Project Innovation Competition Now Open To Sangamon County Business and Entrepreneurs

Top Category Prizes of $25,000 and $7,000

For the third year, Sangamon County businesses and entrepreneurs have the opportunity to participate in Project Innovation, a competition sponsored by The Greater Springfield Chamber of Commerce Quantum Growth Partnership (Q5). Top prizes for Project Innovation’s two categories, Acceleration and Innovation, will net winners $25,000 and $7,000, respectively.

Since the competition’s inception in 2009, 13 businesses have participated. It is open to all industries, and the top three winners in each category will receive monetary awards.

“Community support – particularly financial – can make a key difference for budding businesses and entrepreneurs that are ready to move forward and grow,” said said Mikal Sutton, Director of Workforce and Medical Development at The Chamber and manager of Project Innovation. “We want to help catalyze innovative businesses that will provide an important economic return to our community.”

Businesses or entrepreneurs that want to participate in Project Innovation must complete an application in one of the two competition categories. The Acceleration category of is focused on businesses that are looking to expand or move forward with the next stage of their business plan. The Innovation category is designed to assist first-time entrepreneurs with their “back of the napkin idea.” This category is intended to help people to the next stage of developing their business or product.

Applicants will be measured on their: economic impact on Sangamon County, viability, merit of innovation, and long-term return potential to the community.

“This type of grassroots business and job creation is critical to an expanding economy,” said Erich Bloxdorf, Interim President and CEO of The Chamber. “I’m looking forward to seeing the creative ideas and success stories that come forth this year.”

Applications are due no later than March 30, 2012.

To download a Project Innovation application or for more information, please visit www.SangamonProjectInnovation.com or contact Mikal Sutton at 217.525.1173 ext. 221 or at msutton@gscc.org.

Goals of Project Innovation

1. To assess innovative ideas to improve upon products or services
in our county and region.

2. To develop a method for providing entrepreneurs with resources
and information.

3. To allow applicants forum for building contacts and visibility with
investment firms and prospective clients.

4. To create more competitive companies for future grants/awards.

5. To provide an economic development foundation for our community with
the aim of fostering new and inventive concepts for future economic prosperity.

Applicants are asked to complete an application explaining the nature of their innovation, the economic impact the innovation will have on Sangamon County, and how the entrepreneur plans to utilize the award.

Facts about Project Innovation

• The business competition is open to all industries, including:
manufacturing, agriculture, information technology and medical innovations.

• The Acceleration category is for entrepreneurs who are ready to begin their
business or for small businesses that are looking to expand into their given field.
The Grand Prize award for the Acceleration category is $25,000.

• The Innovation category is for entrepreneurs who are still in the planning
phases of their innovation and require assistance to take their ideas the next
level. The Grand Prize award for the Innovation category is $7,000.

Download an application here or for more information, contact Mikal L. Sutton, Director of Workforce and Medical Development for The Greater Springfield Chamber of Commerce at 217.525.1173 ext. 221.

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