On April 26th the business plan for Bambino’s Baby Food, founded by Anchorage
entrepreneur Zoi Maroudas-Tziolas, took first place in the Alaska Business Plan
Competition. But the other clear winner was the state of Alaska.
for Bambino’s Baby Food, founded by Anchorage entrepreneur Zoi Maroudas-Tziolas, took first place in the Alaska Business Plan Competition.
But the other clear winner was the state of Alaska.
Over the last five years the competition has quietly but steadily grown into a staple
institution in the entrepreneurial sector of the Alaska economy. The maturation of Alaska entrepreneurship and the growth of the competition is no accident. Years ago organizers struggled to find enough entrants to fill out first, second and third place. This year, the number and quality of submitted business plans have improved to a degree that the organizers must employ a three-tier review process in order to sort through them all. On the day of the competition five finalists presented their plans to a full audience at the University of Alaska Anchorage, and ten Alaska business leaders determined the top awardees. In prior years any of the five finalists might have won first prize; this year, all five could be legitimate candidates for investment.
The entrepreneurial times are changing for the better and the signs were visible at the competition. Several of the judges, like Fred Stutzer and Alex Worthen, are active
investors in new Alaska funds dedicated to injecting much-needed capital into young Alaska companies. Other judges, like Jon Bittner of the Alaska Department of Commerce, have created and presided over new programs that support the development of local entrepreneurial talent.
The finalists who presented on April 26th previously participated in those programs,
like Startup Weekend Anchorage and 1 Million Cups, in which entrepreneurs hone their business planning and presentation skills and receive reviews from peers, established entrepreneurs and investors. Not long ago the leading point of contact for aspiring and active entrepreneurs in Anchorage was Meetup.com. Now they share workspace, present to each other and collaborate at The Boardroom. One new early stage investment fund and many entrepreneurs are headquartered there.
The rise of these new programs and institutions is poised to pay dividends to Alaska. This year’s top finishers in the competition presented plans for businesses
that can grow in Alaska and generate sales revenue outside Alaska. First place winner Bambino’s Baby Food identified an unfilled need in the changing baby food market, worth $55 billion per year. Second place winner Northern Catch outlined a plan that leverages