Got an innovative Web-based business idea you're sure will make money, but unsure how to successfully launch it? There is help for such would-be tech entrepreneurs through Momentum, a West Michigan investment and training program.
Started by Rick DeVos last year, Momentum is gearing up to select and groom the next group of aspiring entrepreneurs who have innovative web technology and applications ideas, but need help getting started.
Applicants have until Feb. 12 to submit their ideas in hopes of being one of up to five budding company owners selected to receive $20,000 in pre-seed capital and attend a rigorous 12-week training program in Holland.
DeVos, CEO of Pomegranate Studios, helped launch the program with two other West Michigan groups: The Windquest Group and the economic development group Lakeshore Advantage, "to discover new startup ideas in Michigan and keep our creative capital here."
"We're shooting to get about 100 (applications)," says Bill Holsinger-Robinson, director of Momentum and president of Pomegranate Studios. "We're trying to stimulate that entrepreneurial thinking but we have to flush them (aspiring entrepreneurs) out and get them to sign up."
Holsinger-Robinson says applicants can hail from any part of the country, but if they are among the potentially five companies selected to participate, they will have to move to the Holland area for the spring and summer. Once settled, Momentum will introduce them to experts who will help them further develop their technology and business models and provide them with office space and networking opportunities. The goal is to position the companies with access to additional capital and to successfully launch their companies into the marketplace.
Another obvious goal is to persuade the entrepreneurs to stay in Michigan, but even if they chose not to, Holsinger-Robinson believes that their risk-taking attitude will be contagious and help nurture other entrepreneurs. "The notion is that this energy can be infectious," he says.
Last year Momentum received nearly 30 applications and funded three startups: Downstream, Public Collections and Revetto. Momentum continues to support the developing companies with business advice and help to on-going capital resources.
This year, Holsinger-Robinson says the selection process will be more rigorous, but will also include a more selective pairing of mentors, more education that's customized for each startup and greater flexibility.
Ideal candidates are college graduates with some business background with an inventive idea and a passion for starting their own company, he adds.
"Last year some came in with no development plans, but they had ideas that tried to solve a particular problem," he notes. "What we got for them was resources . . . . and funding."
Sources: Bill Holsinger-Robinson, Momentum Director and president of Pomegranate Studios; Momentum website
Sharon Hanks is the editor of innovation and jobs news at Rapid Growth Media. She can be reached at [email protected]
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