Over $100,000 in prizes is up for grabs to up-and-coming small businesses in Ontario. The second annual Markham Space Race is designed to try and help new small businesses get some solid footing and is put on by the Town of Markham, and the Innovation Synergy Centre in Markham (ISCM), among others.

The space race is open to companies in the province that have:

• been operating for at least two years,
• at least three full-time employees,
• IT or export-focused

“We encourage all small businesses to participate,” said Bob Glandfield, President and CEO of ISCM. “Just by developing a growth plan, every company that participates in the competition comes out a winner.”

Companies must also submit a growth plan that can show how the company is planning on growing.

“Developing a plan that must face the scrutiny of a third party forces a sense of realism into the process,” Glandfield said. “Entrepreneurs tend to overstate the opportunity, and understate the challenges and timelines, when moving to market. Creating and implementing a realistic plan for growth goes a long way in ensuring the future success of a small business.”

The first place winner will be going home with:

• One year of free rent in a fully-furnished, 1,000 sq-ft office in Markham,
• TELUS Package including a Blackberry Smartphone,
• thousands of dollars in business consulting and professional services.

Second place finishers will receive a packages valued at $30,000, while third place will receive a package worth $15,000.

According to the Markham Space Race website: “Successful applicants must make a compelling case for the growth potential of their business over the next 12 months and must also make a convincing case that their company has the ability (including necessary products, services, management team, customers, financing, etc.) to successfully execute their growth strategy.”

“As Canada's High-Tech capital, the Town of Markham, along with our partners, is helping to organize the Markham Space Race as a way to encourage entrepreneurs across Ontario to think ‘Growth and Innovation’ in planning the future of their businesses,” said Stephen Chait, Director of Economic Development at the Town of Markham.

Submissions must be received by August 17, 2007. More details can be found here: www.markhamspacerace.ca.

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