INOV8 Small Business Competition
INOV8 is a small business competition in which three businesses will receive a $10,000 grant to start or expand operations in Downtown Lynchburg.
UPDATE: We will host two Information Sessions about the program on Monday, March 24th at 8:00 a.m. and 5:00 p.m. at the Lynch’s Landing office, 901 Church Street. Please contact Anna Bentson at firstname.lastname@example.org if you would like to attend.
INVO8 is sponsored by Lynch’s Landing Foundation, with the Lynchburg Office of Economic Development and the Region 2000 Small Business Development Center and partially funded by a grant from Virginia Main Street. Eligible activities for grant support will include:
· Expansion of programs, service hours or product lines in current downtown businesses;
· Transition support for online or home-based businesses;
· Second locations in Downtown Lynchburg for businesses currently located outside of the Central Business District (CBD).
Grant funds may be used for the purchase of supplies, equipment, or inventory; payment toward the lease or purchase of commercial property; renovations or upgrades to a commercial location; and marketing and promotion. Grants will be reimbursable to businesses that provide appropriate documentation for their expenses.
All applicants will be required to attend various trainings and one-on-one consultations throughout the summer. At the end of the training period, applicants will submit a written business plan and marketing plan to support the business idea, product or service. Applicants will make a public presentation to a panel of judges assembled by the three partners.
A cash prize, of $10,000 with an additional $800 (minimum) in radio, video and print marketing support will be awarded to the individual(s) who, in the opinion of the judges, demonstrates the business idea and plan most likely to result in a successful new business venture in Downtown Lynchburg.