Aleut Shareholder Marketplace Overview
McKinley Alaska Growth Capital (MAGC), in partnership with The Aleut Corporation, proudly administers the Aleut Shareholder Marketplace Business Plan Competition to support vibrant Aleut communities. Open exclusively to Aleut Shareholders and descendants of Shareholders, this business plan competition improves the economic opportunities available to Shareholders by providing technical and financial support to small businesses to encourage adaptive, entrepreneurial activity in the Aleutians and across Alaska.
2024 Aleut Shareholder Marketplace Information
Overview
Rules & Guidelines
Application
About The Marketplace
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 programming to Aleut Shareholders and Registered Descendants throughout Alaska.
Program Description
The 2024 program will begin with the Business Concept application. Selected semi-finalists will then participate in a three-day training – or business “boot camp” – in Anchorage, designed to teach participants basic business skills and how to write a formal business plan. The Boot Camp program 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 3 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 Aleut Corporation. 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. MAGC is excited to partner with leading organizations from across Alaska to execute the ASM; in addition to Aleut, program partners include Spruce Root, University of Alaska’s Center for Economic Development, Anchorage Community Land Trust, and more.
Eligibility
The ASM 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 ASM competition is only open to Aleut Shareholders and Registered Descendants who are 18 years of age or older by the annual application deadline and must live in Alaska. Applicants are not required to be residents of the Aleutians; however, preferential scoring will be provided to applicants living in the region and/or providing direct economic opportunity to the Aleutians. Aleut Board Members and employees are not eligible to enter the Competition.
By applying to the ASM, applicants are authorizing MAGC to conduct a full background and credit check. MAGC and Aleut reserves the right to disqualify any participant based on adverse findings at any time.
Key 2024 Dates:
- April 15 – Business Concept Application opens
- May 22 – Business Concept Application submission deadline
- August 5 – 9 – Business Boot Camp in Anchorage (travel day, 3-day Boot Camp, travel day)
- November 6 – Final Business Plan submission deadline
- February, date TBD – Winners announced
Optional virtual trainings and informational webinars will be available throughout the competition. Tune in to our Facebook page for announcements and details about upcoming events.
Competition Details
The ASM Business Plan Competition consists of three phases:
Phase 1 – Business Concept – Present Your Exciting Business Idea!
DUE MAY 22, 2024
The Business Concept Application opens on April 15, 2024 and can be found here via a fillable online form. All interested entrepreneurs must electronically submit their Business Concepts by 5:00pm, on May 22, 2024. Email MAGC’s Community Development Associate, Madi Hanneman, at [email protected] if you need assistance. No late submissions will be accepted.
Business Concepts allow participants to present a brief overview of their business, including:
- A description of the products or services offered
- The problem/need/opportunity addressed by the business
- Sustainability of business
- The community engagement and impact
- 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 applicants but helps us understand program applicants and gauge whether applicants may benefit from additional support and services.
Business Concepts are scored based on the following criteria:
- Product or service described is feasible or realistic and achievable in the region/Alaska.
- The product or service addresses a problem, need, or opportunity within the region/Alaska.
- The product or service has a unique competitive advantage that ensures business sustainability.
- 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 5 person Aleut Shareholder Marketplace (ASM) review committee.
Phase 2 – Business Boot Camp – Listen, Learn, Network, Start up!
DUE AUGUST 5-9, 2024
MAGC will extend an invitation to up to 10 Business Concept applicants to advance to phase 2 of the Competition; a Business Boot Camp on August 5-9, 2024 in Anchorage. During this time, participants will engage in a focused training on the fundamentals of starting a business, network with other small businesses and leaders from across the state, and learn the key elements of developing a business plan.
This fun, interactive week offers extensive resources and networking opportunities to support new businesses from idea to execution. MAGC will cover travel, accommodation, and food associated with the week for participants.
Phase 3 – Business Plan – Detail All Aspects of Your Business Strategy
DUE NOVEMBER 6, 2024
Full participation in Business Boot Camp is required for advancement to the final phases of the Competition. Semi-finalists must submit a comprehensive business plan for consideration for the final awards. Post-Boot Camp, MAGC’s Community Development Associate, as well as business coaches from Spruce Root will be available to provide additional assistance as applicants refine business ideas and develop their formal ASM Business Plan.
While specific expectations and instructions will be supplied to semi-finalists during the Business Boot Camp, Business Plans must include more detail than the Business Concept and follow a similar structure to below:
- Executive Summary
- Company Overview
- Products and Services
- Market Analysis
- Marketing and Sales Strategy
- Community Engagement
- Management Experience
- ASM Use of Funds
- Future Plans and Dreams
- Financial Statements
- Appendices
- Copies of valid business licenses and evidence of the organizational structure of the business (i.e. sole proprietorship, joint venture, Limited Liability Company, corporation, etc.)
- Copies of business insurance or quotes for new businesses
- At least 3 letters of reference (1 character reference from a family member and 2 professional references from a non-related professional colleague or community leader)
General evaluation criteria includes:
- Clarity, completeness, and persuasiveness of the business plan
- Why, how and where the business exists
- Comprehensive description of the business’ products and/or services
- Market analysis and potential demand and growth prospected examined
- Contingency planning and risk assessment – as well as mitigating risk factors – considered
- Pricing and promotion strategies detailed
- The capacity and strength of the management team explained
- Financial projections and community impact of business modeled
- Size of community (preference given to business operating in smaller communities)
- Quality of elevator pitch
- All Business Boot Camp participants will pitch their businesses in front of the cohort during the weekend. Pitches are recorded for participants review and will be included in the overall award scoring.
All Business Plans will be reviewed by a 5 person ASM review committee comprised of MAGC and AC representatives.
Final Business Plans including all required accompanying material must be electronically submitted to MAGC’s Community Development Associate, Madi Hanneman [email protected] by 5:00 pm on November 6, 2024. No late submissions will be accepted.
Phase 4 – Award Recognition and Disbursement of Funds
FEBRUARY, 2025
Finalists will be notified via phone/email of their advancement in the competition. ASM winners will receive an award of up to $25,000 in startup capital to develop their business ventures.