CHARLESTON, W.Va. — Local business owners with a good idea, looking to expand or build on a startup can now apply for some potential seed money.
Applications are currently being accepted for the Charleston Area Alliance’s Thrive competition coming up in November, what is billed as a community-based approach to supporting local entrepreneurs.
“This is something to help a business, spur them along. Especially businesses in early stages, they need sometimes a hand up,” said Chris Ferro, vice president of economic development for the Charleston Area Alliance.
The deadline for applications is Oct. 21.
An independent panel of judges will then select the finalists who will be featured at the Nov. 14 Thrive event at the University of Charleston where the business owners will pitch their business plans to the crowd in the style of “Shark Tank.”
Community members select the winner of the cash prize which is raised through Thrive $30 attendance fees and combined with seed money from event sponsors for business capital investments.
“We look at it as a regional event,” Ferro said. “If folks are in the Kanawha Valley, that’s our preference.”
Morgan Richards with Morgan Rhea Luxury Goods, located in the South Charleston Tech Park, won the Thrive competition several years ago.
She used the winnings to purchase for her business a piece of equipment used to bend leather for sewing.
“It was kind of the beginning stages of our business and that was a key piece of equipment that we actually needed,” Richards told 580-WCHS.
“I always say, ‘In order to make money, you’ve got to have money.’ With winning Thrive, it helped us to get the funds (we needed) to better our business.”
Past winners have also included Katie Rugeley of The Initialed Life and Emily Sokolosky from Base Camp Printing Company.
Leading up to Thrive event, finalists meet with local business coaches from UC and the West Virginia Small Business Development Center to get tips for their presentations.
“We want to see them develop and get them into our ecosystem of services so that they can truly thrive,” Ferro said.