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Houlton Entrepreneur Challenge To Be Held Again Prize Package Increased To $40,000
HOULTON – Round two of the Houlton Entrepreneur Challenge is set to start soon. The announcement was made today (Monday, April 3rd) at a regular meeting of the Houlton Rotary Club. The contest is again presented by the Town of Houlton, Southern Aroostook Development Corporation (SADC) and major financial partner Machias Savings Bank.
The first round of the program concluded in January when Volumes Book Store was selected as the winner of the inaugural Challenge. Volumes is in the process of expanding their store.
The second round of the Entrepreneur Challenge will run similarly to the first round and will include 3 Phases. It will also feature some enhancements to give contestants more opportunities to access guidance and business assistance.
The prize package for the Entrepreneur Challenge has been increased to $40,000. This includes a forgivable loan of up to $30,000. Several of the Financial Partners have contributed toward the prize for the second round.
Chris Fitzpatrick, Executive Vice President of Business Banking for Machias Savings Bank said of their continued involvement in the program, “Machias Savings Bank is happy to again be the major financial partner in this exciting endeavor. We were very pleased with the outcome of the first round of the Entrepreneur Challenge and think this second round will be even better.”
The program will kick off on Wednesday, May 17th with an information night called “Ignite The Spark” which will feature a panel discussion. The panelists will include local entrepreneurs sharing their stories and experiences to inspire those present to ignite their own spark to move forward with their business idea. Information will also be provided by the Selection Committee about the criteria they are looking for in a winner and tips for being a successful contestant in the Entrepreneur Challenge.
Another new aspect of the Challenge will be the opportunity for contestants to participate in one-on-one coaching sessions with mentor teams consisting of experienced business people. These informal sessions will allow the contestants to discuss their ideas with the mentors. The mentors will evaluate and recommend any additional assistance and resources that would be beneficial to the contestant. This assistance will be customized based on the contestant’s level of experience. The sessions will be held late May and early June.
Phase I will also involve contestants submitting a 1-2-page Concept and presenting a 5-minute Oral Pitch in front of the Selection Committee. Contestants will again need to submit a complete Business Plan for Phase II of the Challenge. Those continuing on to Phase III will be required to do a final presentation and interview with the Selection Committee before a winner is determined.
There will again be several business service prizes offered to the winner. Those are still being lined up.
“We learned a great deal from the first round of the Entrepreneur Challenge,” said Nancy Ketch, Houlton’s Community Development Director. “We have taken that information and added some enhancements to this year’s program.” Jon McLaughlin, SADC Executive Director added, “This round, we are focusing more on customized assistance. We realize someone who has been in business needs different guidance than someone just starting a new venture. The goal remains, though, to help all of the contestants be successful.”
Further information on the Houlton Entrepreneur Challenge is available on the Town’s web site at www.houlton-maine.com or SADC’s web site at www.sadcaroostook.org. Information is also available by calling Ketch at 207-521-5938 or McLaughlin at 207-521-0157.
About Town of Houlton, SADC and Machias Savings Bank:
The Town of Houlton’s Community Development Department is charged with working with area businesses and assisting creating opportunities for business growth in the Town of Houlton. Houlton is the Shiretown of Aroostook County. The Town of Houlton has a population of over 6,000 and is the service community for the Southern portion of Aroostook County as well as parts of Northern Penobscot and Northern Washington Counties. More details about the Town of Houlton can be found online at www.houlton-maine.com.
Southern Aroostook Development Corporation (SADC) is an economic enhancement organization founded in 1998 to develop and expand the economic base of Southern Aroostook County. SADC gathers business and community leaders from throughout the area to work together to help coordinate, promote and guide new business creations. More details about Southern Aroostook Development Corporation can be found online at www.sadcaroostook.org.
Machias Savings Bank is a Maine bank with 18 branches from Portland to Caribou. Based in Machias since 1869, Machias Savings Bank prides itself on exceptional banking, exceptional relationships, and exceptional customer service. More details about Machias Savings Bank can be found online at www.machiassavings.com.
Volumes Book Store Selected as Winner of Inaugural Houlton Entrepreneur Challenge
HOULTON – After a 5-month, 3-phase process, Volumes Book Store has emerged as the winner of the inaugural Houlton Entrepreneur Challenge. Volumes, which is the only book store north of Bangor and also includes a gift shop, will receive a prize package of more than $10,000 which includes a $7,500 forgivable loan and incentives from program partners totaling over $2,500.
Volumes has been a local mainstay for more than 25 years. Proprietor Gerry Berthelette has owned the store for 18 of those years and seen it through 3 locations. The store, which is located at 75 Bangor Street, sells used and new books, collectible books and remainders, large print and audio books as well as gift items and Maine souvenirs. His proposal for the Entrepreneur Challenge involved the expansion of the store into the adjacent building at 73 Bangor Street. This is planned to provide extra display space, a fourth browsing room, a reading area and a venue for speakers and author presentations while enhancing the status of the structure as a “green building”. Additional space is also available in the building for rent to another entity.
