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  Newpreneur of the Year (Department of Commerce)  by JamestownSun.com Posted on 11/2/2009 An Innovate ND winner has been selected as one of 13 finalists from 900 applicants nationwide in the "Newpreneur of the Year" contest sponsored by alibaba.com and Inc.com, publisher of Inc. Magazine. Competing for a chance to share in $100,000 in business grants is Paul Wolf of Mandan, whose Light Check device simplifies the process of testing trailer lights. The 13 finalists, including Wolf, are profiled on alibaba.com and inc.com. Five finalists will be selected by online voting, which will run from Oct. 28 through Nov. 6 at www.inc.com/newpreneur/vote.html. The top five Newpreneurs will be invited to the finale event in San Francisco on Nov. 18, where the grand prize winner will take home $50,000 to invest in his or her business. The four remaining finalists will receive awards totaling an additional $50,000. At the regional competition in Chicago Oct. 8, he was named as one of two finalists to advance in the competition. "It's further validation when people outside of the state believe Light Check is a viable product and business opportunity," Wolf said. Light Check is a self-contained, portable device that connects directly to the trailer light wiring and allows one person to quickly and easily check trailer lights without a towing vehicle or second person. "Trailer lights have a high failure rate from exposure to harsh road conditions, corrosion and jarring," he said. "The bottom line is they require frequent testing." After searching at local retailers and on the Internet, he found the only devices for testing trailer lights were expensive and designed for commercial trailers. In 2007, the Mandan man decided to build his own device, made of components purchased at an electronics supply retailer. "After building one for myself, I started talking to others with similar situations," he said. "Based on feedback from potential customers, I realized I probably had a good, marketable product." In 2009, he founded his company, Wolf Technologies, LLC to develop and market Light Check. Around the time he began working on the prototype, he decided to enter Innovate ND. "I wanted to win the money, but entering was about more than that," he said. "I needed guidance in developing a business plan so I could get into the market rapidly to generate sales and revenue. I left Innovate ND with a realistic, attainable business plan that incorporated information investors would require." Not only did he develop the business plan, he was also one of this year's five winning entries. "Winning Innovate ND gave me a huge boost of confidence that I'm on the right path as far as the product and also the marketing plan," he said. "The money was incredibly helpful for off-setting expenses." Wolf has plans to market the current Light Check as well as develop an enhanced model which also tests reverse lights and brake lights in addition to trailer lights. "People may have product ideas but don't know how to structure a business around a product," he said. "Others may have launched a business selling a product they shouldn't because they didn't study the market well enough. Innovate ND is a good process because you are forced to really think through all aspects, including your market research and business development." Registration for the next round of Innovate ND runs through Nov. 20 and is available online at www.InnovateND.com. The programs costs: $100 ($50 for students) or $50 ($25 for students). The program includes online entrepreneur education, business planning tools, and coaching and mentoring from successful entrepreneurs and proven business owners. The top 20 entries will get the chance to pitch their business idea to a panel of potential investors. Up to five $10,000 cash prizes are awarded, as well as a wide variety of business services and potential seed capital investments to launch their businesses. To date, nearly 500 people with 250 ideas have participated in the program and 70 new businesses are operational or in the development stage as a result. |
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| North Dakota Department of Commerce 1600 E. Century Ave., Suite 2 Bismarck, ND 58503 | 701.328.5300 privacy policy | disclaimer | security policy | site map copyright 2009 North Dakota Department of Commerce |
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