By Debbie Adams
The seventh annual Gauntlet Business Program and Competition gets underway for 2021 on February 9. The Gauntlet is sponsored by The Advancement Foundation (TAF) located in Vinton.
Gauntlet organizers held their second “Virtual Meet and Greet” to “gear up for Gauntlet 2021” and introduce the program to potential participants on January 12—to “give them a flavor of the Gauntlet.”
The dynamic TAF founder and president Annette Patterson provided a brief overview of what the Gauntlet experience offers, followed by a Speed Networking session so participants could immediately begin getting to know one another.
She introduced Shannon Dominguez, the Director of Business Development for TAF, who will be facilitating the Gauntlet program this session.
According to Patterson, “the Gauntlet is a comprehensive business development program which successfully leverages community resources to provide entrepreneurs support, connection, and solid business planning strategies.” The Gauntlet is Virginia’s largest business program and competition, growing from 15 participants in its first year to 170 in 2020.
The Gauntlet and TAF provide opportunities for both innovative entrepreneurs looking to start small businesses or for existing businesses looking to rebuild or expand. One of its main features and attractions is the “incredible networking” capabilities of 525 alumni, 250 mentors and industry experts, and over 35 resource agencies partnering to form a community.
Since its inception, the Gauntlet has awarded $1.1 million in cash and in-kind prizes and assisted small businesses in obtaining over $960,000 in grants and loans. Twenty-nine cities, counties, and communities have been served by the program.
“Small businesses truly are the backbone of our economy,’ Patterson has said. “During the past year, we have seen record high unemployment rates and an alarming number of businesses closing. Together, we can turn this around by leveraging our community assets, shortening the learning curve for business owners, connecting entrepreneurs to knowledgeable business strategists, and providing needed resources to implement innovative strategies for growth. The Gauntlet is the platform by which we can bring all the pieces of the puzzle together quickly, while building a strong entrepreneurial ecosystem. This program and competition are more important now than ever.”
Gauntlet entrepreneurs participate in weekly business training sessions, meet and network with successful entrepreneurs, fellow Gauntlet participants and mentors, and develop strategies that provide a roadmap to success, and helping them to “advance your dreams.”
Patterson described the Gauntlet community as “a culture, like a tribe,” working together to help participants do “something bigger than yourselves, to change the world, change yourselves, and change your families.”
Training topics include accounting, business management, financing a business, insurance, human resources, organizational skills, research, time management, budget development, customer acquisition, budget and cash flow, legal structure, manufacturing, patent assistance, E-commerce, web development, business location selection, general business knowledge, licensing, marketing, product and/or service development, technology, and business plan development.
Last spring, the program launched 70 businesses despite the pandemic which caused a pivot from in-person to virtual classes in March.
The ever-growing Gauntlet has expanded its scope again this year to include participants not only in Vinton, Roanoke City, Roanoke County, Botetourt County, Salem, the Alleghany Highlands, and Rockbridge County, but the Bedford County area as well. That includes Bedford County, the Town of Bedford, Big Island, Chamblissburg, Coleman Falls, Forest, Goode, Goodview, Hardy, Huddleston, Moneta, Montvale, New London, and Thaxton.
Gauntlet 2021 will be held virtually. Organizers hope to provide opportunities for small in-person networking events as the session progresses.
Classes begin on Feb. 9 and extend on Tuesdays through April 21 from 6 to 7:30 p.m.
The application and more information on the Gauntlet program are available online at https://www.theadvancementfoundation.org/.
The cost to apply is $25. The class fee is $249. The application cut-off date is Jan. 31. The added cost to participate in the culminating Gauntlet competition for $300,000 in cash and in-prizes is $100.
If you have a business partner, the fee for them is $99 to join with you for classes.
The Advancement Foundation (TAF), a nonprofit founded in 2007, works in concert with economic and community development organizations to execute key strategies that provide infrastructure, support, and resources to create an effective entrepreneurial ecosystem.
As a trusted community partner with economic development offices, Chambers of Commerce, Main Street organizations, Virginia Tourism, DHCD, Small Business Development Centers, SBA, USDA, libraries and others, TAF is able to implement projects efficiently and effectively.
State Farm is the main sponsor of the Gauntlet Business Program and Competition for the fourth year.
