What You Win
That awesome business idea you have could now be a reality. As the winner of the Janesville Business Challenge, this lucky business will receive a package of incentives to assist with the planning, location and operational hurdles that often keep great entrepreneurial plans from ever being realized.
The package includes:
- Free rent the first year and heavily discounted rent the next two for 1100 sq ft of newly-redeveloped retail space in historic Downtown Janesville. ($25,200 in free rent over 3 years)
- Up to $25,000 in build-out funds
- Ongoing business mentorship by some of the best, brightest, and most successful business leaders in our area.
- $30,000 in free advertising from BIG Radio with no restrictions.
YOUR PERSONALIZED BUSINESS STARTUP PACKAGE
Here are the details on the startup offer that will be made to the winning business, valued at over $80,000, including all capital costs, rent discounts, and personal services:
1.) 3-year lease of approximately 1100 SF of retail space at 117 North Main St. in Downtown Janesville, Wisconsin. The entire first year of the lease the $1,000 rent shall be free ($12,000 savings). However, landlord will require that the winner escrow 25% of the regular rental amount over that year, to be used toward rental in the second year of the lease. Year 2 of the lease will be $300/month and year 3 of the lease shall be at a rental rate of $600/month (combined savings of $25,200). After year 3, lease to be determined prior to the lease start, but will be at lower end market rates. Subject to meeting conditions over the 3-year lease, winner shall have the option to extend the lease for additional years.
2.) This newly created 1100 SF space shall be built out and designed to the winner’s specifications, as follows:
a. The space shall be initially designed and delivered, at no cost to winner, in “vanilla box” condition. This includes wood floor, all walls sheetrock/wainscot prime painted white, new unisex restroom, full storefront with entry on Main Street, new doors on all surrounding exterior walls, a designated handicap access, new HVAC system, new electrical service, and ceiling and lighting.
b. Items such as outlet locations and upgraded lighting or floor type are not provided due to the fact that the end use is undetermined. The winning proposal will have the opportunity to define these interior design elements, if desired, appropriate to their intended use. The space will further receive an up fit package at a value (at cost) of up to $25,000. This package shall be designed in coordination with the Landlord, and can be used toward finishing the space for the winner’s business. Items can include enhanced flooring, lighting electrical or wall covering, construction of interior walls, furniture, fixtures, shelving, signage, etc
3.) Winner will receive ongoing management and consulting support throughout the build-out and start-up process, as well as throughout the term of the lease. A mentor(s) with extensive business experience shall provide this support. Areas of counsel and training shall include accounting and bookkeeping, marketing and sales, product and pricing, management of people, process development and implementation of best practices, and HR.
4.) The winner will receive $30,000 in free advertising from Big Radio on any of their 10 radio stations over the course of the first year. The $30,000 in advertising would have no restrictions or exclusions. The winner would have a dedicated sales representative at the station that would help them decide what stations to advertise on, what to say in their advertisement, write the commercial copy, etc. There would not be any production costs to create the commercials and the winner has unlimited opportunities to change the commercial copy.
If you win, the Challenge team will help you navigate the details of the arrangements. Our goal is to help you succeed.