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