News: Tulsa World: Entrepreneur contest gets started

By LAURIE WINSLOW World Staff Writer
4/1/2008

The second annual competition, which seeks top-notch business plans, has $100,000 in prizes.

Attention all entrepreneurs or entrepreneur hopefuls.

Sponsors of the 2nd Annual Mayor Kathy Taylor’s Tulsa Entrepreneurial Spirit Award once again are looking for award-winning business plans to vie for more than $100,000 in cash, prizes and services.

A kickoff celebration will be held Wednesday.

Last year, 59 hopeful entrepre neurs submitted business plans, and this year the competition’s organizers expect to attract even more quality plans and entrants.

“What I hope for this year is an even larger participation level, and that it is talked about even more,” said Kell Kelly, CEO of SpiritBank, which is sponsoring the competition.

He further hopes that entrepreneurs will see Tulsa as a place that supports entrepreneurial thought and spirit, and welcomes new business, ideas, technologies and op portunities.

“We’re looking for unique companies that have the ability to penetrate markets and execute on that vision,” said Sean Griffin, senior partner of Vizalution LLC and a “thought partner” with SpiritBank.

Based on the inquiries already received, Griffin expects that the number of entries will more than double this year.

“Tulsans’ ability to embrace entrepreneurism, risk-taking, creativity and innovation is a critical piece to the long-term abundance of this region,” Griffin said. “It’s everyone’s responsibility to promote, support and encourage that kind of behavior.”

This year’s competition will award $25,000 to the first place winner, $5,000 to second and $2,500 to third.

“Tulsa was built on entrepreneurial spirit,” Taylor said in an e-mailed comment. “Tulsa is in a great position to become a national center, if not a global center, for entrepreneurs to start and expand their businesses.

“We are creating an environment that supports entrepreneurs. The Mayor’s Entrepreneurial Spirit Award encourages people with ideas to act on them, fosters advancement in businesses, and creates a culture of entrepreneurial spirit.”

In response to entrants’ comments last year, the 2008 competition has been tweaked and will include more coaching, Griffin said.

“We really learned from the past participants, particularly those who made it into the semi-final round and into the final, that the coaching was one of the most valuable elements of the process,” he said.

All 12 semi-finalists will be assigned a head coach who will follow them through the entire process. Last year, only finalists received coaching.

Seven finalists will be chosen.

A good portion of the $100,000 in prizes covers the coaching costs, Griffin said, noting that 30 coaches will be used this year, which is double from last year.

The competition also will have a much broader panel of judges that will include investors, and specialists in technology, franchising, education and financing. Information about the judges and their qualifications will be posted on the contest’s Web site. But contestants may not contact any of the judges to gain favoritism or they will be instantly disqualified, Griffin said.

The competition will ditch its “American Idol” style, which almost all of the entrepreneurs disapproved of last year, Griffin said. The competition won’t be filmed, and confidentiality will be key.

Entrepreneurs can submit their executive summaries beginning Wednesday, with a deadline of May 14.

Ultimately, the top award will go to the team that shows it can execute its plan, has a realistic financial plan and projections, exhibits a strong marketing and public relations strategy, and identifies a viable market in which the product or service can grow and expand, Griffin said.