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THE LOREN HERBST SMALL BUSINESS

MEMORIAL AWARD

sponsored by

Minneapolis Business Mentors is proud to announce a new award program for Minnesota-based small businesses. The award – including cash prizes – is made in memory of one of our late team members, Loren Herbst, and in honor of his work with entrepreneurs, small businesses and Amplio (formerly Spedco).

 

Award Criteria:

In order to be eligible, an entrepreneur or small business owner must:

  • Have participated in at least 3 mentoring sessions between January 1 - October 15, 2021 with a Minneapolis Business Mentor.

  • Have a completed a Business Plan (lean, mini, pitch deck or full plan).

  • The business is registered with the state of Minnesota. 

  • The applicant is at least 18 years of age at the time of application. 

  • Completed the below application form and submitted no later than 5:00 p.m. October 15, 2021. 

 

Award Process

  • Individual Mentors will nominate clients meeting the above criteria to an MBMentors selection committee.

  • The committee will nominate 3 clients to move onto the award presentation round.

  • The 3 candidates will make a formal presentation about their business (or business idea) to the awards committee.

  • The Awards committee of will award 3 prizes:

    • 1st place - $2500

    • 2nd Place - $1500

    • 3rd Place - $1000

Application

Applications include the following elements:

  • Tell us about your story/entrepreneurial journey.

  • Describe the market need/problem you are solving. 

  • Describe your product/service/idea and its' value proposition. How are you addressing the market need/problem?

  • The SMART objectives you want to accomplish within the next year.

  • How will winning the award help you meet your business goals?

Final Presentation

The 3 candidates nominated based on their applications will make a formal in-person or virtual presentation to the awards committee. Each team will have up to 15 minutes for their presentation followed by a question and answer session by the judges. Judges will determine the 1st, 2nd and 3rd place winners. All decisions are final. 

Official Terms and Conditions

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