Governor's Giant Vision Award winners craft business ideas
04/27/05
PhotoBioMed Corporation, a medical technology company that develops innovative products based on a platform tissue bonding technology, spent years honing not only their innovative scientific medical ideas, but also their business and marketing plans to help them win the first Governor's Giant Vision Awards competition. A $20,000 grand prize came from Governor Rounds and several existing South Dakota businesses that know the rewards and difficulties that come with developing ideas.
Eight clients of the Enterprise Institute were selected from dozens of applicants to compete with start-up business ideas at the Washington Pavilion in Sioux Falls. Independent judges examined each finalist's business plan, viewed a display of the company's product or concept, and asked questions to gauge the company's viability for South Dakota 's economy.
Those Enterprise Institute clients who showcased their business ideas included Agrahol LLC, Yankton; Dakota Grills, Lake Preston; Dakota Vinyl Extrusions, Clark; PhotoBioMed Corporation, Sioux Falls; ProRide Trailer Suspensions, Brookings; RACHI, Sioux Falls; Rural Technologies, Brookings; and TravelWise LLC, Rapid City.
Ten semi-finalists were selected from the initial cut of 20 for more in-depth analysis by judges for such things as market size and growth potential; method of delivery for their business model; management experience, vision and integrity; and financial plan including capital needs, revenue projections and cash flow.
Analyzing competition, helping write business and marketing plans and searching for funding through public and private sources are part of the mission of the Enterprise Institute. An annual Innovation Expo as well as other events throughout the year introduce entrepreneurs to the world of innovation and ideas. The Independent Inventor Institute, an allied agency, works with Enterprise Institute clients through the complex world of patents and trademarks.
The Enterprise Institute has offices in Brookings, Sioux Falls and Yankton as well as allied locations in Rapid City and Lead. More information on the Enterprise Institute can be found at www.sdei.org or by calling 605.697.5015.