Q: I have a great business idea but most of my customers would be in Wichita Falls. Why is there the guideline that the business plan should project that 50% of the business’s revenue will come from outside of Wichita, Archer, and Clay counties and that it must create at least 3 new jobs?
A: IdeaWF is about creating new jobs and economically developing the area. The best way to do that is to create new companies that have most of their customers outside of our area. That way new money flows into our area. Additionally, please keep in mind that if you have a great idea for a business in Wichita Falls, the business may work in other similar markets. Therefore, if you plan to do business in Wichita Falls and in three other similarly sized markets, you probably meet the guideline.
Q. I think I have a great idea but don’t know much about starting a business. Is this competition really for me?
A. Absolutely. IdeaWF will offer training sessions to help you plan your business. They key is to be passionate about your idea and be willing to persevere through the process.
Q. I think I have a great business idea that could win the competition, but I really have no desire to launch the business. I just want the prize money. Is this competition for me?
A. No! This competition is designed to grow new businesses. All participants should be committed to going forward with the plan if they win. Have you thought about selling your idea to someone that IS interested in launching a business?
Q. I’d like to base my business somewhere in Clay, Archer, and Wichita County but not necessarily within the city limits of Wichita Falls. Is that allowable?
A. Yes, but it does raise some issues for gaining investment beyond the prize money. This is a regional business plan competition, and the key point is that the businesses be based in our area. However, some potential investors are only allowed to invest in businesses based in the city of Wichita Falls.
Q. Why is there an entrance fee?
A. This fee helps cover the administrative costs of running the competition.