Nevada Entrepreneurs Get One Chance to Prove They Have What it Takes
New Business Competition for a Different Generation Launches in Nevada
The Nevada Institute for Renewable Energy Commercialization (NIREC) chose Nevada Day (October 26), to announce a new competition designed to stimulate business formation in the Silver State by offering the state’s largest-ever cash grand prize as an incentive.
The related tagline gets right to the point: “$100,000 cash. Your business idea. A room of investors. 5 minutes. One chance to prove you have what it takes.”
The new competition, called Project Vesto, brings together venture capitalists and experienced investors to review one-page business model canvases (from Alex Osterwalder and www.businessmodelgeneration.com) and judge five-minute pitches by entrepreneurial contestants. Following pitches, ten finalists who demonstrate real growth potential will set out to prove market demand for their product or service by promoting their concept through the use of social media, online videos, blog posts and more. Online voting by Nevadans will ultimately determine the $100,000 grand prize winner.
“We wanted to capture the dual requirement for a business idea to be attractive to both investors and potential customers, which is critical for success in today’s challenging start-up environment,” said Walt Borland, President and CEO of NIREC.
Geared to promote economic development in Nevada, the winning business models are required to become Nevada-based entities and hold a Nevada business license, among other requirements, prior to receiving the entire award. The competition is open to all startup and early stage ventures with under $1 million in revenue and less than $100,000 in external equity investment.
Project Vesto is the result of collaboration between NIREC and the Nevada Governor’s Office of Economic Development (GOED), which is the competition’s major sponsor.
“We are delighted to partner with NIREC on a bold initiative designed to promote and reward the capabilities of Nevada’s talented entrepreneurs,” commented GOED’s director, Steve Hill.
Entrepreneurs can participate in the competition by entering online at www.ves.to through November 30, 2012.
Contact: Daniel Herr, Program Manager (775) 673-7943 / firstname.lastname@example.org