(Las Vegas CBS KXNT) Great ideas are a dime a dozen, but it takes passion and determination to turn a great idea into a successful business.
While good ideas are welcome as entries to the Southern Nevada Business Plan Competition, the judges will also assess whether they have what it takes to survive the challenges faced by a start-up business.
“We’re looking for feasibility,” said Andrew Hardin of the Center for Entrepreneurship at UNLV’s Lee Business School. ”A lot of people have great ideas, but are they feasible, are the profitable, are they scalable?”
That’s difficult to achieve, Hardin told KXNT.
“We’re looking for businesses that will create jobs, that will grow,” he said.
The competition is in its fourth year. The winner receives a cash prize and in-kind services like accounting, legal, or office space. But there’s a catch.
The $10,000 prize is not awarded unless the winner actually starts the business and incorporates in southern Nevada.
“You have to form an LLC and we write the check to the company,” Hardin told KXNT. “We won’t write it to an individual person.”
Winners have included both products and services. Last year’s winner is a flow control device for sprinkler systems. The Geyser Flow Control is several steps closer to the market than it was when it won the contest. The company is seeking a manufacturer, and is installed on a test basis at several homeowner associations in the Las Vegas Valley, Hardin Said.
The deadline for the competition is November 16, 2012. Guidelines are posted here.