Hoeven: Entrepreneurs Will Fuel Our Future

Press Release

Governor Kicks Off Statewide Day of Innovation

Gov. John Hoeven and a team of state and local business champions hosted the first Statewide Day of Innovation and Entrepreneurship today and kicked off the fourth annual Innovate ND program, a statewide initiative designed to help entrepreneurs turn innovative concepts into viable new North Dakota business ventures.

The Statewide Day of Innovation featured locally organized events in Bismarck, Minot, Dickinson, Williston, Grand Forks and Fargo that were linked via interactive video for a statewide conversation featuring one of North Dakota's most successful entrepreneurs, Doug Burgum.

"We are building North Dakota's reputation as a great place to do business," Hoeven said. "Our goal with this Statewide Day of Innovation is to inspire our state's own entrepreneurs to begin making their business ideas a reality right here in our state, and offer them help in getting started through the Innovate ND program."

Registration for Innovate ND is available online at www.InnovateND.com. The programs costs: $100 ($50 for students) or $50 ($25 for students) for those who attended the Day of Innovation. The program includes online entrepreneur education, business planning tools, and coaching and mentoring from successful entrepreneurs and proven business owners.

The top 20 entries will get the chance to pitch their business idea to a panel of potential investors. Up to five $10,000 cash prizes are awarded, as well as a wide variety of business services and potential seed capital investments to launch their businesses.

"We have seen some terrific business ideas come through the Innovate ND and many past participants in the program say it was very instrumental in getting them off to a good start," Goettle said. "Each year, we have expanded the Innovate ND network and this year, with the addition of partners in Williston and Minot, we are connected statewide. This is a powerful resource for entrepreneurs."

Goettle said to date, nearly 500 people with 250 ideas have participated in the program and 70 new businesses are operational or in the development stage as a result.

Nikki and Aaron Lamb were one of five Innovate ND winners last year for their product called FormulaNow, a button-pushing machine that produces infant formula with the right temperature and consistency, made with filtered water, in a matter of minutes.

"The Innovate ND program was great for our company," Nikki Lamb said. "When we first started the process, we had never done anything like this before. What really helped us along was the Innovate ND program. It moved us ahead by leaps and bounds."

Today, the Lambs are testing a product prototype and hope to have it ready for direct sales in 2010.

BREAK IN TRANSCRIPT

Source