“Launching” new and existing businesses and up-and-coming entrepreneurs toward success

A brand new program called “Whitecourt Launch” was recently unanimously voted in by Whitecourt Town Council. The Economic Development Committee created the program to help get home-based businesses out into the community in a storefront location or entice new entrepreneurs to step forward. The design also allows current small businesses to expand their products and services, helping to fill gaps in Whitecourt.

Town Council discussed the program’s merits at a recent Policies and Priorities meeting where Economic Development Officer Rhonda Hough explained what the program could bring to the municipality. “This program was one of the goals the committee identified in our strategic plan under business retention and expansion. They looked at designing a program that worked with local businesses that had plans on either expanding their products or services or new entrepreneurs looking at opening businesses.”

Hough said the program would offer some financial support to successful applicants. There are four steps in the application process, starting with candidates completing a form and working with a member of the Economic Development department. Secondly, candidates must submit a business proposal/project plan featuring a detailed budget which would then be reviewed and assessed for feasibility and sustainability.

“Everything would come to Economic Development, and we would vet it and work with Community Futures (Yellowhead East). They would look at the business proposal, give us some feedback, whether they think it’s feasible, and we would bring that back to the client that we are working with. If they think the business is feasible and ready to move forward, then it would (continue) through with the application,” explained Hough.

Once vetted, the application would be presented to the Economic Development Committee, and a pitch opportunity would be set up. Fans of the show Dragon’s Den or the American version, Shark Tank, would be familiar with what a business pitch can look like. The big difference is that prospective entrepreneurs and small business owners wouldn’t have to worry about TV crews or a national audience when presenting their cases. Pitches would be done before the Economic Development Panel, which would then score pitches based on pre-determined criteria.

“We have ten thousand dollars in the current budget allocated to help through this program. It’s really about helping businesses scale their business into the community. There are lots of benefits,” said Hough. Councillor Braden Lanctot asked what role Community Futures played in the program. “Community Futures is a resource. They offer business feasibility guidance, review business plans and provide some supports. (Candidates) will be using the supports they already offer (such as business mentorship),” explained Hough.

She explained that the program’s purpose was to encourage growth. “There are a number of home-based businesses (in Whitecourt), and we want to support them if they are interested in moving to a storefront. It could be a hair salon, or it could be something unique, like a photographer. It could be a number of things. It’s just really helping those businesses move into the public eye. It doesn’t mean it has to be downtown.”

Hough said they hope to see unique products or services within the applications but said someone looking to do something that already exists locally can still apply. “There is going to be a rating system for the Economic Development Committee to follow when they are grading these pitches and a points system to grade each application.” Those successful will sign an agreement with the Town of Whitecourt that identifies rights, responsibilities, and reasonable expectations, such as site visits, and business updates.

The ten thousand up for grabs could be awarded to one applicant or shared. Hough said it depended on the applications they received and their results. She added that the application is thorough and encourages candidates to look at other businesses in the municipality and where they believe they would fit competitively or if they consider themselves different entirely. Hough said how applicants answer questions would change how the committee scores them.

Hough said they would advertise publicly once the program was up and running and accepting applications. When asked if the committee hoped to increase funding allocated to the program in the future, Hough said partnerships are possible. “It would be good to have partnerships to grow. There is some potential future partnership with Community Futures.” She said they would gauge incoming applications and review the program after the first year to see if any changes are necessary and would bring that back to Council.

Qualified candidates that go through the pitch process but don’t come out on top for funding will still receive beneficial supports to further their dreams of opening a business or growing a current one. The committee will provide a package that includes resources, swag, and complimentary business assistance services.