Georgetown University's McDonough School of Business Global Enterprise Initiative and the Georgetown Entrepreneurship Initiative's StartUpHoyas announced a new partnership Thursday with the American Farm Bureau Federation to launch the Rural Entrepreneurship Challenge. It's the first national business competition focused exclusively on rural entrepreneurs to challenge the idea that Silicon Valley is the birthplace of all real, unique, impactful, successful businesses. Rural America should earn recognition for its budding entrepreneurs, too.
Participants will be challenged to develop an idea for a new startup, pitch their concept to a team of judges who will provide thoughtful feedback and compete for $15,000 in prizes that will allow talented thought leaders the chance to make their dream a reality. There will also be a $15,000 Entrepreneur of the Year grand prize up for grabs, which is sure to attract the movers and shakers who call a nonmetropolitan county in the United States their home.
A supporter of the challenge, Founding Director of the StartupHoyas Jeff Reid spoke to the many obstacles rural entrepreneurs are confronted with when trying to get their startup off the ground.
“Rural entrepreneurs face unique challenges and more limited options when exploring new business ideas," Reid said. "But just as in Silicon Valley, great ideas combined with the proper support and funding can be transformational."
Those interested in submitting applications for the inaugural challenge can do so through September 15, 2014. Then, come October 14, ten semi-finalists will be announced at the National Summit on Rural Entrepreneurship at Georgetown's McDonough School of Business.
“Through the challenge, we will identify rural entrepreneurs with innovative ideas and help them remove any barriers standing between them and a viable, emerging business,” added Lisa Benson, AFBF’s director of rural development. “Winners will get initial capital, as well as mentoring to take them from innovative concept, to strategy, to reality. Farm Bureau recognizes that great business ideas can germinate anywhere, and we’re excited to see what our members will bring to the table.”
Finalists will move on to pitch in front of a team of judges at the AFBF 96th Annual Convention held in January in San Diego, California. It's there that the winners of up to $30,000 will be announced.
