Local non-profit Columbia County Helping Undo Boundaries (HUB) is still seeking ambassadors and participants for its Youth Entrepreneurship Training and Contest, which is kicking off this summer.
The program is for young people between the ages of 16-26, and offers a financial training course that will wrap up with a Shark Tank / Voice type competition where $12,500 in startup funds will be awarded to the winner.
The course component of the program kicked off on May 15 at the St. Helens Public Library. Though the courses have started, organizer and Columbia County HUB Amanda Normine said there is still room for people to get involved. In addition to trying to bring more participants in, Normine said they are also seeking ambassadors to help mentor people who enter the contest.
“We’re trying to recruit people across the spectrum of industries and locations,” Normine said. “A lot of the people that are interested are diverse. Some of them are community members, some are business owners, some are younger, some are older, and that’s kind of the goal. We want to hit every demographic and corner of the county. Having a diverse group working with us is the best way to make sure we aren’t missing anything.”
The classes focus on everything participants need to know to write a business plan. The sessions will have mentors available for hands-on help and will feature local speakers with personal experience with the topics they are discussing.
There will be four seminars, and they are offered online and in person. At the end of the seminars, young entrepreneurs should be equipped with everything they need to submit their business idea to the competition. Normine said there are more than 12 people signed up for the contest, and more than 30 people already signed up for the classes to see if they are interested in entering.
“We wanted to be able to provide a forum for people to vet out their seriousness,” Normine said. “This is the period where, because we make the seminars online, it’s not a do or die. If you miss this portion, you can go back and watch them online.”
Normine said the seminars are to help potential entrants flesh out their ideas and get feedback on what their project could look like. The remote option also encourages young people from around the county to participate, so transportation isn’t a barrier.
Seminars will be held every Wednesday evening beginning May 15 and running through June 5. The contest will then be open to submissions through June, and official contenders will be announced on July 1.
At the end of the competition, the finalists will present their finalized idea to a panel of judges, and one lucky winner will have access to $12,500 in startup funds. The prize money is a mix of grants and loans. The $5,000 grant is “free money” that entrants would not need to pay back. Normine said the $5,000 can be used as seed money.
The $7,500 loan is designed to provide “operating support.” The loan portion can be utilized as a 36-month loan, a line of credit, or a refusal. For those asking themselves, “What happens if my business fails?” and are concerned about repaying the $7,500 of the prize money, Normine said CCHUB is there to minimize the risk.
“The loan portion of the winnings is secured by CCHUB. Suppose you communicate with your mentor, and we know your financial struggles,” Normine said. “In that case, our funds can be used to pay off the loan/line of credit and ensure you walk away without a blemish on your record.”
