Sign advertising the 'Building Business Downtown' contest. (Lethbridge News Now)

By Justin Goulet

Local entrepreneurs invited to share their new business plans to win rent for a year

Aug 23, 2021 | 11:48 AM

LETHBRIDGE, AB – Entrepreneurs in Lethbridge can now enter a Dragon’s Den-style competition.

Building Business Downtown allows operators to pitch their idea for a new business in the downtown core. If selected, their rent will be covered for their first year of operation.

In total, there are six locations involved in the initiative, with the winner setting up shop in the spot that best suits their needs. More details about the competition are available here.

Emily Chong, the marketing coordinator for Downtown Lethbridge said, “lots of other cities actually host something like this, so we’re kind of piggy-backing off their idea.”

“We just thought it was such an exciting and unique way to bring businesses to downtown.”

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She noted a focus as of late has been the revitalization of downtown, and this competition should help with that mission.

“I think it will be a great way just to see a unique variety of businesses, businesses that maybe wouldn’t consider our downtown but because we’re doing this are going to consider it.”

One of the locations included in the contest, at 713 4 Avenue S. in downtown Lethbridge. (Lethbridge News Now)

Chong said some of the businesses that have started up thanks to a competition like this in other municipalities include bakeries and t-shirt makers.

“We aren’t actually really sure what we’re going to get here in Lethbridge, but we’re just excited to see kind of what the Lethbridge community has going on and what they can bring to us and what we can do to help them get into these downtown spaces.”

She explained that the application includes a business plan component. Chong said that, “we’re asking for them to kind of have an idea of how to run a business, obviously, and we’re looking for people who are set up, who are ready to move into spaces, who have a little bit of financial support so they could do this, [even] if they didn’t have our help so that they are successful.”

“We’re also looking at good character and people who just are really strong in these different areas of business that will be able to support themselves as we support them.”

Applications will close on September 15. A panel of judges will then select the top applicants, who will go on to take mandatory business training to help finalize their business plans. On October 20, the finalists will pitch their ideas to local landlords in the downtown who have spaces for rent, known as the ‘Downtown Dragons’.

Chong said, “this competition is really about helping local entrepreneurs take the next step in realizing their dreams of opening a business.”

The winner will receive $12,000 towards their downtown space, which will be used for their first-year rent. Other prizes for the winner include free enrollment in SMARTStart, an entrepreneur training development program, courtesy of Community Futures and the Regional Innovation Network of Southern Alberta, as well as a one-hour marketing strategy session with London Road Marketing, and a one-year membership to the Lethbridge Chamber of Commerce.