McKinley Alaska Growth Capital (MAGC) is hosting a Bristol Bay Marketplace Business Plan Competition for BBNC shareholders, spouses, and descendants. This business plan competition improves the economic opportunities available to eligible applicants by providing technical and financial support to small businesses to encourage adaptive, entrepreneurial activity in the Bristol Bay region and across Alaska.

Program History

In 2009, a similar program (the North Slope Marketplace, or NSM) was created under the direction of MAGC to provide financial and technical assistance to Arctic Slope Regional Corporation (ASRC) shareholders launching regional based businesses to spur economic growth on the North Slope. Since inception, the NSM has awarded over $1 million to over 50 businesses positively contributing to the North Slope and Alaska economy. MAGC is excited to offer this program to BBNC shareholders, spouses, and descendants across Alaska.

Program Description

The 2024 Bristol Bay Marketplace (BBM) Business Plan Competition will begin with the Business Concept Application. Selected semi-finalists will then participate in a three-day training – or business “Boot Camp” – in Anchorage, Alaska, designed to teach participants basic business skills and how to write a formal business plan. The Boot Camp will encompass a series of structured training sessions and interactive breakout sessions, including an orientation to a personalized one-on-one mentorship, networking prospects with esteemed industry professionals, and other training opportunities related to business planning. Travel to/from Anchorage, as well as lodging for Boot Camp will be covered for semi-finalists. After Boot Camp, semi-finalists will have roughly three months to submit final business plans and financial projections. From the submitted business plans, finalists are selected and awarded up to $25,000 in startup capital from MAGC. MAGC supports the distribution of award funding and provides funds directly to vendors on behalf of finalists. Funds can only be used for approved business-related expenses.

BBNC and MAGC are excited to partner with leading organizations from across Alaska to execute BBM including Spruce Root, University of Alaska’s Center for Economic Development, Anchorage Community Land Trust, and more.

Eligibility

The BBM competition is open to new ventures, existing businesses seeking diversification, or existing businesses expanding into new operations. All existing businesses seeking diversification or expansion must demonstrate the “newness” and stand-alone success of their expanded operation. All businesses must be for-profit and based in Alaska.

The BBM competition is exclusively open to BBNC shareholders, spouses, and descendants who are 18 years of age or older by the annual application deadline. Applicants are not required to be residents of the Bristol Bay region; however, preferential scoring will be provided to applicants living in the region and/or providing direct economic opportunity to Bristol Bay. BBNC Board members and employees are not eligible to enter the competition.

By applying to BBM, applicants are authorizing MAGC to conduct a full background and credit check. MAGC reserves the right to disqualify any participant based on adverse findings at any time.

2024 Key Dates:

• May 22 – Business Concept Application submission deadline
• August 5 – 9 – Business Boot Camp in Anchorage (travel day, three-day boot camp, travel day)
• November 6 – Final Business Plan submission deadline
• February, exact day TBD – Winners announced

Optional virtual trainings and informational webinars will be available throughout the competition. Tune in to MAGC’s Facebook page for announcements and details about upcoming events.

Competition Details

The BBM Business Plan Competition consists of three phases:

Phase 1 – Business Concept – Present Your Exciting Business Idea!

The Business Concept Application opens on April 15, 2024 and can be found by clicking here. The deadline to submit your application is Wednesday, May 22, 2024, at 5:00 p.m. Alaska time. If you need assistance, please contact  MAGC’s Community Development Associate Madi Hanneman at mhanneman@alaskagrowth.com. No late submissions will be accepted.

Business concepts allow participants to present a brief overview of their business, including:

1. A description of the products or services offered
2. The problem/need/opportunity addressed by the business
3. Sustainability of business
4. The community engagement and impact
5. The overall management capacity

MAGC requires all business owners to complete a Personal Disclosure and Financial Statement section of the business concept application – authorizing the company to complete a background and credit check as well as understand applicants’ personal financial capacity. This information is not used to disqualify applicant but helps us understand program applicants and gauge whether applicant may benefit from additional support and services.

Business concepts are scored based on the following criteria:

1. Product or service described is feasible or realistic and achievable in the region/Alaska.
2. The product or service addresses a problem, need, or opportunity within the region/Alaska.
3. The product or service has a unique competitive advantage that ensures business sustainability.
4. The business promotes greater economic opportunities for the region/Alaska.

Applicant demonstrates their professional and life experiences (and that of their teams, if applicable) that will help them successfully manage the business.

MAGC’s Community Development Associate will review all applications to ensure completeness and eligibility. All entries that pass initial screening will be reviewed by a five person BBM review committee.

To learn more about the competition, including the other two phases, please click here. To read the rules and guidelines, click here.