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The engines are revving. The drivers are bearing down on the wheel. The competition is about to begin. The Greater Kokomo Economic Development Alliance (The Alliance) has launched the 2024 iteration of The Drive, a business competition seeking to help small entrepreneurs find success.
And with a $10,000 carrot hanging over the finish line, The Drive is sure to invite hungry young startups to the contest.
The Drive is a competition in which startup entrepreneurs and fledgling businesses looking to expand square off in a “Shark Tank’-style contest. The finalists will present their business idea to a panel of judges in front of a live audience, and one of them will take home a check for $10,000.
According to Alliance president and CEO Lori Dukes, the competition actually launched in 2019 but was derailed by COVID after just one event, which split the prize money between three finalists. Dukes helped revive the event in 2022, which now awards just a single winner.
“We had a great relaunch of it, and our first winner was Heather Dane with Lucky Lemon Bakery in 2022,” said Dukes. “She's doing fantastic. And last year, Margaret Johnson with The Wellness Garden was our winner.”
Johnson had actually been a competitor in the 2022 Drive and reapplied to win last year. The event is open to returning businesses. Dukes said all competitors are encouraged to remain connected to the Alliance and the business development services available, regardless of the contest’s outcome.
“We really want to see an increase of applications and an increase in interest in the competition,” said Dukes. “Even though someone might have applied and not got selected for the final event last year, we want them to continue to go through the process of getting their business established so they can come back and do it again this year.
“I think the best part of this competition is it's an opportunity for you as a business owner to really work with an established team that can help you finalize or fine tune your business plan, offer consults or advice on ways you could be more cost effective or have a better launch, or just any general question that a business owner might have.”
Given the success of the first two competitions, it was an easy decision to bring back The Drive for a third year. The event will take place on Oct. 3 in Hingst Hall at Ivy Tech Community College’s Kokomo campus. And some familiar faces will return to the event.
“What I love about it is we are working to keep those who have been participants or winners involved with the competition,” said Dukes. “Heather came back and spoke at our event last year. I'm not going to announce what my plans are for Margaret, but I have a way for her to be involved this year.
“It's going to be a really great opportunity to have people who have been through the process to continue to be involved and be advocates for those who want to be involved with it.”
There is much more to The Drive than the competition in October. The application deadline for prospective business competitors in April 28. That roughly five-month lead time is there for a reason.
“I think one of the scariest things anyone can go through is putting yourself out there and starting a business,” said Dukes. “You may be an expert in what you want to offer as a business, but very few of us know every aspect of what it takes to be a successful business owner.
“So, once we open up the applications, we evaluate them and go through an interview process. Once our finalists are selected, they have five months of coaching with our team. That includes our team here at the Alliance, as well as the Indiana Small Business Development Center.”
Dukes said the business finalists may meet with the coaches multiple times a month, but at least once a month, to work on pitching their business and how to conduct a successful launch. And for those businesses that already have opened their doors, but are still just starting, there is plenty of guidance and advice at the ready.
“What we found last year as compared to the first year is we had a lot more established business owners enter the competition,” said Dukes. “Or maybe they had a concept but hadn't taken active steps to get started. It's great to see more and more individuals pursuing these startups.
“But don't just wait for this competition. We're here day to day for those who want to start up or have assistance through the process of becoming an entrepreneur. We hope that they reach out to us and the resources that we have here.”
The application to The Drive competition can be found on the Alliance website – www.greaterkokomo.com – where there is a link to be clicked. From there, a simple application form can be filled out and submitted. Dukes said the amount of information required is minimal for a reason.
“We don't want people to be intimidated,” said Dukes. “I know it can be a scary thing. But the feedback we've had from those who have participated is how much they've enjoyed working with our team, and how much they've learned, whether they won the competition or not.
“All they need to include in their application is just the concept of what they're trying to pursue. And then give us some background information, some simple forms to fill out, and then we'll evaluate those as we receive them.”
Once the applications are received and the April 28 deadline has passed, The Drive coaches will review the entrants, conduct interviews, and make a decision on the finalists by May 10. From there, the hard work of building a business begins.
Of course, the goal of The Drive is two-fold. Not only is the competition there to foster new businesses and train new entrepreneurs, but there is also the matter of the $10,000 prize for the winner.
“That’s no small amount of money,” said Dukes. “Starting a business is very costly, and $10,000 might not be a huge piece, but it has been a great impact for those who have won the competition, especially in the small business sector.”