The Next Greatest Business Idea, a contest between entrepreneurs looking to start businesses within Oswego County, is ready to begin its 2018 campaign.
The 2018 edition of the competition will be the fourth time the contest has run since its creation in 2008. The past three competitions have awarded a grand prize of $25,000 to the winners, but this year, the grand prize has doubled and the winner of the NGI competition will receive a $50,000 grand prize.
Companies that have won in the past include Ocean Blue Technology, a Fulton company that developed the DiveBud Scuba Safety platform, and Lakeside Artisans, which has since been renamed to Riverside Artisans, a shop in downtown Oswego known for its handmade arts and crafts. The most recent winner in 2014 was AcroArt, a company that creates covers for musical instruments in Fulton.
The event was first started through a collaboration between Operation Oswego County, an economic development organization, and public and private business sectors. The goal of the competition is to further enhance the entrepreneurship ecosystem of Oswego county. Applicants can live anywhere, but the prize money must be used to fund a business within Oswego county.
Austin Wheelock, the deputy director of operations for Oswego County, explained the process an applicant must go through in the NGI competition.
“Business concept proposals that are scored high by the judges in their evaluation will be selected to move on to the next phase, which is to develop a full business plan by July 1,” Wheelock said. “The judges will then evaluate the business plans and select those to move on to the final phase, to present in person to the judges on Sept. 14. The winner will be announced the next week on Sept. 18 at an awards luncheon in Oswego.”
While unsuccessful participants will receive no prize money, they will still receive written advice on how to better improve their business ideas.
The chairman of the county economic development and planning committee, Tim Stahl, who is also the county legislator of the town of Oswego, praisedthe idea of bringing new businesses to the county.
While the NGI competition does hope to jump start the business industry of Oswego county, it also hopes to influence entrepreneurs to work hard to start up their businesses. Past winner of the NGI competition, Matthew Vacanti of AcroArt spoke about how the competition not only provided financial help, but motivation from the competition’s personnel helped him get through the challenging parts of the competition.
“When I was developing the product, there were some moments when I wanted to give up,” Vacanti said. “The momentum of the competition and knowing the committee believed in me and was counting on me kept me going.”
To enter the competition, an entrant must submit a business concept proposal, cover application and $25 application fee to Operation Oswego County Foundation Inc or emailed to ngioswegocounty@gmail.com by 5 p.m., March 1. The business proposal will consist of a 1,000-word or less written presentation, a business concept, a business opportunity, a product/service description and a market concept.
Photo: Taylor Woods | The Oswegonian
