$25,000 at stake in Hormel Entrepreneurship Competition

The next Hormel Entrepreneurship Competition has started, and $25,000 could be the top prize for startup or expanding businesses in seven Southwest Nebraska counties.

Residents in Furnas, Frontier, Red Willow, Hayes, Hitchcock, Chase and Dundy counties who have a business idea or a plan to expand a current business are encouraged to apply. The deadline is Nov. 1 for the application and competition agreement.

“One of the best ways to keep Southwest Nebraska economically sustainable is to help support and develop the people and businesses we already have,” said Sharon Kircher, Mid-Plains Community College director of Business and Community Education.

The biennial competition began with a donation from the Hormel family and area sponsors. Those who apply can earn business grants to develop their business idea or expand their current business with no strings attached.

Semi-finalists will be chosen and required to attend mandatory orientation Nov. 30. Each semi-finalist will receive a scholarship to attend the mandatory eight-week, online Entrepreneurship Business Plan writing class offered by MPCC.

The class is free thanks to the McCook College Foundation paying for tuition and BCE covering the cost of the book.

In class, applicants evaluate their business concepts, create a business plan, apply research data, prepare financial projections and evaluate various resources available for funding.

In February there will be an advisory night where local mentors offer perspectives about a variety of business-related topics including marketing, law, accounting, banking and more.

After the completion of the online class, each Hormel Business Plan Competition semi-finalist has until March 27 to comprise and submit a business plan.

The judges will select finalists to present their business plans and make presentations April 19.

About Hormel

The Hormel Family Foundation was created in 1999 by the late Ben F. Hormel, a McCook entrepreneur, to support McCook Community College. When he died in 2002, he passed the torch to his children and grandchildren, who operate the foundation today.

The foundation is committed to education, entrepreneurship and business development in the McCook and Southwestern Nebraska economic region, and it is through that commitment the Hormel Entrepreneurship Competition was established.

In the three previous competitions, almost 60 applicants have applied, with 40 chosen as semi-finalists and 20 finalists selected to present their plan to judges and receive $1,500 to $18,000 in prize money for their ventures.

Previous first place winners have included Citta’ Deli in 2016-17, Saltwater Hills in 2018-19 and Heritage Ventures in 2020-21.

A complete set of rules and deadlines is available on the MPCC website: mpcc.edu.

Additional information can also be found by emailing HormelEntrepreneurshipCompetition@mpcc.edu or calling the BCE office at 308-345-8123.