$45,000 “Concept to Company” For Tech Innovations

Concept to Company 2013 Competition to Award $45,000 in Prizes

St. George, Utah, March 26, 2013 – Grow Utah Ventures, SEED Dixie, and USTAR are in search of the next “Big Idea.” They want to know if you have what it takes to turn your idea from a concept to a company. If so, they want to award you with cash and services to build your company and create the economic development of the future.

Now in its fifth year, the Concept to Company competition seeks to help encourage entrepreneurs and bring “value added” growth to the region. The competition will focus on general technology innovations, however Jill Elliss, Director of southern Utah USTAR, says, “The category is actually very broad and can include any innovation that creates, supports or utilizes technology. Our focus is on marketable solutions that have the potential to establish job creating companies.”

The contest organizers expect another great turnout of wonderful ideas. Winners from previous contests are all progressing. Ductwizard, the 2012 Grand Prize winner from St. George, has launched its software and is attracting attention among HVAC suppliers and installers alike. Also from 2012, John Lee’s jar opener innovation, from Springdale, has gone through several prototypes and is being assessed by a manufacturer in Las Vegas and Scent Master, from Iron County, has introduced its new diffuser to target groups on the east coast and has received so many orders that the company is now adding employees.

This year’s prizes include:

• Grand Prize winner: $20,000 total package; $10,000 Cash, $5,000 in-kind and $5,000 in consulting services.
• Two runners up: $10,000 total packages (each): $5,000 Cash, $2,500 in-kind and $2,500 in consulting services.
• In-kind services include legal counseling from Durham Jones and Pinegar Law, accounting services from Savage, Esplin & Radmall, CPAs; and web development from OverAct Development Technology Partners as well as consulting from the USTAR, SEED Dixie and Utah Small Business Development Center Resources. The cash is awarded from an anonymous donor who supports entrepreneurship.

Grow Utah Ventures CEO Craig Bott says his organization is pleased to facilitate the southern Utah contest once again. “We are excited for another great contest. Every year the entrepreneurs seem better prepared with more advanced ideas that are ready to become significant new businesses in the region.”

Applications may be received from throughout the state, however the Five County regions of: Iron, Washington, Kane, Garfield, and Beaver, will receive a special point preference for this particular contest.  Aside from brand new startups, existing companies with new products or product versions may enter the contest if their product idea is in the pre-revenue phase. To register and see complete contest rules, please visit www.ConceptToCompany.org.

The contest is totally free to apply and applications will be accepted until April 30, 2013. Although it is not required, USTAR and Utah Small Business Development Center staff will be available by appointment to review entries prior to submission.  “We want to help applicants submit their best entries,” Elliss said.  Review inquiries may be directed to Matt Ehrenberg, mehrenberg@utah.gov.

About SEED Dixie

Through an initiative sponsored by the Washington County Economic Development Council, the SEED Dixie project has established a strategic direction for the Washington county area and surrounding region for fostering entrepreneurial development and the creation of growth and high growth businesses. The overall objective is to strengthen the regional economy by creating more diversified industries.

http://www.dixiebusinessalliance.com/seed/dixieangels.html

About Grow Utah

Grow Utah Ventures, is a privately funded, non-profit organization dedicated to accelerate the creation of innovative, entrepreneur-led, high-growth businesses that will strengthen and expand the future growth of Utah’s economy. The vision of Grow Utah Ventures is to create a robust entrepreneurial eco-system in Utah that fosters entrepreneurial talent, drives innovation to solve market needs, aligns community resources and support, and ensures funding for products, entrepreneurs and businesses of promise.

The Concept to Company competitions, hosted by Grow Utah Ventures, are Utah’s premier ongoing innovation contests. They are held in various regions across the state and are focused on specific industries. To date, the contests have distributed more than $580,000 in prize money and services and have helped launch over 95 companies. For more information about Grow Utah Ventures, visit www.GrowUtah.com.

About USTAR

About USTAR:
The Utah Science Technology and Research initiative (USTAR) is a long-term, state-funded investment to strengthen Utah’s “knowledge economy” and generate high-paying jobs. Funded in March 2006 by the State Legislature, USTAR is based on three program areas. The first area involves funding for strategic investments at the University of Utah and Utah State University to recruit world-class researchers. The second area is to build state-of-the-art interdisciplinary facilities at these institutions for the innovation teams. The third program area involves teams that work with companies and entrepreneurs across the State to promote science, innovation, and commercialization activities.