The story below is from our July/August 2019 issue. For the full issue Subscribe today, view our FREE interactive digital edition or download our FREE iOS app!
Photo By Courtesy of Laura Wade and The Gauntlet
An array of resources exists to help local entrepreneurs take their businesses to the next level. The Gauntlet coordinates efforts to strengthen the entrepreneurial ecosystem.
The Gauntlet, run by The Advancement Foundation, is Virginia’s largest business program and competition. It is a comprehensive business development program that provides both small business education and a chance to compete for cash and in-kind resources to start or expand a business located in Allegheny Highlands, Botetourt, Roanoke City and County or Salem.
Started in 2015 with 15 entrepreneurs, the purpose of the Gauntlet is to help grow our local entrepreneurial ecosystem. It is a place where entrepreneurs, regardless of where they’re at in their business, receive knowledge, mentorship, encouragement, networks and resources to further help grow their businesses. This year, 122 entrepreneurs participated bringing the total to 300 who have been trained and supported in the last five years.
Every February, entrepreneurs begin 10 weeks of classes that includes topics such as market advantage, marketing, budgeting and cash flow. They are matched with mentors for one-on-one coaching and they begin to become comfortable sharing their ideas and passion with others.
The competition happens in mid-April. Judging is based mostly on feasibility and strategy of the business. Judging panels are built with community and business leaders in the areas that support The Gauntlet and want to see small businesses continue to grow.
“Prizes are announced at the May awards ceremony and packages are customized for each competing business to provide them what they need to get to the next level. This is also a chance where mentors, sponsors, family and friends can come to share the excitement of the program and see the variety of businesses that participated,” says Annette Patterson, founder and president of the Advancement Foundation.
This year, $300,000 cash and in-kind prizes were awarded, and prizes were dispersed among all competing businesses. The top prize went to Homer Warren and Nick Morgan of Formable Grabber, the first auto-unlocking innovation since 1998. Second place was Roanoke Neuromuscular and IVO Limited and Easy Workings tied for third.
… for the rest of this story and more from our July/August 2019 issue, Subscribe today, view our FREE interactive digital edition or download our FREE iOS app!
