“Is your idea worth a million dollars?” asks NLS Venture Capital on its website, youreinbusiness.com. After calling for one million new businesses during National Small Business Week, Michael C. Hill, head of NLS, is putting money where his mouth is. Starting Friday, July 1st, participants in his company’s Million Dollar Idea Competition have the opportunity to receive up to one million dollars in seed funding to pursue their business dreams. There will also be thousands in smaller grants to help the aspiring entrepreneurs start or grow their businesses.
All types of submissions are welcome: from a loosely formed idea to a highly detailed business plan. To submit an idea, participants register online at youreinbusiness.com, where they will receive: entry in the competition, membership in the NLS Business network with access to investors and other entrepreneurs, a subscription to a monthly newsletter with invaluable advice from successful business leaders, and the “You’re in Business!” Startup Kit, all designed to crystallize an idea into a professional business plan.
After three selection rounds, a grand prize of one million dollars in equityfunding will be awarded to the best idea. Cash awards of $5,000,$25,000, or $50,000 will be awarded to runners-up. NLS Venture Capital assures potential contestants that all participants will be winners because, as members in their network, they will have access to education, mentorship, feedback, and, most importantly, capital.
“This is a business, not a charity,” says Hill. “We are offering a free market solution. Competition is a free market principle, and we are having participants compete for startup money. As members of our network, they will have their ideas and business plans reviewed by professionals, CPAs, MBAs, attorneys, and venture capitalists. The advice, guidance, and wisdom that we share can also come with a big fat check.”
Whether an experienced entrepreneur or someone with a fresh idea, this program is designed to take an idea on the fast track to success. “I have reached out to Staples, Office Depot, OfficeMax, Intuit, American Express, and others who profit directly from business creation, says Hill. “If they help these new businesses succeed, it’s a big win for them.”
It’s a win-win for all involved: the entrepreneur wins because he or she is now in the game. NLS Venture Capitalwins because they now own another piece of success. The country wins because new businesses mean new jobs.
“Big, small, high-tech, low-tech, it doesn’t matter,” says Hill. “The key word is ‘new’ for the economy to start growing again.”