Path to Prosperity is a program organized by Spruce Root, a nonprofit that was organized with seed money from Sealaska Corporation through Haa Aaní Economic Development. It is an annual competition open to everyone across Southeast Alaska who wishes to create or expand their small business. According to Spruce Root's website, the Path to Prosperity competition judges business models not only on their feasibility, but on their contributions to the local economy, community, and environment. Program Manager Ashley Snookes said that this is the seventh year of the competition.
"It starts with round one, in the spring, and it just starts off with some ideas about your business and what you hope to accomplish," she said. "Then the heart of the competition is our business boot camp, which happens in September in Juneau every year. Then after that, finalists go on to work on their business plans which they submit as they work on being selected as winners."
The competition is geared towards small businesses looking to take their next big step, she said. As a hypothetical example, a one-shop company may be looking to expand into a second location. In the application, they will be asked a variety of questions pertaining to their business, like what product or service they provide, and how their business stands out from others in similar fields. They will also be asked questions about how the business plans to contribute to conservation efforts, and how to ensure that business revenue stays in the local economy. Snookes said that existing businesses are not the only ones invited to join the competition. People who want to start their own small business are welcome to submit their plans, too.
According to the competition's website, 12 finalists will be chosen from the first round to attend an intensive three-day business boot camp. The camp will focus on marketing, finance, and business development tools to help the finalists better understand what to submit for their final business plans in the last round of the competition.
"Business Boot Camp is kind of the heart of it," Snookes said.
In the final three months of the competition, following the boot camp, the 12 finalists will write a comprehensive business plan, with the support of Spruce Root business coaches. These plans will be submitted by Dec. 2, 2019, and the winners will be announced in Feb. 2020. There have been several winners and finalists from Wrangell in the past, Snookes said. In 2017, Mighty Bear Roots was one of the two Path to Prosperity winners. Raven Guitars was one of the competition's very first winners in 2013. Snookes was in Wrangell last week to give a presentation on Path to Prosperity, and she said she was very happy with the turnout she saw.
"We had some great faces come by, and good questions, and some interest in all of the programs we offer," she said.
The deadline to apply for this year's Path to Prosperity competition is May 31. To learn more, visit http://www.spruceroot.org/path-to-prosperity.
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