GROW UTAH VENTURES TO GIVE AWAY $40,000 TO ENTREPRENEURS WITH HOT NEW PRODUCTS!
– Contest Designed to Ignite New Products and Ideas in Utah’s Entrepreneurs –
SALT LAKE CITY, April 16, 2012 – Are you finally ready to show the world your idea you’ve been tinkering with- you know, the lunchbox that converts into a jetpack? Well, now’s your big chance because Grow Utah Ventures is giving away $40,000 in cash and services to the best consumer products innovations in Utah.
Today, Grow Utah Ventures announced the kick-off of its “Consumer Products” Concept to Company contest and encourages Utah entrepreneurs to apply to win their share of cash and services to help get their idea off the ground.
The Concept to Company competitions are Utah’s premier ongoing innovation contests. They are held in various regions across the state with each contest focusing on a different industry. Winning entrepreneurs receive significant cash awards as well as mentoring services from leading professional service partners. To date, the “Concept to Company” contests have distributed more than $500,000 in prize money and services and have helped launch over 75 companies.
The “Consumer Products” Concept to Company contest is open to all new consumer product inventions, meaning something that is tangible, has physical properties and requires some degree of manufacturing. The products can be suited for any number of markets, including outdoor recreation, fitness, household use, family and children, education and more.
“One of our often overlooked sectors is engineering and manufacturing”, said T. Craig Bott, President & CEO of Grow Utah Ventures. “Utah has unique expertise and great capacity in this sector and we are so pleased to dedicate this event to those who innovate and make great products. Anyone with a cool product idea, and the drive to build it, should apply.”
From among the applicants, a group of eight finalists will be selected to pitch their ideas in front of a panel of judges. Judges will be company executives, investors, and experts with vast experience building and selling products.
Three winners will be chosen from the finalist pool and announced a few days later at the CrowdPitch event on June 6th. This will be a public event for the audience to participate in the contest. The winners will pitch their ideas again in front of the audience and judges will give open feedback for the attendees to learn from. Audience members will also get to vote on their favorite as well by investing “CrowdCash”.
The Grand Prize winner of the contest will receive $5,000 in cash and $15,000 in services. The two runners-up will each receive $2,500 in cash and $7,500 in services. The cash prizes will be funded by the NorthFront Business Resource Center and SEED Weber-Davis-Morgan.
“Whoever wins the contest is going to be surrounded with money and fantastic support to really get their idea off the ground”, said Steve Cloward, Director of the NorthFront Business Resource Center, regional host for the contest. “Entrepreneurs often need that extra little push to get them started and this contest will provide just that.”
As part of the winnings, entrepreneurs will receive valuable service prizes from sponsors. The major corporate sponsors supporting this event, as well as offering service prizes, are: Zions Bank, Cisco, Grant Thornton (financial management services), Thorpe North and Western (IP legal services), and Bennett Tueller Johnson (general legal services.)
Applications for the Consumer Products Concept to Company contest must be received by May 20 and winners will be announced on June 6 at the CrowdPitch event at the NorthFront Business Resource Center.
For more information, and to apply, visit: www.ConceptToCompany.org
About Grow Utah Ventures
Grow Utah Ventures, is a privately funded non-profit organization dedicated to accelerate the creation of innovative, entrepreneur-led, high-growth businesses that will strengthen and expand the future growth of Utah’s economy.
The vision of Grow Utah Ventures is to create a robust entrepreneurial eco-system in Utah that fosters entrepreneurial talent, drives innovation to solve market needs, aligns community resources and support, and ensures funding for products, entrepreneurs and businesses of promise.
Comprised of a team of successful and experienced entrepreneurs, business leaders and private investors, Grow Utah Ventures accomplishes its mission by leading initiatives that fill critical gaps needed for economic and entrepreneurial expansion and encourage others to do the same. As such, Grow Utah Ventures serve as a catalyst to form new partnerships, develop innovative solutions, and capture breaking opportunities that will solve our economic issues today and ensure a sound foundation for our future economy.
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PR Contacts:
Justin Bott
Grow Utah Ventures
(801) 593-2269
press@growutahventures.com
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