Volumes is the only bricks & mortar book store north of Bangor. As such, they currently draw customers from throughout Aroostook County as well as shoppers from Washington & Penobscot Counties and several from New Brunswick and other Maritime provinces. “This draw into the region for the unique products available at Volumes has a definite spin off effect for other Houlton businesses,” stated Nancy Ketch, Houlton Community Development Director. “People traveling that far to shop are sure to have other needs such as gas, food and additional shopping,” added SADC Executive Director Jon McLaughlin.
Upon learning of the win, Volumes owner, Gerry Berthelette said, “I’m shocked & excited!” Berthelette added that participating in the Entrepreneur Challenge has been “a good exercise to go through.” He also indicated that they are looking forward to moving forward with the expansion.
The Houlton Entrepreneur Challenge was a collaborative effort of the Town of Houlton and the Southern Aroostook Development Corporation with major financial support from Machias Savings Bank. There were also several other financial partners including Houlton Water Company, Buildings Etcetera, F.A. Peabody Company, J. McLaughlin Construction, MMG Insurance, S.W. Collins Company and York’s of Houlton. Business partners that provided prizes for the program included Severson, Hand & Nelson, WHOU, Davis, Gates & Alward, Greater Houlton Chamber of Commerce and Houlton Rotary Club.
The program was designed to be an innovative approach to business recruitment and retention. It was a way to assist a new or expanding business with expenses while also providing basic business knowledge and guidance in developing a business plan.
Chris Fitzpatrick, Executive Vice President of Business Banking for Machias Savings Bank said, “Machias Savings Bank has a history of supporting businesses as well as community projects. The Houlton Entrepreneur Challenge presented a unique opportunity for us to do both. We were happy to be the major financial partner in this exciting endeavor.”
Plans are already in the works to run the Entrepreneur Challenge again. An announcement with dates and guidelines for the second round is expected to be made in the spring.
Further information on the Houlton Entrepreneur Challenge is available on the Town’s web site at www.houlton-maine.com or SADC’s web site at www.sadcaroostook.org. Information is also available by calling Ketch at 207-521-5938 or McLaughlin at 207-521-0157.
About Town of Houlton, SADC and Machias Savings Bank:
The Town of Houlton’s Community Development Department is charged with working with area businesses and assisting creating opportunities for business growth in the Town of Houlton. Houlton is the Shiretown of Aroostook County. The Town of Houlton has a population of over 6,000 and is the service community for the Southern portion of Aroostook County as well as parts of Northern Penobscot and Northern Washington Counties. More details about the Town of Houlton can be found online at www.houlton-maine.com.
Southern Aroostook Development Corporation (SADC) is an economic enhancement organization founded in 1998 to develop and expand the economic base of Southern Aroostook County. SADC gathers business and community leaders from throughout the area to work together to help coordinate, promote and guide new business creations. More details about Southern Aroostook Development Corporation can be found online at www.sadcaroostook.org.
Machias Savings Bank is a Maine bank with 18 branches from Portland to Caribou. Based in Machias since 1869, Machias Savings Bank prides itself on exceptional banking, exceptional relationships, and exceptional customer service. More details about Machias Savings Bank can be found online at www.machiassavings.com.
Business Plan Seminar Open to All
HOULTON – A seminar on “Creating Your Maine Business Plan” will be held Thursday, October 6th from 6:00-8:00pm at the Houlton Higher Education Center. The seminar is part of Phase II of the Houlton Entrepreneur Challenge, but the session is open to all who are interested in the topic.
The seminar is presented by Josh Nadeau, Small Business Development Center Director at Northern Maine Development Commission. The session will explain why a Business Plan is important, how to set one up, important components to include, mistakes to avoid and resources for assistance.
There is no charge to attend the seminar, but registration is requested to assure enough materials are available for all attendees. Registrations can be made by contacting Houlton Community Development Director, Nancy Ketch at (207)521-5938 or comm.development@houlton-maine.com.
The Houlton Entrepreneur Challenge is a contest featuring a $35,000 Incentive Package that includes a $25,000 forgivable loan and donated services by several area businesses. The Challenge is presented by the Town of Houlton, Southern Aroostook Development Corporation (SADC) and major financial partner Machias Savings Bank.
In addition to Machias Savings Bank, the other financial partners are Houlton Water Company, Buildings Etcetera, F.A. Peabody Company, J. McLaughlin Construction, MMG Insurance, S.W. Collins Company and York’s of Houlton. Business Partners already committed to the program are Severson, Hand & Nelson, Northern Maine Media/WHOU 100.1FM, F. A. Peabody Company, OTT Communications, Houlton Rotary Club, Paychex, Davis Gates & Alward and the Greater Houlton Chamber of Commerce. Time Warner Business Class is a Promotional Partner. Educational Partners include Houlton Higher Education Center, Northern Maine Development Commission and Small Business Development Centers of Maine.
