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Frequently Asked Questions
Who is eligible?
Innovate ND is open to all North Dakotans whether they are residents, former residents, students, alumni, faculty, etc. What is important is the desire to locate the venture in North Dakota. Either an individual or a team of up to four persons is eligible. Not eligible is a venture buying a franchise, branch or subsidiary; buyout of existing company; tax-shelter opportunities; real estate syndications; consulting/analysis projects or an existing company more than five years old or with more than $1 million in annual revenues.
Is this for me?
Innovate ND works if you are an entrepreneur or innovator either working on an innovative new business concept - or if you are already venturing but are generating less then $1 million per year in revenue. Innovate ND is for entrepreneurs establishing innovative ventures in North Dakota. For participants, Innovate ND provides access to great venture tools, online entrepreneur education and resources. The process will help you refine your venture and your investor pitch. If you do well, there is access to seed capital and potential investors, attention in the media and an opportunity to pitch your idea to leaders in the business community.
What sort of ideas can be entered?
The competition is open to any idea that can address an unmet opportunity in almost any business category you can think of. The key is that the idea be a creative and innovative approach that offers a clear advantage to customers that you can identify. We expect to see ideas span a wide variety of industries, products and services, business-to-business ideas, or even a new business model for an existing business. Some entries will be for entirely new innovations while others may be for clever improvements on ideas that already exist, but have yet to reach their potential. However, a key constraint is that the idea needs to be economically viable and it cannot violate or infringe on the intellectual property of another.
Is my idea really a 'breakthrough idea'?
Who would have thought 20 years ago that selling coffee was innovation? Yet Starbucks pioneered a new business model to sell premium coffee. Their commercial success suggests this is an example of a breakthrough idea. Innovation comes in many forms and we cannot predict the range of innovation that may be possible.
I started a venture, is it too late?
Innovate ND seeks innovation in business, and we want to encourage entrepreneurs with ideas that have not yet had the opportunity to breakthrough in the marketplace. If you have a great idea, a passion to build a great venture, then this program is for you. Additionally, only this year's finalists will be ineligible for next year's competition so you can continue refining and building your business and are encouraged to compete again. We do not want any entrepreneur to slow down their venturing to avoid ineligibility. So venture away!
What Business tools are included?
The application fee of $100 gains you entry into the competition. Once an Entrepreneur is entered, they receive a copy of the "Business Plan: Step-by-Step" and the Ultimate Business Planner software. Supplemental entrepreneur educational modules will be offered online as developed by the UND Center for Innovation in conjunction with the University of North Dakota Entrepreneurship Department.
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