Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Business Boot Camp topic
No spam. Unsubscribe anytime.
Chamber EDC pitches local "business boot camp" and prize funding; committee asks for formal proposal
Summary
Chamber EDC proposed a 12–16 week business boot camp for startups and discussed offering prize funding similar to Mandan’s pitch challenge; committee members expressed support but asked for a formal proposal on structure, funding and loan stipulations at the September meeting.
BISMARCK — The Chamber EDC presented a proposal Aug. 28 to establish a local "business boot camp" for companies in their first two years, and asked the Vision Fund Committee whether it would consider providing prize funding for either boot-camp graduates or participants in a local pitch challenge.
Nathan, the Chamber EDC representative, said the boot camp is designed to fill a gap between very early startup help and programs for more established businesses. He described it as modeled on the Goldman Sachs 10,000 Small Businesses curriculum and aimed at small cohorts to promote peer learning and applied work. "This business boot camp would be structured similar to the Goldman Sachs 10,000 small business program... it would offer sessions in specific topics to try to help these businesses that are started to 2 years old kind of take a step back out of their business and focus on their business rather than being in their business on a day to day basis," Nathan said.
Nathan also described the established Mandan Business Pitch Challenge as a comparator: applicants must be under two years old with cumulative revenue under $250,000; four finalists pitch to judges; the winner receives a $10,000 forgivable loan from the Mandan Growth Fund, with $3,000 for second place and $2,000 for third. He asked whether the Vision Fund would consider offering a similar prize package for a Bismarck pitch event or awards tied to a boot-camp cohort.
Committee members largely supported the concept but raised practical questions. Some argued the 12–16 week training itself may be sufficient incentive and questioned giving a forgivable loan to every boot-camp participant. Member Peterson and others asked for details about forgivable‑loan stipulations, program costs such as meals, and long‑term funding sustainability. Mayor Schmidt said he supported awarding a prize to a winner chosen by a pitch committee rather than automatic awards to every participant.
Nathan clarified that Mandan’s awards are structured as forgivable loans prorated over five years: recipients must remain in business to earn forgiveness, and early closure triggers prorated repayment.
The committee asked Nathan to return to the September meeting with a formal proposal that spells out program structure, funding mechanisms, proposed prize amounts, and the specific terms for any forgivable loans. Nathan agreed to present a detailed pitch next month.
