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Business Climate

EnterPrize Challenge

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The Amarillo EnterPrize Challenge is an annual business plan competition designed to assist local entrepreneurs in launching a new business or expanding an existing business. Qualifying primary businesses* or start-ups can compete for a share of a $500,000 grant, funded by the Amarillo EDC. The program began in 1995 and continues to produce highly successful businesses. View a list of past EnterPrize Challenge winners on Amarillo EDC's Portfolio of Success page.

To date, through the Amarillo EnterPrize Challenge program, 58 businesses have received cash grants of as much as $100,000 each, totaling more than $3.6 million in grants over the past 17 years. Altogether, these firms have created 568 new jobs and brought more than $91.3 million of new revenue into the Amarillo economy. In addition, these companies have invested more than $8.2 million in additional equity capital since receiving their grants.

Composite Analysis and Report
as of September 30, 2012
 
History:
 
Number of previous challenges                                                 17
Number of grants awarded                                                         58
Average amount of grants                                                  $62,500
Total grant funds invested to date                                 $3,625,000
 
Percentage of funded companies still in business                  75%
Number of businesses reporting                                                34
 
Results:
 
Increased economic activity                                       $91.3 million
Average increase per business                                     $1,574,138
 
Total new jobs created                                                              568
Average jobs created per business                                          9.79
Average cost per job created                                               $6,382
 
Total capital investment since grant award              $8.23 million
Average per business                                                      $141,896
 
The West Texas A&M University Enterprise Center, a business incubator and resource partner of the Amarillo EDC, administers the program and holds workshops to help prospective entrants prepare for the competition. For a detailed list of upcoming EnterPrize Challenge workshops, events and dates, visit www.AmarilloEnterPrizeChallenge.com.

EnterPrize Challenge workshops and events take place at the WTAMU Enterprise Center, located at:
 

2300 N. Western
Amarillo, TX 79124
806-374-9777
info@enterprisenetwork.com


Where could your business grow with a share of $500,000?  
Register to participate at www.AmarilloEnterPrizeChallenge.com

*What are Primary Businesses?


A primary business is a for-profit basic-industry business that primarily exports its products or services outside the Amarillo area, thus bringing new money into the local economy. To meet this definition, a company must show that at least 75 percent of the company’s current or projected sales come from outside the Amarillo area and that jobs are or will be located in Potter and/or Randall counties.