Gov. John Hoeven and Commerce Commissioner Shane Goettle kicked off the second round of the Innovate ND program at the NDSU Center for Technology Enterprise on Sept. 20. Innovate ND is a statewide initiative designed to help entrepreneurs turn innovative concepts into business ventures.
Last year, Dale Faust, a computer engineering major at NDSU, and a team of business and engineering students and faculty were among the five winners in the first round of Innovate ND. Faust and his team, Life Pump Innovations, were conducting research into building a standardized testing format for cardiac devices.
"What we got out of Innovate ND was a good business structure, exposure to angel capital and a good feel for the viability of the product," said Faust, noting the team is now working on licensing its intellectual property.
With a $100 entry fee, Innovate ND participants gain access to entrepreneurial tools such as online education, business planning tools and coaching and mentoring from successful entrepreneurs and proven business owners. A panel of private investors will receive business ideas submitted to Innovate ND and select the top winners to receive up to $10,000 in cash prizes and a variety of business services.
Current and former North Dakotans and entrepreneurs who want to relocate to North Dakota are eligible to enroll in Innovate ND. Participants from round one of the program may re-enter at no cost. Deadline to participate in the program is Nov. 15, with more information online at www.innovatend.com.
"North Dakota's future depends on our ability to cultivate entrepreneurs and grow businesses," said Hoeven. "We invite anyone with a business idea--big or small--to enroll in Innovate ND and get help developing that idea into a business plan and ultimately, we hope, into a viable new North Dakota business."
The Innovate ND Working Group involved in the program includes Karen Froelich, associate professor of management, marketing and finance, and Tony Grindberg, executive director of the NDSU Research and Technology Park.