Open 4 Business competition available for local entrepreneurs

Newton Main Street is encouraging local entrepreneurs, starting a new business or expanding an existing business, to participate in the Open 4 Business competition offered through the Iowa Economic Development Authority and Main Street Iowa. The contest consists of a local, regional and state competition with $28,500 as a total cash prize for the winner.

“One of the things that we are hoping to do and one of our initiatives is to help promote businesses in Iowa’s Main Street district,” Program Director Robin Bostrom said. “This competition is a chance for us to help support that in a local district.”

There are 52 Main Street programs in Iowa that are eligible for the competition. Locally, Main Street Newton will hold a contest to select its representative at the regional competition.

“This is a good chance to get people to think about that start and get it down on paper,” Newton Main Street Executive Director Andrew Bassman said. “We also have some resources around here to help you come up with that. If you just have an idea, you want to start a business but I don’t know what to do next, you can come to us.”

To enter, each business needs to complete a paper entry form and make a 15-minute “sales pitch” about the business to the panel of judges. A $500 prize was donated by Newton Main Street for the winner of the Newton competition. The local competition has a 5 p.m. May 1 deadline with sales pitches scheduled for the week of May 11 through 15.

A regional competition for the local winner will take place in either Marshalltown or Mt. Pleasant on June 22 through 25, depending on the participation within the Main Street districts. Winners of the regional contacts will each receive $8,000 from the IEDA and move on to the state competition held the evening of Aug. 26 in West Des Moines to kick off the Downtown Summit. Additionally, the IEDA will assign regional winners with a coach to help prepare the contestants for the state competition.

To qualify, the business must be located within the Newton Main Street District, be for-profit and have plans for a new business or expansion that would fill a gap for goods or services that currently exists in the district.

“There’s plenty of office space available and there is prime retail store fronts available that have high traffic counts. There are spaces available to accommodate quite a few different new businesses in the districts,” Bassman said.

Contact Jamee A. Pierson at
641-792-3121 ext. 6534
or jpierson@newtondailynews.com