IdeaWF is a program designed to assist entrepreneurs in launching or expanding their businesses based in this area. IdeaWF is a business plan competition where three winners receive over $75,000, of cash prizes and free access to professional services such as legal, accounting, and marketing assistance. Plus, they have the guaranteed opportunity to seek additional funding from the Texoma Angels investor group. Everyone who participates will gain a better understanding of how to develop and follow a realistic business plan.
Now in its fifth year IdeaWF is creating new contest categories. The “Startup- GO” category is for startups or small ventures that have earned only $50,000 or less in revenue in the past 2 years (November 2011 to November 2013). The “Expansion- GROW” category is for companies with over $50,000 but less than $250,000 in revenue for the past 2 years. The judges select the top companies in each category and also name a third company the “Judges’ Choice” winner. The two category winners receive the same prize packages, with the “Judges Choice” winner receiving a smaller prize package. In the unlikely event the judges don’t see a strong winner in a category they have the option to name two category winners from the same category.
Because of all this, IdeaWF is a competition where everyone wins. All participants in the competition win as they hone their skills as an entrepreneur and are more prepared to succeed in their business; some participants even win cash/prizes and/or receive money from investors. The business community wins because the increased entrepreneurial activity will stimulate their existing businesses and create growth opportunities. Finally, the whole community wins because, as these new companies build a world-wide customer base, more money flows into the region, rewarding the entrepreneurs, their employees and their investors.