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Four contestants. One prize. A live audience. No, it’s not a game show. It’s The Drive. And one well-prepared business owner will walk away with $10,000.
The Drive, a business pitch competition presented by the Greater Kokomo Economic Development Alliance, will take place during a “Shark Tank”-style event on Thu., Oct. 5, at 6 p.m. at Hingst Hall on the Ivy Tech Kokomo campus, 1815 E. Morgan St. Contestants will pitch their business idea to a panel of judges in front of an audience. The event is open to the public, and there is no cost to attend.
The Drive started in 2019, but the pandemic derailed the program as soon as it started. The Alliance revived the competition last year and named its first winner, Lucky Lemon Bakery. Now, Alliance CEO Lori Dukes is excited to see The Drive kick into another gear.
“It's my favorite thing that we get to do here,” said Dukes. “This one really allows me to focus on small businesses and growing opportunity for small businesses. The objective is to see this competition really grow year over year.
“We want to see not only the applications grow, but the participation grow. The people who come to watch, I want to see that grow. I also want to see the prize winnings grow. We provide a $10,000 grant to the winner, but we know that, especially in today's world, $10,000 is helpful, but it doesn't go far. We want to see this become a premier event for our community that draws people to want to consider Kokomo as a place to start a business or expand their business.”
Applications for this year’s competition did increase. Dukes said the pool of potential contestants increased by two-thirds. And tomorrow evening, the finalists will pitch their business ideas to the judges, hoping to walk home with the prize.
One of the reasons for the increased participation is awareness. The Alliance started the selection process much earlier this year, soliciting applications in the first quarter. The applications received an initial review, which winnowed the list to those businesses and concepts the Alliance felt held the most potential.
From there, the candidates went through an interview round that generated the finalists for The Drive. Throughout the spring and summer, Alliance staff worked with the contestants, helping them develop business plans and their presentations. Those hours of work culminate on Oct. 5, with a 10-minute pitch and five minutes of questions from the judges. And one business will win the $10,000 prize.
To qualify for The Drive competition, participants must either start or expand a business in Howard County. There is a cap on the size of the company if it is already established. If the business is in its formative stages, it must launch within six months of the competition.
Dukes said the contestants get a lot of benefit from the process, even if they don’t win the money.
“They never realize how much they can learn about their own business simply by going through the steps of this process with our team,” said Dukes. “They are able to really look at their data in a different way and look at their business plan in a different way. Having our team to provide some input can give them a new perspective on what they're doing.
“Starting a business is one of the scariest things you can do. My hope is that those who were considering it, but maybe didn't take that final step to apply, will come and watch the event. I hope they realize through the excitement and the fun of the event that they absolutely want to be a part of it next year.
“Having that capital investment to get a business going can dramatically affect your family. Having a team there to support you and help you along the way and be there for you, even after the competition is over, helps give them peace of mind. It's a great experience for all of us.”
And the support doesn’t stop when the contest ends, Dukes explained. The businesses can continue to rely on the Alliance for support.
“They can call us anytime,” said Dukes. “We want to know how you're doing and how you're progressing. We want to be your cheerleaders.”
Project Access names providers of the month
Project Access is celebrating the Greentown Lions Club and Russiaville Lions Club as its volunteer providers for October.
The Lions Clubs have partnered with Project Access for the past two years to provide vision testing in all Howard County schools at both the elementary and middle school levels.
Project Access is thankful to all the volunteers and for allowing them to share in this very important mission.