Bright Rewired business plan competition begins

The Bright Rewired Business Plan Competition is coming to Staunton. Grants up to $10,000 will be awarded to businesses opening in the Downtown Service District or Newtown Historic District in Staunton.

“Attracting exciting new and expanding businesses to Downtown and Newtown is a welcome challenge,” says Julie Markowitz, Director of the Staunton Downtown Development Association. “Being able to offer funding for those entrepreneurs will give them an opportunity that we haven’t been able to offer before and will daylight our incredible entrepreneurial support system in Staunton.”

Bright Rewired was funded by the Virginia Department of Housing and Community Development  through a $100,000 Community Business Launch Grant intended to incentivize new business development in downtowns.   Grant application and program implementation will be the work of three local organizations, the Staunton Downtown Development Association (SDDA), Staunton Creative Community Fund (SCCF) and the Staunton Economic Development Authority (SEDA).

We’re looking for inspired ideas for new businesses of all varieties that complete the Staunton business mix and create new jobs. Applicants will compete against a multitude of aspiring entrepreneurs, build their business concepts and learn from trained business specialists in a program designed to power new business ideas. A rigorous schedule of training and activities have been planned to support the program.

 

Application and Program Launch
Wednesday, February 18 through Wednesday, March 11

Kick-Off Party
Wednesday, February 18 at 5:30 p.m. at Yelping Dog Wine

Application and program specifics can be accessed at www.StauntonDowntown.org/brightrewired.   The applications will be reviewed and those selected will be notified by March 27.  To introduce the BRIGHT REWIRED Program, we will host a Kick-Off Party. Interested entrepreneurs are invited to attend and the partnering organizations will be on hand to describe the program and offer help and encouragement.

Business Planning Course
Wednesday, April 1 through Wednesday, May 20 at SCCF

Public Pitch Night
Wednesday, May 20 (location TBD)
Selected applicants must attend an eight week Business Planning Course from SCCF and will receive training in concept development, marketing, financial planning and all aspects of writing a business plan.  The classes not only teach participants, but also create a network of support that builds confidence as they educate. On the final class night, participants will deliver five minute pitches to the community and a panel of judges.  This event will be free and open to the public.  The community will be asked to give their input about the exciting business concepts and assist in business plan refinement through their advice and support.

Business Plan Submission
Wednesday, May 27 by 5 p.m.
Plans will be evaluated by a panel of judges and the grant recipients will be selected.

Bright Rewired Awards
Wednesday, June 17 (location TBD)
The community will be invited to celebrate the grant recipients and participant accomplishments.

The Bright Rewired program not only powers ideas and brings them to life but supports the grant recipients through a mentorship program, discounted and free services, and continuing education. “Staunton is an amazing place to start a business and our small businesses are the reason why Staunton is an amazing place to live,” says Chris Cain, Director of the Staunton Creative Community Fund. “We have a community that’s engaged, they get it. Bright Rewired is an opportunity to combine access to capital with education and support.”

The program will enable the partnering organizations to posture Staunton as “THE Place to do business” and create awareness for the existing infrastructure that supports burgeoning entrepreneurs in the Staunton community. ”The function of Bright Rewired is unique to many community development programs in Staunton,” says Courtland Robinson, Assistant Director of Economic Development for the City of Staunton. “The program is designed to match the inertia of successful business plans with vacancies located in our Downtown.”