Grow Utah Ventures Announces Second Outdoor Recreation "Concept to Company" Contest

Utah is known for its spectacular outdoor recreation, and its entrepreneurial spirit, so it's only natural to combine the two. Grow Utah Ventures, Zions Bank, USTAR, Workman Nydegger, Ballard Spahr and CFO Solutions today announced the second outdoor recreation Concept to Company contest. 

This is the second outdoor recreation Concept to Company contest and the fifth contest of its kind in Utah since the first contest kicked off in July 2008.  The "Concept to Company" competitions are ongoing innovation contests held in various regions across the state of Utah. They were created as a way to encourage entrepreneurism and stimulate business growth in the state. 

Each competition focuses on a different industry and matches the unique entrepreneurial strengths of that particular region. Contest winners receive invaluable cash and services essential to start a viable business. To date, the Concept to Company contests have distributed more than $150,000 in prize money and helped over 15 companies bring their business idea to fruition.  

The outdoor recreation contest is open to Utah entrepreneurs and small businesses that have a product or service that focuses on outdoor recreation products and services. Ideas should focus on skiing, snowboarding, cycling, climbing, hiking, paddling, and other non-motorized, non-fishing or non-hunting sports. 

"We were thrilled with the results of our first outdoor recreation contest both in terms of the number of applications we received and the quality of the concepts being proposed," said T. Craig Bott, president & CEO of Grow Utah Ventures.  "We're confident that this year's contest will yield similar results and will lead to the creation of high-value jobs and a boost to Utah's recreation industry." 

Zions Bank, Grow Utah Ventures and USTAR were sponsors of the first outdoor recreation contest and are joined this year by premier sponsors Ballard Spahr, Workman Nydegger and CFO Solutions.  Each will provide contest winners with valuable services including IP legal counsel from Workman Nydegger, general legal advice from Ballard Spahr and financial management and assistance from CFO Solutions. 

"We're pleased to be a part of the Concept to Company contests and feel that our investment in these new businesses provides a tremendous return on our investment," said Scott Anderson, president & CEO of Zions Bank.  "Utah has long been recognized as an entrepreneurial state and it's exciting to see the ideas being presented and to play a part in helping these companies get off the ground." 

"The beauty of the Concept to Company contests is that it plays to the strengths of different regions within the state of Utah," said Curt Roberts, Northern Utah Regional Technology Outreach Director for USTAR. "By focusing on regional strengths, entrepreneurs and new business owners have a built in support system which provides these businesses with a significant competitive advantage in terms of surviving the challenges and hard times that each new business faces in its early stages." 

"Every business faces a wide range of legal issues that some entrepreneurs don't take into consideration when planning to start their business," said Chris Anderson, Partner at Ballard Spahr, LLP. "We specialize in these issues and look forward to working with the winners to help them understand, manage and navigate through the legal challenges that lie ahead." 

"Protecting a start-up's intellectual property is vital to maintaining a competitive advantage," said Rick Nydegger, Founder and Managing Director of Workman Nydegger. "We'll look forward to working with these entrepreneurs to help them understand how to add value to their businesses by taking appropriate precautions to protect themselves in a timely and cost effective way." 

"One of the most critical parts of starting a new business is understanding how to secure, monitor and control cash," said Kent L. Thomas, Founder and Managing Member of CFO Solutions. "We'll help these winners prepare a financing strategy and a plan to properly manage their cash while helping them critically evaluate different strategic options for their businesses." 

A group of finalists will be invited to pitch their ideas to a panel of outdoor industry experts on October 30^th in Ogden, Utah. The panel will evaluate ideas based on innovation and marketability. The winners will be announced later that day with the winning entry receiving up to $35,000, comprised of cash and the equivalent value in consulting or prototyping services to help bring the idea to fruition. Two runner-up winners will each receive up to $15,000 comprised of cash and services. 

Applications may be submitted now through the submission deadline of October 18th, 2009.

For more information about the outdoor recreation "Concept to Company" Contest please visit www.ConceptToCompany.org.