Newswise — Where can I find startup capital? It's one of the biggest questions and problems facing entrepreneurs with new business ideas, especially those entering the bio-based business arena.
The University of Saskatchewan (U of S) Industry Liaison Office (ILO) and Saskatchewan Agriculture are partnering to solve this problem by sponsoring the 2008 BioVenture Business Plan Challenge to assist youth with launching their bio-based business ideas.
"The BioVenture Challenge offers new entrepreneurs high-quality business planning advice along with the chance to overcome one of their highest hurdles—finding enough startup capital to transform their ideas into viable businesses," says ILO managing director Doug Gill.
This year's contestants will be vying for the ultimate prize—$50,000 in startup capital. To be eligible, entrepreneurs must be U of S students or graduates less than 35 years of age.
Five finalists will be chosen from eligible applicants who submit an application letter explaining their idea. These finalists will receive in-depth training and guidance in preparing their business plans, including a business planning workshop featuring academic and private-sector guest lecturers who specialize in business planning and the bio-economy.
The BioVenture Business Plan Challenge was launched last year to showcase new entries into Saskatchewan's growing bio-economy. Brother and sister team Rachel and Chris Buhler won the inaugural competition with their plan for Floating Gardens, an aquaponic system that combines fish farming and hydroponics greenhouse techniques. Their goal is to produce live fish for sale to the local Asian community, fresh fish for sale to a broader market, and fresh strawberries year round.
"As winners of last year's BioVenture competition, we gained more than the $50,000 prize," says Rachel.
"Just taking part in the competition was incredibly valuable as we wrote the business plan and got it reviewed," adds Chris. "And without the courses that we took, I doubt we would have even thought to survey our potential customers, let alone have the tools to do it."
Interested entrepreneurs can visit www.usask.ca/research/ilo/bioventure.php or phone the Industry Liaison Office at 306-966-7338 to obtain an application. Initial proposals are due Friday, August 29th.
About the University of Saskatchewan, Industry Liaison Office:Created in 2004, the U of S's Industry Liaison Office (ILO) manages technology transfer (technology commercialization) coming from university research. Creating startup companies based on these inventions is one way for the U of S to contribute to the Saskatchewan's growing economy. About the University of Saskatchewan:Located in the heart of Saskatoon, the U of S is one of the leading medical doctoral universities in Canada. With 58 degrees, diplomas and certificates in over 100 areas of study, the University is uniquely positioned in the areas of human, animal and plant studies. World-class research facilities, renowned faculty and award-winning students make the U of S a leader in post-secondary education.
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