Competition Lures Local Would-Be Entrepreneurs

In Business Las Vegas, January 12th, 2007

About 50 hopeful inventors and business hopefuls gathered outside a multicolor minibus at the Fremont Street Experience Jan. 4 for a chance at $100,000 in startup money.

The event, complete with an Elvis impersonator, a Microsoft promoter and Las Vegas Mayor Oscar Goodman (but no showgirls), was intended to drum up press attention for Microsoft’s free small-business accounting software and its IdeaWins business competition.

Promoters of the competition, which kicked off in New York in November, are touring the country taking applications in-person and trying to get others to apply online before the Jan. 31 deadline. The winner receives $100,000 in startup funds, a one-year lease on a Manhattan storefront and Microsoft tech support for one year.

Ideas must be for consumer-based businesses that sell goods and services at a storefront retail location and via the Internet. The contest disqualifies any idea for a nonprofit group, sexual aids, pornography, tobacco, alcohol, firearms or other weapons, or involving any unlawful activity. Only one idea can be submitted and the applicant must live in the United States.

Entries will be judged by Microsoft Business Division Product Management Group Corporate Vice President Chris Capossela , Carolyn Kepcher from “The Apprentice,” and Liz Lange, CEO of Liz Lange Maternity, based on originality, marketing approach, financial and logistical feasibility and public interest. Finalists will be notified Feb. 9 and the winner will be announced on national television in March.

Eric Gilmore , a representative of Microsoft who himself ran two small businesses before joining the technology giant, said Las Vegas was chosen as one of the stops because of its vibrant, growing small-business sector.

“I think Las Vegas, it’s one of the hottest areas of growth for people, business and development,” he said.

“There’s a lot of small-business activity and it’s also so much a fun town.”

Goodman called Las Vegas the home to the most creative, innovative small-business people in the nation and said that surely the winner would come from the Las Vegas Valley. His only complaint, he said, is that the winner gets a storefront in Manhattan instead of Las Vegas.

Gilmore deflected questions about what, if any, resistance they have gotten from communities since the winner will be taken to New York, but said that the winner would likely return to his or her hometown and set up shop there.

“Part of the spirit of the competition is if you can survive in New York,
you can survive anywhere,” he said, noting that Microsoft started out in Albuquerque, N.M.

Michael Graham of the Small Business Development Center also spoke at the event, saying he wanted to support Microsoft’s efforts after all the help they have given to his organization on a national level. He called on all small-business hopefuls to reach for their dreams. “If you win, you don’t need our help,” he said. “But if you don’t win, give us a call.”

Las Vegas resident James Bell came out to the event with his assistant Erika Foster to enter his invention, an electronic self-correcting math worksheet.

He said he has worked on the product or years and just needs some capital to fund advertising.

“We’re a family of educators and I’ve invented something I’d like to get out and market, but it’s expensive,” he said. “The interview went pretty well. I don’t know if it’s the best in the world or best in the country, but it’s for education and it should be considered best just for that.”

Others came with less feasible ideas like a business to establish middle men between property managers and property owners. Others refused o talk about their ideas at all, worrying hat other competitors would steal their ideas.

It is not too late to enter the competition. Applications will be accepted by e-mail until one minute before midnight Jan. 31.

For more information on the IdeaWins contest or Microsoft’s free small business accounting software visit www.ideawins.com.