McKinley Alaska Growth Capital Expands Marketplace Competition to Bristol Bay
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McKinley Alaska Growth Capital (MAGC) is further enlarging its Marketplace business plan competition. The program that began in the Arctic Slope and expanded earlier this month to include The Aleut Corporation region is now partnering with Bristol Bay Native Corporation (BBNC).
Training and Seed Money
This expansion builds upon the success of MAGC’s North Slope Marketplace, a business plan competition open to Arctic Slope Regional Corporation (ASRC) Shareholders. Since 2009, ASRC shareholders with innovative business ideas have been able to apply to win up to $25,000 in seed capital to start or grow their business. Through the competition, MAGC has deployed more than $1 million into the North Slope economy, empowering more than sixty small businesses to thrive and contribute to Alaska’s economic landscape.
The program provides participants with a comprehensive series of training sessions through a ten-month cycle. These sessions provide essential skills of entrepreneurship, including business ideation, customer discovery, financial projection preparation, and marketing and branding strategies. Delivered in collaboration with valued partners such as the University of Alaska Center for Economic Development, Spruce Root, Anchorage Community Land Trust, and others, this training ensures participants receive expert guidance and insight from industry leaders prior to competing for award funds. Semifinalists of the competition are invited to attend a three-day business boot camp where they meet professionals from across Alaska’s business community, network with other entrepreneurs, and learn how to write comprehensive business plans.
Current Issue
May 2024
In expanding its Marketplace programs, MAGC’s Bristol Bay Marketplace is open to BBNC shareholders, descendants, and spouses. This work not only extends support to these regions and communities but also reflects a collective commitment by MAGC and its partners to catalyzing an entrepreneurial spirit statewide.
“Entrepreneurs and small businesses are the backbone of our communities. At MAGC we get the opportunity to serve this network of innovative, hardworking individuals every day. I’m so proud of the educational foundation that the Marketplace business plan competition provides alongside critical seed capital to start or grow a business,” says Mary Miner, MAGC vice president of community development.
“Mary and our team do outstanding work as a creative catalyst for entrepreneurship across Alaska. This program couldn’t exist without our many partners, financial supporters, and stakeholders, and we’re honored to lead this effort to support rural and indigenous entrepreneurship in Alaska,” says MAGC President Logan Birch.
Launching in April, shareholders from ASRC, BBNC, and The Aleut Corporation can apply for a chance to secure a spot in their region’s program, attend the business boot camp, and win up to $25,000 in award funds from their respective competition.
Making History
The track of oil and gas development in Alaska shows the footprints of bold companies and hard-working individuals who shaped the industry in the past and continue to innovate today. The May 2024 issue of Alaska Business explores that history while looking forward to new product development, the energy transition for the fishing fleet, and the ethics of AI tools in business.