After a two-month recess, the Craig Economic Development Advisory Committee reconvened Monday with a focus on gearing up for the second installment of the Craig Business Plan Competition.

Among the attendees were special guests such as Moffat County High School teacher Krista Schenck and students from her entrepreneurial class, who were there to observe the proceedings.

Led by Craig Economic Development Manager Shannon Scott, the committee delved into the upcoming competition, and Scott highlighted the initial motivation behind the competition — to ignite entrepreneurship and innovative business ideas within the community — with the added incentive of cash rewards to kickstart winning ventures.

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The inaugural competition had two entrants, both in the startup category.

The Local Marketing District provided award funds of $15,000 for the first-place winner and $5,000 for second place. The participants also received free consulting from Colorado’s Small Business Development Center, a partner in the competition.

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“People always have great ideas and thoughts for businesses, but they don’t really have the guidance on how to get that idea through to fruition,” Scott said, adding that the Small Business Development Center’s assistance helped the participants put their ideas in motion.

Reflecting on the success of the inaugural competition detailed in the committee’s 2023 annual report, Scott shared some insights into the process and outcomes of the first year’s competition. Despite low initial turnout, Scott said the committee deemed it a success, celebrating those who transformed their business ideas into tangible realities.

Looking forward to the 2024 competition, which is expected to launch this summer, Scott opened the floor to committee members for suggestions for improvement.

One proposed change was to condense the competition’s timeline from three phases to two, reducing the overall duration from six to three months. Additionally, discussions revolved around merging distinct competition categories into a single overarching business plan category and potentially awarding more than just first place in each category.

Craig City Council liaison Derek Duran asked about potential avenues for increasing prize funds, and Scott suggested a potential higher ask from the Local Marketing District for this year’s monetary awards.

Students attending the meeting also expressed valuable insights, highlighting the likely need for substantial prize money to incentivize new business creation and proposing adjustments to prize distribution to better cater to budding entrepreneurs’ needs.

City Council liaison Randy Looper also suggested earmarking a larger percentage of the award funds for the new business category.

“For a new business, it’s going to take a lot more for them to get off the ground,” Scott acknowledged.

Scott added that, while the overall goal of the competition is creating diversification by supporting existing and new businesses, “it’s probably going to take more for a new business to get going than it would be for an existing one to expand.”

Emphasizing the broader significance of the competition beyond monetary rewards, Schenck underscored the invaluable expertise and networking opportunities provided throughout the process.

“That is worth far more than the (prize money),” she said.

“That’s really the intent,” Scott agreed. “Even if they don’t win, we want (participants) to have those relationships and those contacts and dialogue to make their business work.”

As the conversation progressed, the group contemplated strategies to foster a culture of entrepreneurship within the community, and drew inspiration from neighboring towns.

Committee member John Miller shared his experience with a similar business plan competition in Hayden, remarking on the entrepreneurial “spirit” evinced by the community and wondering aloud how to duplicate it in Craig.

“If people don’t realize there’s opportunity, they don’t dream — and I feel a lot of that in our community,” Miller said. “I don’t know how to make that move, but it feels like this conversation is about that.”

“Maybe that’s the goal,” Duran said. “How do we build that spirit? How do we get the dreamers that have that vision that are just waiting to take the next step?”