The Odessa Business Challenge, which will be funded by the Odessa Development Corporation and overseen by America’s Small Business Development Council at UT Permian Basin (SBDC), is designed to assist entrepreneurs in expanding an existing business or starting a new one.
Each participant will gain a better understanding of how to develop and follow a realistic business plan and model for a growing business. This undoubtedly will have a positive economic impact for Odessa.
By attending the mandatory orientation that the SBDC will present, entrepreneurs and business owners who are interested in applying will better understand the requirements of the competition. Participants will be able to attend multiple seminars providing vital information and guidance to assist them in developing a fact sheet as well as a full business plan, which will be submitted as part of the competition.
Once qualified, all entrants will have access to one-on-one business coaching, expertise and other pertinent resources offered at the SBDC. These meetings will discuss strategy, assist with building financials and finalize business plans before they are submitted.
Winners can request a share of $350,000 in grants from the Odessa Development Corporation.