Participants in i.d.ea.WF will be led through the business planning and startup or expansion processes. Six orientation sessions, as well a series of eight unique seminars will teach entrepreneurs exactly what they need to do to plan their business, conduct market research, make sales and financial forecasts, market their companies, pitch to investors, keep accurate business records, understand those records, and pitch their plan to investors. i.d.e.a.WF is sponsored by the Wichita Falls Economic Development Corporation and overseen by Lalani Center for Entrepreneurship and Free Enterprise, which is located in the Dillard College of Business Administration at MSU Texas. The purpose of i.d.e.a.WF is stimulate the local economy by providing funding and other resources to entrepreneurs in Wichita Falls. Winners can use their funds to open new businesses or expand existing businesses, so long as they primary create jobs.

The Wichita Falls Economic Development Corporation, through its 4A board, has committed up to $250,000 in funding for the 2020 investment cycle. From three – five individual winners will share that funding, and each business is eligible to receive up to $100,000. Contestants will be eligible to proceed through the competition at three successive screenings: 1) the application and investor fact sheet, 2) the business plan, and 3) the investor pitch. Cash prizes that are funded by the 4A board are subject to both board and city council approval.