IdeaWF Helps Entrepreneurs Launch/Expand Their Businesses

IdeaWF is a program designed to help entrepreneurs launch or expand their businesses based in this area. IdeaWF is a business plan competition where three winners receive more than $66k of cash prizes, and free access to professional services such as; legal, accounting, and marketing assistance. Plus, they have the guaranteed opportunity to seek additional funding from the Texoma Angels investor group.

Now in its fourth year IdeaWF is creating new contest categories:

  • "Startup- GO" category: For startups or small ventures that have earned only $50,000 or less in revenue in the past 2 years (November 2010 to November 2012).
  • "Expansion- GROW" category: For companies with over $50,000 but less than $250,000 in revenue for the past 2 years.
  • The judges select the top companies in each category and also name a third company the "Judges' Choice" winner. The two category winners receive the same prize packages, with the "Judges Choice" winner receiving a smaller prize package.

In the unlikely event the judges don't see a strong winner in a category, they have the option to name two category winners from the same category.

The business plan must project that more than 50% of the business's revenue will come from outside of Wichita, Archer, and Clay counties and that it must create at least 3 new jobs.

Firms must agree to headquarter and operate primarily from within Wichita Falls for a period of at least 3 years after first receiving any prize money.

  • November 28, 5 p.m.  Exec Summaries Due
  • December 12  Judges Results of Exec Summary
  • March 6, 5 p.m.  Business Plans Due
  • March 20  Judges Decision
  • April 16, 8 a.m. - 12 p.m.  Oral Presentations by Finalists
  • April 18, 11:30 a.m. - 1 p.m.  Awards Luncheon at MSU

For more information you can head to IdeaWF's official website.