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PETROLEUM DIRECTORY: Wanted: Bush entrepreneurs New public-private venture seeks to spur economic development, create jobs in rural Alaska with annual business competition Rose Ragsdale For Petroleum Directory
Designer cosmetics made in Nunataat? Anti-cancer treatments from Nuiqsut? A biodiesel plant in Delta Junction? A cross-cultural learning institute on St. George Island? Winter eco-tours in Deering? A high-speed visitor ferry in Metlakatla?
Yes, these innovative concepts could soon become reality thanks to the Alaska Marketplace, a new program aimed at spurring economic development in the state’s smallest communities.
Inspired by The World Bank Development Marketplace, the Alaska version got its start last year when the Denali Commission, Alaska Federation of Natives, BP Exploration (Alaska) Inc., Telecommunications Development Fund, Alaska Growth Capital Inc. and ConocoPhillips Alaska Inc. came together to underwrite the project. Other partners include the Alaska Manufacturing Extension Partnership, College of Rural Alaska, University of Alaska Fairbanks and Alaska Village Initiatives.
Managed by the Alaska Federation of Natives, the Alaska Marketplace process runs 18 months. The first cycle began with a call for proposals in October, climaxed with monetary awards this spring, and is set to end in the spring of 2007 after the winning business ideas have been implemented.
Call for ideas Like the international marketplace, the Alaska Marketplace focuses on finding the best ideas and turning them into action. The theme for 2006 is “Culture and Development.”
The program invited rural Alaskans with innovative ideas about how to create jobs and stimulate rural Alaska economies to compete for startup funds. Winners use their awards to develop and implement their ideas with the help of seasoned business professionals.
In the first competition, held earlier this year, 170 ideas were evaluated based on their innovation, sustainability and profitability, poverty reduction/job creation and cultural heritage.
Innovators with the 22 most promising proposals — as determined by a world-class jury of 23 private and public sector professionals — won a portion of $500,000, in seed money awards ranging from $8,000 to $50,000, and all 43 finalists received an honorable mention prize of $1,000. The judges also presented three People’s Choice awards of $1,000.
Some of the winning ideas are practical notions inspired by the needs of the local community, such as the arts and crafts cooperative planned for Mekoryuk. Others seek to capitalize on the economic strength of nearby markets such as the energy-efficient four-season greenhouse planned for Chickaloon, about 70 miles northeast of Anchorage. Still others aim to capture global markets with products created from raw materials unique to Alaska, such as health products from Southeast Alaska forests to be produced in Wrangell.
Impressed with the success of the 2006 competition, BP committed $200,000 on May 18 to kick off next year’s contest. The Alaska Federation of Natives’ board of directors has set a goal of raising $2 million to award in the 2007 competition.
For a complete list and description of the 2006 winning projects, visit www.alaskamarketplace.org.
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