Third Idea Audition to reward great business ideas with $8,500 in cash prizes

Sep. 21, 2016

CONTACT:    Mary Marshall VanSant, University of North Alabama; (256) 765-4184 or mmvansant@una.edu

SHOALS — On November 17, would-be entrepreneurs can present their business ideas to a panel of area professionals, and the top scoring idea will be awarded a $5,000 cash prize, with $2,500 and $1,000 to second and third-place winners, respectively. Bank Independent, the Shoals Chamber of Commerce, and the University of North Alabama present their third annual Shoals Idea Audition designed to foster new businesses, help entrepreneurs polish their presentations, and introduce community leaders who might be instrumental in helping make their ideas a reality. 

“This is part ‘Shark Tank’ and part ‘American Idol,’” said Mary Marshall VanSant, one of the founders of the event. “We help the participants rehearse and polish their presentations, to help them concentrate on refining their ideas and make them into workable businesses. Five thousand dollars is a great reward for the top one, but we also know that the exposure to business leaders in the community will foster mentor relationships.” 

This is the third time the Chamber, UNA and community leaders have come together to hold this competition. Last year, Robbie Hillis won the contest with his idea for The Ark.  The Ark is a small water monitoring system that is packed with a remote shutoff valve that is empowered by artificial intelligence software.  According to Hillis, "I think one of the most exciting things that winning the Idea Audition gave us is the springboard to go into other events." 

 The idea for the Idea Audition came from a group of Chamber members and UNA leaders who want to encourage entrepreneurs to create businesses in the Shoals area. “Our area has tremendous resources to support a business start-up,” said VanSant, “from the Shoals Entrepreneurial Center to the Shoals Chamber and from the Alabama Technology Network to the Small Business Center at UNA. When we began brainstorming the idea of a business pitch contest, the UNA College of Business stepped forward and offered facilities and expertise, and the idea of this event was launched.” 

Participants must register by November 6, 2016, and there is no cost to participate. Registration and contest rules can be found on the event website at www.shoalsideaaudition.com. 

“Participants will practice their presentations, with experts on hand to help them work out the kinks when they attend a mandatory training session in November,” said Caitlin Holland, Vice President of Investor Relations at the Shoals Chamber of Commerce. “Then, on November 17^th participants will have three minutes to make their pitch. Our panels will be made up of local business people who have started their own businesses or who work with entrepreneurs to get their projects off the ground. The panels will judge presentations and select finalists for the final round where they will pitch in front of m different panel of judges and a larger audience to determine the winner.” 

The idea behind a total of $8,500 in prize is to assist a potential businessperson with transforming their idea into a viable business, but there are no restrictions on how the prize money must be spent.  “In addition to the cash, there are other prizes for the top winner, including counseling sessions with bankers, marketing professionals, and sales and distribution experts,” said VanSant. “Even if an idea presented doesn’t win the grand prize, the presenters will learn about the supportive community we have here for start-up businesses. We also know mentor relationships can be formed. Our panelists are experts and are anxious to share their knowledge and wisdom with people who are just beginning the start-up process.” 

Bank Independent, the Shoals Chamber of Commerce, and the University of North Alabama are the Platinum sponsors for this year’s event. Gold level sponsors are LyonsHR, Party Pros, and UPS Connect. Silver sponsors include Armosa Studios. BBVA Compass Bank, E.S. Robbins, the City of Florence, FreightCar America, and No’Ala Studios. Bronze sponsors include the Alabama Technology Network, CB&S Bank, Progress Bank, Regions Bank, Shoals Entrepreneurial Center, Shiloh Holdings, LLC, , Yates and Spry, Attorneys, and last year’s winner, The Ark Labs.

For more information about the Shoals Idea Audition, including rules and a calendar of events, please visit shoalsideaaudition.com or contact the Shoals Chamber of Commerce at 256-764-4661.