Tapping Alaska’s Promise: The Marketplace Competition Model

What is Alaska Marketplace?

The Alaska Marketplace is an exciting Alaska Federation of Natives initiative aimed at spurring economic development in rural Alaska by soliciting creative ideas from entrepreneurs across the state in an ‘innovation competition.’

Alaska Marketplace awards - the Kayak exemplifies Alaskan innovation.

What is Alaska Marketplace?

The inaugural competition awarded $500,000 to winning finalists, with the top awards for the most promising proposals ranging from $10,000 to $50,000.

The competition is open to all Alaskans with creative ideas for stimulating economic growth & community development in rural Alaska.

Why the Program Was StartedDespite decades of Denali Commission

support, poverty and unemployment in rural Alaska remain high

Why the Program Was Started• The Marketplace model

provides a different kind of support– Cultivates local entrepreneurs with

intimate knowledge of what can work in the Bush

– Creates opportunities for people to remain in rural Alaska, working to slow the urban flight from villages

How It Works

How It Works• AFN Calls for Submission of Ideas

– Ideas must meet criteria & themes – Simple form to fill out by a deadline– Extensive rural outreach advertises the

submission deadline

How It Works• Finalists are Selected by a Team of

Assessors – Assessors review & rate the written submissions

for adherence to criteria & themes– The most promising ideas move on to next phase

How It Works• Finalists Prepare to Compete

– Detailed implementation plans are submitted by each finalist

– Finalists prepare a kiosk presentation & verbal pitch for the formal competition

How It Works• Finalists Present Ideas

– Judges hear pitches in a structured competition format

– 5 minute presentations & 5 minutes for follow-up questions from the judges

How It Works• Cash Investments Awarded to Best Ideas

– Winners are announced after judges speak to each finalist & rate their verbal & physical presentations

– The public is invited to participate in selecting the “People’s Choice” awards

Why It Works

The competition represents a level playing field - anyone can win, no matter how few resources he or she might have.

It is the quality of the idea that matters…

Success Story!Winter Taxi

$35,000 - Walter and Mary Russell, Kotzebue

The Russell’s Winter Taxi Sledcoach has been built, refined, and is currently in the patent process. The Sledcoach was designed by Walter "Sonny" Russell who came up with the idea when he was in high school. It is enclosed and heated - making it optimal for transporting patients between hospital hubs and surrounding villages when weather is bad, the temperature is below 40 and planes aren't able to fly, or during the night.  With energy costs going up and air

fares very costly, this sled can safely and easily transport people between villages. Sonny already has requests for his sleds from other regions in Alaska.

Success Story!Yukon Adventure Company

$25,000 - Jon & Tanya Korta, Galena

Within a year or receiving their Alaska Marketplace award, the Yukon Adventure Company had secured an accounting firm to establish the business structure, payroll and bookkeeping systems.  They also designed a website to include a photo gallery and are concentrating on internet marketing.They are hosting a yoga retreat and are concentrating on preparing for the 2009 tourism season through advertising and purchasing gear, and securing liability insurance.

Quantifying the Impact

• 3 Years Running Strong

• Nearly $2 million invested to date in Alaska’s best ideas for economic & community development

• Building a movement

of rural entrepreneurs

who can support each

otherWinner “Raven Frog Fibers” spinning class

Quantifying the Impact

• Applicants – 170 in 2006– 306 in 2007– 130 in 2008

• Finalists– 43 in 2006– 61 in 2007– 42 in 2008

• Winners– 22 in 2006– 21 in 2007– 10 in 2008

Year 2 Marketplace Competition Event

Quantifying the Impact

Cash Awards• $500K in 2006• $700K in 2007• $600K in

2008/2009Year 2 Alaska Marketplace Winners

Real Results for Rural Alaska“The tremendous response we’ve received from across Alaska further proves that there is a wealth of untapped entrepreneurial potential in our great state….” Julie Kitka, AFN President

Real Results for Rural Alaska

• Timeline for new biz startups to stabilize is 3-5 years, so we are just beginning to see the initiative's true impact

• Jobs are being created, dreams are being realized, villages are benefiting

Awardees being recognized at AFN Convention

Who funds this program?

Major Partners• Denali Commission• BP• ConocoPhillips• University of

Alaska• Rasmusson

Foundation

You Can Help!

The Alaska Marketplace is a truly collaborative effort that relies on a

broad range of partners and supporters from across the great state of Alaska

and beyond in order to succeed.

We welcome your involvement & encourage you to become a part of

our winning team!

How You Can HelpInvesting Partners

Investing Partners recognize innovation by seeding an idea directly and/or by contributing to the pool of award money.

All levels of financial commitment are welcome. 

For a complete list of partner benefits, including brand and logo visibility, and booth and ad space, please visit www.alaskamarketplace.org.

How You Can Help

Technical AdvisorsIf you have expertise to offer instead of cash, we need your time and energy! Technical Advisors help guide & evaluate the myriad proposals for their culturally-based ideas that might truly transform rural Alaska’s many economies.

This offers a unique opportunity to combine your organization’s knowledge, network & resources with some of rural Alaska’s most innovative minds! As a coach or a mentor, you will collaborate with entrepreneurs & share in the hands-on excitement of the Alaska Marketplace.

How You Can Help

Event PartnersEvent Partners ensure the success of the Alaska Marketplace Final Competition & Award Ceremony.

These contributors increase the impact of Alaska Marketplace by underwriting special aspects of the event & providing logistical support to the Alaska Marketplace team. 

Each Event Partner determines the resource commitment appropriate for their organization.

How You Can Help

At every level, your contributions will make a lasting impression on all who partake in this exciting competition.

If you or your business, foundation, agency, nonprofit or corporation would like to support the Alaska Marketplace, please email info@alaskamarketplace.org or call 907.274.3611 to find out how you can most effectively plug into this year’s effort.