Further information on the Houlton Entrepreneur Challenge is available calling Ketch or Jon McLaughlin, SADC Executive Director at 207-521-0157.
Watch Live!
Entrepreneur Challenge Commercial
Kick Off for $35,000 Houlton Entrepreneur Challenge Nears
HOULTON – The Kick Off for the Houlton Entrepreneur Challenge is Thursday, September 1st when the first of two required seminars are presented. The first seminar, which will cover starting and running a business in Maine, is scheduled for 6:00-8:00pm at the Houlton Higher Education Center. The seminar will be presented by Josh Nadeau, Small Business Development Center Director at Northern Maine Development Commission. The program will include information on “where to begin”, resources, developing a business idea, financing, selecting a legal structure and much more. There is no charge to attend the seminar, but registration is requested to assure enough materials are available for all attendees. Registrations can be made by contacting Houlton Community Development Director, Nancy Ketch at (207)521-5938 or comm.development@houlton-maine.com.
Attendance at the “Starting Your Maine Business” seminar is a requirement of participation in the Houlton Entrepreneur Challenge. Others not participating in the Challenge that are interested in the subject are also welcome to attend.
The Houlton Entrepreneur Challenge is a contest featuring a $35,000 Incentive Package, including a $25,000 forgivable loan and donated services by several area businesses. The Challenge is presented by the Town of Houlton, Southern Aroostook Development Corporation (SADC) and major financial partner Machias Savings Bank. It is open for new business ideas, existing businesses with a new idea or expansion plan, as well as businesses outside the area who are interested in opening an operation in Houlton.
Initial Business Concepts must be submitted by September 16th. Participants will then present a 5-minute oral “pitch” before the selection committee to determine who will continue to Phase II of the program. Phase II begins with a seminar about creating a business plan on October 5th and a completed Business Plan must to be submitted by November 23rd.
In addition to Machias Savings Bank, the other financial partners are Houlton Water Company, Buildings Etcetera, F.A. Peabody Company, J. McLaughlin Construction, MMG Insurance, S.W. Collins Company and York’s of Houlton. Business Partners already committed to the program are Severson, Hand & Nelson, Northern Maine Media/WHOU 100.1FM, F. A. Peabody Company and OTT Communications, Houlton Rotary Club, Paychex and Davis Gates & Alward. Time Warner Business Class is a Promotional Partner. Educational Partners include Houlton Higher Education Center, Northern Maine Development Commission and Small Business Development Centers of Maine.
Further information on the Houlton Entrepreneur Challenge is available on the Town’s web site at www.houlton-maine.com or SADC’s web site at www.sadcaroostook.org. Program manuals with all pertinent information can be downloaded from these web sites. Copies are also available at the Houlton Town Office, Machias Savings Bank Houlton Branch and other locations around town. Information is also available by calling Nancy Ketch, Houlton Community Development Director at 207-521-5938 or Jon McLaughlin, SADC Executive Director at 207-521-0157.
About Houlton Entrepreneur Challenge:
The Houlton Entrepreneur Challenge is open to all legal U.S. residents and all individuals eligible to conduct business in the U.S. who are 18 years of age or older at the time of entry. The proposed businesses can be independent operations or franchised and they can be a one-person concept or a team concept. A current Houlton business can apply as an expansion, so long as it introduces a new element in the current business.
The program will include three phases and features a mandatory educational component so participants are well prepared for their new venture. Phase I begins with the “Starting Your Maine Business” seminar on September 1st.
The winner will be announced the week of January 23rd-27th. The selected business will receive the $25,000 forgivable loan as well as multiple benefits to aid in the start or expansion of their business.
$35,000 Houlton Entrepreneur Challenge to be Announced
HOULTON – A press conference will be held at 12:30 p.m., Monday, May 23 at Watson Hall, 116 Main Street in Houlton during a regular meeting of the Houlton Rotary Club. The press conference will serve as the official announcement for the $35,000 Houlton Entrepreneur Challenge presented by the Town of Houlton, Southern Aroostook Development Corporation and major financial partner Machias Savings Bank. The Entrepreneur Challenge is a competition to start or expand a business in Houlton. The prize features a $25,000 forgivable loan and several business incentive prizes.
- WHAT: $35,000 Houlton Entrepreneur Challenge Press Conference
- WHEN: 12:30 p.m. – Monday, May 23
- WHERE: Watson Hall, 116 Main Street, Houlton
- WHO:
- Nancy Ketch, Community Development Director, Town of Houlton
- Jon McLaughlin, Executive Director, Southern Aroostook Development Corporation
- Local business leaders and Houlton Rotarians
WHOU will be livestreaming this event starting at 12:30 PM on Monday, May 23rd