Trend Watch: Economic Development Corps holding business plan competitions November 21, 2006Posted by Tom in Community, Economic Development.
One small trend that I’ve noticed in the last few months is that of LEDOs (Local Economic Development Organizations) leveraging their monies to challenge their community to come up with exciting new business plans for their communities. A recent example of this trend comes from Wisconsin:
The Economic Development Corporation of Manitowoc County is encouraging entre-preneurs to enter a regional business plan competition, offering $25,000 in cash prizes.
Business plans are a critical tool in the proper planning and launch of new ventures and are the preferred mode of communication between entrepreneurs, innovators and potential investors.
The goal of the contest is to encourage the preparation of business plans for start-up businesses, making significant changes to existing businesses, or launching new products in northeast Wisconsin.
The $25,000 prize isn’t a massive infusion of venture capital, agreed. At the same time, competitions like these smartly leverage the LEDO’s bully pulpit capacity to challenge community members to look inward for economic development. Sometimes, the best ideas are within your own city limits.