Start Garden, a venture capital project in Michigan, is backed by $15 million provided by a family that is earmarked for individuals to compete for investment money. Entrepreneurs participate in Start Garden by laying their ideas out on the table for a chance to win $5,000 in investment funds. Three participants have been declared winners of this weekly project and will receive $5,000 in funds to help get their idea up off the ground and move forward with their business formation and planning.
The first two winners were selected by the Start Garden team while the third winner was selected by website visitors. Regardless of how they were deemed winners, each of them are. The two ideas selected by the Start Garden team are Click Plow and NxtMile Sport Insoles. The third idea, which was selected by website visitors, is known as Dirty Water Beer.
Click Plow is a web-based product that allows for individuals to schedule the removal of snow, which would be convenient for those living in the Michigan area as well as other snow-heavy locations. NxtMile Sport Insoles are insoles for shoes that are specifically designed for young athletes to help reduce some of the more common sports injuries. Finally, Dirty Water Beer is an organization that would use beer sale profits to help developing countries develop fresh water wells.
While all three of the winners have received a nice amount to get their ideas off the ground, obtaining initial start-up funds is only one step in the business formation and planning process for a new business. Each individual needs to get the proper licensing and comply with relevant regulations that Michigan may require as their business formation ideas move off the drawing table and that much closer to reality. Consulting with a business law attorney can aid these new entrepreneurs in the proper formation of their business so they start with a solid foundation in which to grow their company.
Source: The Washington Post, "Initial 3 winners selected for Mich. Entrepreneur???s Start Garden venture capital program," Associated Press, May 4, 2012