Got a Dream?

The folks at the Munir Abdul Lalani Center for Entrepreneurship and Free Enterprise in the Dillard College of Business Administration at Midwestern State University, along with the support of the city's business sector, have come up with a plan ù i.d.e.a.wf (imagine/design/engage/act) ù to help someone achieve their dream of starting their own business.

Dr. Jeff Stambaugh, director of the Lalani Center, said the competition is open to anyone, anywhere, who wants to start a business, or even expand an existing business in Wichita Falls.

To be eligible, the entrepreneur must agree to be located in Wichita Falls for at least three years, he stressed. Also, the business must project that over 75 percent of its revenue will come from outside of Wichita, Archer, and Clay counties, and that it must create at least five new jobs.

Stambaugh said the first-place winner will receive $5,000 in cash and $15,000 in in-kind services, such as legal, accounting, marketing, Web design.

"It is things people need to start a business," Stambaugh said. "And if you want a mentor, we will have people to connect with ...and even if they don't win that doesn't mean someone else can't contact them and help them with their business plan."

Stambaugh said the funding comes from local businesses.

"We have raised $23,000 in total cash pledges and $25,000 in in-kind services," he said. "The business community is right at $50,000. When we create a new business, it means wealth is flowing into the community ...that it will create new jobs."

Stambaugh said the competition is not about how many potential entrepreneurs it attracts, rather the quality of applicants.

"It is not about winning a contest," he remarked. "Our focus is on creating new business. We are trying to emphasize starting a new business."

He said it will be an annual event, thanks to the dedication and financal support of the business community.

"It is a neat opportunity ...and it has had tremendous support," he said. "There is a lot of benefit to being the first one (event). It will drive the fate in other years. If we get really good plans, next year will be even better. The message is this is your chance. We are here to help. It is time to start doing to achieve your dreams."

Stambaugh was quick to credit the business community and a task force for getting behind the idea, such as Wichita Falls Chamber of Commerce president and CEO Tim Chase, Mayor Lanham Lyne, James Frank, Munir Lalani, and many others.

Lyne, who serves as chairman of the task force, said he was very happy with the plan and referred to it as an excellent idea.

"There are three legs to economic development: primary jobs, recruiting new industry to town and growing industry, and starting new business. I think it is a great idea."

Chase agreed, saying, "The bottom line is there are three ways a community builds wealth. Build what you have today larger, attract new business to the community, or you can create something from scratch (entrepreneurship)."

He also said, "With entrepreneurship, a lot of people out there believe they have the next new thing. They may very well, but they have to be able to communicate the idea in business terms so they can raise money and put the idea into reality. The way you do it is a business plan. So making resources available and making it a contest where there are some incentives, I think we will see the opportunity to have these ideas produce new jobs."

There will be seven one-hour orientation sessions with all being held in the Dillard College of Business Administration. The first will be at 2 and 7 p.m. Thursday. The others will be at 10 a.m. and 7 p.m. Sept. 8, 7 p.m. on Sept. 15; 11:45 a.m. on Sept. 23; and 4 p.m. on Sept. 28.

There also will be sessions on how to write a business plan. They will be at 7 p.m. on Oct. 13, 11:45 a.m. on Oct. 20, and 7 p.m. on Oct. 22. They will be two hours long and will provide information on how to take advantage of their time in front of potential investors.

Other key dates: executive summaries, signed applications, and entry fee are due at the Lalani Center by 5 p.m. on Oct. 2; judges' decision on which teams may submit a full business plan will be posted on the Web site (www.ideawf.com) on Oct. 9; seven copies of business plans are due to the Lalani Center by 5 p.m. on Nov. 6; judges decisions on finalists will be posted on the Web site on Nov. 20; finalists will make presentations to judges on Dec. 8; and winners will be announced during at luncheon at MSU on Dec. 9.

The judging criteria includes: market need for product/services proposed by the entrepreneurs; innovativeness of product/services; quality of management team; growth potential (assessment of potential includes the quality of investment opportunities for potential equity investors and lenders as well as the number and types of jobs created in the region).

Competition application forms are available on the Web site.

The panel of judges include Janet Beard, owner of Harvest Drug & Gift and Harvest Boutique; Pete D'Acosta, partner and CEO of Marketron Broadcast Solutions; Tommy Isbell, entrepreneur, international energy company; Munir Lalani, owner of multiple hotels and real estate holdings; and Harry Patterson, owner of Patterson Auto Center, 4P's Ranch, and Boss Man Saddlery.

More information is available online at www.ideawf.com. To contact Stambaugh, call (940) at 397-4634.