City Funded Competitions
Refine what is Possible, Give Shape to the Future - Achieve the Expectations
BAM Business Competitions
Business Competitions are intended to assist entrepreneurs in advancing their existing business or provide assistance to startups entering the marketplace. Each participant will obtain a greater understanding of how to improve and develop a realistic business plan that represents a sustainable business model to ensure multiple revenue streams.
The Business Competition contributes to economic activities from growing business communities while confirming a positive economic impact. We provide all contestants with an opportunity to attend multiple workshops presenting vital information and direction to develop significant components of a strategic business plan, financial projections, and market strategies.
Through each contest, the small business landscape becomes more diversified, creating jobs, fulfilling market pains, increasing city revenue, while fueling the entrepreneurial drive throughout the community. Each competition can be customized to the conditions of the funding sponsor, whether it is an Economic Development Corporation, private enterprise, or entity.
Contestants commonly receive a monetary award shared between two to five selected entrepreneurs to be used for the startup or expanding a business.
Our success includes the following;
The Midland Development Corporation (MDC) possesses sponsorship rights for the Midland Entrepreneurial Challenge in Midland, TX, since 2017. Over the past two years of the business competition, the MDC has awarded $600,000 to fund ten small businesses. Out of those ten businesses, they have grossed over $5.9 million in taxable city revenue, created 58 full-time jobs, and 11 part-time jobs. Of the contestants not moving forward, 21% continued to move ahead with their business idea achieving capital infusion.
The Odessa Development Corporation (ODC) is the sponsoring agent of the Odessa Business Challenge in Odessa, TX, since 2018. During the prior two years of the business competitions, the ODC has awarded $550,000 in small business funding to six leading businesses. From the six winning companies, they have currently grossed over $439,000 in revenue, created 39 full-time jobs, and 16 part-time jobs. For those businesses not selected as a finalist, 23% continued with their development and achieved capital infusion to launch or expand their business.
How to Sponsor a Business Competition
We invite you to discuss the many possibilities for those who are on City Council, Director of Economic Development, Owner of Private Enterprise, Banking Partners, or connected to a nonprofit company aspired to start a Business Competition in your city. Call us today at 1-877-226-4332 to discuss the development, requirements, and economic impact.
BAM’s Business Consulting has a validated model that confirms city growth that continues to inspire entrepreneurs while promoting organic growth and boost city revenue.