2020 Business Concept Application

Welcome to the North Slope Marketplace (NSM) business plan competition! Submitting this Business Concept Application is the first step toward competing for a $25,000 business grant award from Alaska Growth Capital (AGC) to launch or grow your business on the North Slope.

 

The NSM business plan competition is open to Arctic Slope Regional Corporation (ASRC) Shareholders 18 years of age or older that have a for-profit business idea that provides economic opportunity in the North Slope region and is in need of funding.

 

Interested entrepreneurs must electronically submit their Business Concept Application by 5:00 pm, on April 30, 2020. This application may be signed with an electronic signature.

No late submissions will be accepted.

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* 1. I have read and understand the 2020 NSM Rules and Guidelines.

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* 2. Please Provide the Name of Business.

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* 3. Location of Business?

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* 4. Type of Business (Ex: Food Business, Auto Repair, Technology, Etc.,)?

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* 5. Personal Disclosure Information: 
A background and credit check will be generated for each applicant to the North Slope Marketplace business plan competition. These reports will be derived from a variety of sources and all information will be kept confidential. AGC will use background and credit history information to determine eligibility for the North Slope Marketplace competition.

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* 6. Other Application Information:

If ASRC Shareholder # is unknown, please contact the ASRC Stock Department at  907-852-8633

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* 7. Are you married?

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* 8. Are you related to any ASRC Board of Directors or Executive Team?

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* 9. If Currently Employed:

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* 10. Co- Applicant Information (if applicable):

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* 11. Co-Applicant Information:

If ASRC Shareholder # is unknown, please contact the ASRC Stock Department at  907-852-8633

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* 12. Is Co-Applicant married?

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* 13. Is Co-Applicant related to any ASRC Board of Directors or Executive Team?

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* 14. Co-Applicant Employment Information:

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* 15. For the Following Questions (15-19), please provide a thorough and complete response to give the North Slope Marketplace review committee a greater understanding of your business. 

CONCEPT QUESTION # 1 PRODUCT OR SERVICE OFFERED: 

Provide a description of the product or service offered by the business. This is your opportunity to tell us about what the business aims to do. For example, if you are opening a coffee shop, tell us about the location, hours of operation, types of beverages available, price of beverages, number of beverages sold, general expenses anticipated, etc.

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* 16. CONCEPT QUESTION 2 PROBLEM/NEED/OPPORTUNITY
Describe the problem, need, or opportunity that your product or service addresses within the community.

·          Discuss your target market and your understanding of the types of customers that will buy your product or service today and in the future.

·          List any known competitors that have similar products or services already available in the market.

In this question, give us an overview of the market as you see it. Again, if you are opening a coffee shop, tell us why your community needs a coffee shop, who you will be selling to and if there are other similar businesses in the area that sell coffee.

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* 17. CONCEPT QUESTION #3 UNIQUE COMPETITIVE ADVANTAGE
Detail the unique competitive advantage of your product or service. Here, tell us all the reasons your product or service is different and better from existing competitors in the market. In the coffee shop example, maybe your shop offers a more affordable product as well as a drive through window and an order ahead service that allow customers to receive their coffee more quickly and efficiently over competitors.

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* 18. CONCEPT QUESTION #4 COMMUNITY IMPACT
Outline the effects of your business on the broader North Slope region; think job creation, sourcing products and/or services locally, community partnerships, etc. As a Community Development Financial Institution (CDFI), Alaska Growth Capital grows economic opportunity, rooted in community. We aim to encourage a similar way of doing business with the businesses we fund, through the North Slope Marketplace. Tell us how your business has a positive impact on the community in which it operates and the North Slope as a whole. Again, in the coffee shop example, barista training for area youth could be an added social and financial benefit or impact for the community created by the business.

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* 19. CONCEPT QUESTION #5 BUSINESS EXPERIENCE
Characterize the overall management capacity of yourself and your team (if applicable).

·         Highlight if you have any experience managing or operating the type of business explained above and whether you have owned your own business or worked at a small business previously.

·         Describe how your professional and life experiences make you uniquely qualified to lead this particular business.

·         Also, tell us about an area you would like to improve upon as an entrepreneur and what you hope to learn from the NSM program.

Finally, as an owner of a coffee shop, you could detail your previous work experience as a barista as well as your current experience as a manager of three people. An area of improvement could be that you have never owned your own business and aim to learn the fundamentals of business ownership, specifically marketing, from the North Slope Marketplace program.

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* 20. In an effort to better understand and engage North Slope Marketplace applicants, the following questions provide AGC with insight into your familiarity with the following tools, resources, and activities. Please answer the following on behalf of the main applicant:

  None Low Moderate High
Access to a Computer
Access to Internet
Knowledge of Microsoft Word
Knowledge of Microsoft Excel
Confidence in starting a business

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* 21. How did you hear about the North Slope Marketplace?

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* 22. AGC strongly recommends that you review your business concept application before making your final submission. Please be sure to review your application for completeness and accuracy in order for the North Slope Marketplace business concept judges to understand your business concept.

 

 

Have you reviewed your answers to the business concept questions?

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* 23. Confirm that I (Primary Shareholder Applicant) am an ASRC Shareholder

Certify that the information provided above is true, correct and complete as of the stated date

Authorize Alaska Growth Capital and any affiliates to conduct an inquiry into my background and credit history, including, obtaining a credit report on me from a credit reporting agency

I have read and agree to the North Slope Marketplace Official Contest Rules

Certify that I (Primary Shareholder Applicant) will be able to attend and fully participate in the mandatory Business Boot Camp Weekend in Utqiagvik, July 9-12, 2020 (all travel/lodging expenses will be covered for traveling participants)

Understand that false information may result in forfeiture of benefits of the North Slope Marketplace program

Understand that my application is not complete until I submit 2 letters of recommendation and schedule a meeting with the administrator

By Typing your full name, you are certifying that all information supplied above is true, correct and complete as of the date below:

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