professionalism of the contestants, and excitement of the audience. The contestants and judges are now gearing up for the final rounds on March 20.”
The eight semi-finalists were among seventeen contestants that presented their business ideas on February 27 and were selected by the audience and a panel of judges to proceed to the next round on March 20. There will be two more rounds of competition on March 20 with the audience and judges selecting two finalists to receive the cash prizes and an opportunity for further discussion with potential investors and advisors.
The San Joaquin Entrepreneur Challenge is part of a regional economic development strategy developed by the San Joaquin Partnership. The Challenge is being implemented through a partnership of the San Joaquin Angels, University of the Pacific, San Joaquin Delta College Small Business Development Center, Business Council of San Joaquin County, San Joaquin Partnership, Alliance Small Business Development Center, Merced County Department of Commerce and Economic Development, and the Stanislaus Economic Development & Workforce Development Alliance.
Sponsors of the event include Wells Fargo Foundation, Central Valley Fund, Bank of Agriculture & Commerce, Bank of Stockton, Farmers & Merchants Bank, Central Valley Community Bank, PG&E, The Record, Rabobank, and Trinity Venture Capital. Additional in-kind services are being offered by Croce & Company, accountants; Downey Brand, attorneys; Never Boring Design Associates, marketing and public relations, and External Resources Inc., small business advisors.
The Entrepreneur Challenge poses a four-step competitive process:
- Approximately fifty business plans that were submitted to the Challenge were reviewed by a screening committee of business and academic experts who selected the eighteen best ideas for the initial public round of competition.
- On February 27 each selected contestant participated in a two-minute “elevator pitch” to describe his or her business. The audience and a panel of judges selected eight businesses to move on to the next stage.
- On March 20, the remaining entrepreneurs will have five minutes to present a more detailed analysis of their businesses before the audience and a panel of judges selects four finalists eligible for the cash prizes.
- Also at the March 20 event, each of the finalists will participate in a simulated challenging business situation. Audience and judges will then select the winner and runner-up.
The San Joaquin Angels is a private group of investors whose objective is to help develop the San Joaquin regional economy by investing in, advising and growing promising start-up and early stage companies.