The Illinois Small Business Development Center (SBDC) at Champaign County EDC is pleased to host an initial round of the Small Business Administration's InnovateHER 2017 Business Challenge, a $70,000 prize competition designed to unearth innovative products and services that help impact and empower the lives of women and families.
The workforce looks very different than it did 50 years ago. Women now make up nearly half of the labor force and play a critical role in our nation's economic prosperity. Most children live in households where both parents work. As our population ages, families are increasingly caring for aging parents while balancing the needs of work and home. As demands on women and families grow, the need for products and services that address unique challenges increases. The InnovateHER Business Challenge provides a platform to fulfill that need.
Contestants must develop a product or service that meets the following three Challenge criteria:
Has a measurable impact on the lives of women and families (30%);
Has the potential for commercialization (40%); and
Fills a need in the marketplace (30%).
The initial round of the Challenge will take the form of local competitions. Here's how to apply for the initial round hosted by the SBDC at Champaign County EDC:
To apply, please submit a one-page summary outlining how the business or organization meets the Challenge criteria above and addresses the competition's goal of improving the lives of women and families along with a business plan of no more than 20 pages (including attachments) to:
InnovateHER
Illinois SBDC at Champaign County EDC
1817 S. Neil Street, Suite 100
Champaign, IL 61820
Include your individual or company/organization name, mailing address, phone number, and email address. Electronic submissions (PDF) are encouraged. Email your submission to [email protected]. The deadline to submit an application is 12 pm on Saturday, June 3, 2017.
A judging panel will review submissions and select finalists. Finalists and our winning nominee will be announced no later than June 16, 2017.
First place winners from local competitions will advance to the semifinal and final rounds of the Challenge administered by the Small Business Administration.
Cash prizes totaling $70,000 will be awarded to the three highest-rated contestants in the final round of the Challenge in the following amounts:
1st place - $40,000
2nd place - $20,000
3rd place - $10,000
To learn more about the InnovateHER 2017 Business Challenge and view the Challenge Rules, visit our website.
