FAQ
FREQUENTLY ASKED QUESTIONS
Who is eligible to enter?
The person submitting the plan must be at least 18 years of age. They may or may not be a United States resident.
How many submissions are expected?
Since it has never been done before, we expect at least 1000 submissions based on the large demand by entrepreneurs to find seed capital from across the country and around the world.
Where do the fees for submission go?
The submission fees will pay for the web site, marketing and management of the contest, and for funds to host the 10 winners in Fresno for the Final Round. The contest is a not-for-profit effort.
What will the contest accomplish?
First, it will give people across the country an introduction to Fresno and brand us as a "cool, innovative" city just for thinking of the contest, and even more so once they learn about the city through the web site. It will also generate a "feel good" effect among the citizens of the city as they travel to different locations and have friends and acquaintances ask them about the contest in a positive way.
How many people will visit the web site?
We can only estimate, but we expect over 10 million views of the web site. Not bad media exposure for a mere $100,000.
Does it have to be a new start-up business?
No. We will accept business plans from companies that are 2 years old or less. We use this criterion to avoid problems in "stealing" companies from other regions; this would likely lead to bad publicity and bad will. The 2-year criterion will be based on when the company was founded legally.
Is the winner required to start their business in Fresno?
Yes, if they want to receive the complete award. The money will only go towards business expenses established by a submission of a Use of Proceeds with their business plan. The award will be dispersed based on the amount and timeline identified by the winner. This will be a one-year time frame.
If they have a business and launch in Fresno, do they have to cease the business elsewhere?
Yes. The winner cannot open a "branch" location and receive the prize money.
What about the nine finalists who did not win?
We would only hope that investors in Fresno or those interested through national exposure to Fresno would be excited about these businesses and offer them a separate deal to start the company here.
Is this a one and only contest?
No! If we are successful, we plan to do it each year. But expect many cities across the country to "compete" using the "Fresno Model" with a lot more money offered!
How will judges be selected?
By their expertise and their commitment to support the contest. |
