Big business ideas wanted for Rexburg's

 The Madison Economic Partners is hosting the Rexburg Big Idea Competition on March 3. Participants will have the opportunity to present their ideas and win up to $500 as well as additional resources to jumpstart their businesses.

“This will be for people who really haven’t started their business but have an idea,” said Daniel Torres, an economic developer and secretary in the executive board of Madison Economic Partners. “The purpose is just to get people to come forward with their idea and go through that process of doing an elevator pitch. It’s really a two to three minute pitch on what their business does, how it benefits people, how it will make money and then it’s judged.”

Judges for the competition will likely be business professors from Brigham Young University-Idaho and local entrepreneurs who have started their own businesses. The first place winner will be awarded $500, second place will get $300, third place will get $200 and a winner of the audience’s choice will get $300. Additionally, all winners will receive six months of access to the Innovation Connector, a secure space to work where they have access to resources that will help them build their businesses.

“We’re helping them take advantage of their ideas and giving them the tools to develop them into real businesses,” Torres said.

This is the first business competition that Madison Economic Partners has done since COVID-19 hit and put everything on pause. In the past, competitions like this one have helped participants actually build and establish their own businesses.

“The competition is part of our entrepreneurial programs here at the city,” Torres said. “Overall, we’ve given away over $100,000 to local entrepreneurs starting businesses. The result of that has been several businesses that have actually started. One was a company that made natural products. I’ve had some people that have done marketing businesses and some who have done a yarn shop and actually opened a brick-and-mortar for a while here.”

Torres described the importance of building new businesses within a growing community.

“If we can empower people to start their businesses here, and stay in the community, it’s a win for the community because you have people who live here, they’re invested in being here, they are local, they raise their families here and provide jobs to other community members,” Torres said.

This competition is open to anyone in the community with a big idea. To qualify, the specific venture must have been started within the last two years or less. Pitches should be presented in teams consisting of two to eight members.

“Don’t be afraid of sharing your ideas,” Torres said. “You don’t know if it’s a good idea or not until you test it and bring it before people.”

To register for a spot and read the official rules, go to madisoneconomicpartners.org/big-idea. Registration is open until March 1. For additional information, call 208-359-3020 or email info@madisoneconomicpartners.org.