News Releases for September 2007
September 20, 2007
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Innovate ND Offers Assistance, Funding To Launch New Business Ideas
FARGO, N.D. – Gov. John Hoeven and Commerce Commissioner Shane Goettle today kicked off the 2nd Round of Innovate ND. The statewide initiative is designed to help entrepreneurs like Dale Faust and his team turn innovative concepts into profitable new business ventures.
Last fall, Faust and a team of NDSU engineering and business students were conducting research into building a standardized testing format for cardiac devices. They heard about Innovate ND, enrolled, and their idea ended up being one of the five top winners.
“What we got out of Innovate ND was a good business structure, exposure to angel capital and a good feel for the viability of the product,” said Dale Faust, a member of the Life Pump Innovations team. “Those were things that a group of geeky engineers never considered. Innovate ND is a good program. We’ve benefited enormously from it.”
“North Dakota’s future depends on our ability to cultivate entrepreneurs and grow businesses, just like the one Dale and his partners developed, from within our state,” Hoeven said. “This is a call to all innovators and entrepreneurs. We invite anyone with a business idea – big or small – to enroll in Innovate ND and get help developing that idea into a business plan and ultimately, we hope, into a viable new North Dakota business.”
With a $100 entry fee, Innovate ND participants gain access to a venture building process that includes online entrepreneur education, business planning tools, and coaching and mentoring from successful entrepreneurs and proven business owners. Ultimately, a panel of private investors will review each business idea and select the top winners to receive up to $10,000 in cash prizes and a wide variety of business services and potential seed capital investments to launch their businesses.
Current and former North Dakotans and entrepreneurs who want to relocate to North Dakota are eligible to enroll in Innovate ND. Participants from Round 1 may re-enter at no cost.
“North Dakota’s future growth depends to a large degree on our ability to grow businesses and our economy from within,” Commissioner Shane Goettle of the North Dakota Department of Commerce said. “Innovate ND is a way to cultivate the budding entrepreneurs among us.”
In organizing the program, the Governor and North Dakota Commerce Department have joined forces with the UND Center for Innovation, the NDSU Research and Technology Park, as well as public, private and tribal entities statewide.
“We have a wealth of ideas and creative business people throughout the state,” said Bruce Gjovig, Director, UND Center for Innovation. “Connecting those ideas with business development experts and funding is the key and this program bridges the gap and inspires those who are on the cusp of starting a new company.”
Innovate ND sponsors include the Cavendish Farms, Great River Energy, State Bank & Trust, Bremer Bank and the North Dakota Association of Rural Electric Cooperatives. Other support services and resource providers include the UND Entrepreneurship Department, Atlas Business Solutions, Dorsey Whitney, Eide Bailly, Brady Martz, Neustel Law Office, Kadrmas, Lee & Jackson and Small Business Development Centers.
Enrollment in the program runs from now through November 15 and can be completed online at www.innovatend.com. For more information about the program contact Justin Dever at the ND Department of Commerce, 701-328-5300 or jdever@nd.gov.E-mail comments to the Governor
