Here’s your chance to submit a business plan for the chance to win cash prizes in the Regions Bank 2021 Business Plan Competition.
Southern Illinois entrepreneurs can compete for innovation and small business development funding as part of the Regions Bank 2021 Business Plan Competition. The bank is awarding a top prize of $5,000 along with second and third prizes of $3,000 and $2,000 respectively through the SIU Foundation. The Illinois Small Business Development Center at Southern Illinois University Carbondale will provide technical support and business assistance and the deadline to submit entries is Friday, Nov. 12.
“Despite the challenges of this past year with the pandemic, we’ve witnessed a tremendous increase in interest from Southern Illinois entrepreneurs emerging with new, innovative business concepts or business expansion ideas,” said Deborah Barnett, SIU director of business incubator programs. “The business plan competition support from Regions Bank through the SIU Foundation is very timely and will serve as a spark to continue the entrepreneurial momentum that we’ve seen building in the region.”
The Dunn-Richmond Economic Development Center is located within the Southern Illinois Research Park at Southern Illinois University Carbondale.
Showcase will feature announcement
The winners will be announced during SIU Research Park’s Innovation and Entrepreneurship Showcase on Dec. 2 at the Dunn-Richmond Economic Development Center, 1740 Innovation Drive in Carbondale.
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“The announcement of the business plan competition winners will be the highlight of the showcase,” said Lynn Andersen Lindberg, executive director of the SIU Research Park. “The opportunity to help jump-start several emerging or expanding small businesses in partnership with Regions Bank is a great way to celebrate the innovation that’s been taking place throughout Southern Illinois during the COVID pandemic.”
Open to new or expanding business concepts
The competition is open people with business ideas in Franklin, Jackson, Jefferson, Perry, Randolph or Williamson Counties. Contestants can’t be affiliated with government entities, non-profit organizations, public or private schools, or universities andcolleges. Participants must register and then submit a full business plan and 90-second pitch video by Nov. 12. There are a few simple criteria for the business plans. To enter the plans must be:
- A start-up or existing for-profit small business featuring innovative ideas, products or services with an identified market need and potential for commercialization. Pre-venture entrepreneurs can enter, too.
- Focusing on new ideas or expansion opportunities, not current business operations.
- Not involved with cannabis, gambling or lobbying activities nor any activities which are prohibited by state or federal law.
For more information about the business plan competition, along with registration, visit sbdc.siu.edu.
The competition is sponsored by Regions Bank in partnership with the Southern Illinois University Foundation, the Illinois Small Business Development Center, the SIU Research Park and the SIU Business Incubator.
“A solid business plan is critical for any business that wants to be successful. This competition is a great opportunity for Southern Illinois entrepreneurs to put a solid business plan in place, develop a strong pitch, and compete for funding,” said Greg Bouhl, SIU director of entrepreneurship and business development. “The Illinois Small Business Development Center at SIU serves as a strong partner in the competition as we provide no-cost business advisement, including business plan assistance, to competition participants and any small business who needs assistance.”
Joe Wargo at Joe’s Station House in Normal said fostering employee buy-in worth higher wages.
10 things to know about Rivian IPO
3,136
Employees at the Normal factory. Rivian in 2017 paid $16 million for the former Mitsubishi plant, which now houses vehicle and manufacturing engineering, manufacturing operations, supply chain and logistics, IT, quality and customer support workers.
20
Percentage equity stake that Amazon has in Rivian as of Sept. 30, for a total of about $1.35 billion.
2009
Year Rivian was founded by Massachusetts Institute of Technology graduate R.J. Scaringe. Today, the company has about 9,000 employees and is headquartered in Irvine, California, south of Los Angeles, with offices in Michigan, Arizona and elsewhere.
1.2 trillion
Market cap of electric vehicle industry leader Tesla. Numerous legacy auto makers and startups are racing to capitalize on interest in electric vehicles and incentives. Illinois lawmakers last week passed the Reimagining Electric Vehicles Act, which provides tax credits for purchases and financial assistance for companies to start operations.
100,000
Custom EV vans Rivian is building for Amazon.
10.5 billion
Dollars Rivian has raised from investors since 2019, including Ford, T. Rowe Price and Amazon.
150,000
Annual capacity of Normal factory. The IPO filing says an expansion is expected to bring production up to 200,000 in the next two years. The company has filed paperwork with the town to add 623,000 square feet, bringing the total footprint to 3.9 million square feet.
Dominant
The Rivian Automotive site in Normal. The company is seeking a valuation of more than $53 billion in its forthcoming initial public offering.
55,400
Preorders for the company’s inaugural models, according to the IPO filing. The R1T truck, which starts at $73,000, rolled off the assembly line September. The R1S SUV, which costs $75,500, is expected to be sold starting in January. Both have about 300 miles of range and go from zero to 60 mph in three seconds.
135 million
Class A common shares that Rivian is planning to offer, priced at $57-62 per share, according to the SEC filing. The company filed papers in August to go public and at the time set the valuation at about $70 billion. Federal filings show the company has lost about $2 billion since the beginning of 2020 and plans to spend about $8 billion on equipment and infrastructure until the end of next year.
