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NMF Receives Blandin Foundation Grant Supporting Entrepreneur Program
May 12, 2008
 The Blandin Foundation awarded a three-year, $300,000 grant to
Northwest Minnesota Foundation for a partnership project that is
designed to grow the economy of northwest Minnesota by outfitting
the next generation of home-grown innovators for success in the
global marketplace.
IDEA, an acronym for Ingenuity Drives
Entrepreneur Acceleration, is a project of the Ingenuity Frontier, a
collaboration of partners, convened by the Northwest Minnesota
Foundation and joined by the common purpose of encouraging
entrepreneurs.
The centerpiece of the effort will be an annual
competition in which as many as five entrepreneurs will be
recognized for new business concepts that are original, innovative
and economically viable. Along with the recognition, the contest
winners will receive cash awards of $10,000 each, plus consulting,
coaching and technical assistance valued at an additional $10,000.
Contestants will also benefit from networking with other successful
entrepreneurs who will act as judges and have the opportunity to
present their ideas to equity investors.
“The type of innovative thinking that drives business creation often comes down
to the vision of a single individual,” says Wade Fauth, grants director for the
Blandin Foundation. “This strategy focuses on uncovering some of the most
promising ideas, and providing them with the support needed to be successful in
the marketplace.”
“The whole purpose of IDEA is to keep northwest Minnesota supplied with
innovative entrepreneurs,” said Marty Sieve, NMF vice president for programs.
“The kind of entrepreneurs that earned our reputation as one the the country’s
premier manufacturing centers.”
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