INNOVATION

KEEP
AN
EYE
by Randon Gettys Startup Peoria
Photography by Tory Dahlhoff
KeyStart provides fast access
to capital in order to turn ideas
into real companies.
ON KEYSTART
THREE MINUTES GOES BY REALLY FAST.
This is, of course, a loaded statement; anyone
who has ever been underwater for a bit longer
than desired could make a compelling point
in opposition. But when a person is explaining
something new—something that he or she
has created—three minutes goes by really fast.
That is what we are asking people to do
with KeyStart, a business idea submission and
pitch competition administered by the Greater
Peoria Economic Development Council’s
(GPEDC) Startup Peoria program. KeyStart
awards a $5,000 investment to one new business
idea per bimonthly program cycle. The
purpose is to provide entrepreneurs with fast
access to capital in order to turn ideas into
real companies.
WHAT IS KEYSTART?
A two-part program, KeyStart is both a business
idea submission competition and a live
pitch competition. Anyone can apply online
with their new business or business idea.
From the pool of applicants, four finalists are
chosen by a selection committee. And then
comes the fun part.
Every two months, GPEDC puts on an
event not unlike ABC’s Shark Tank —though
I hesitate to use that analogy. (As one real-life
investor put it, Shark Tank is to investing what
WWE wrestling is to the Olympic sport. But
the setup and interaction is similar.)
Three mic’d-up judges sit at a table with
paper and pen, preparing questions that arise during each three-minute
presentation. Facing them, at the front of the room, is an antique
shipping pallet that serves as a tiny stage for presenters, flanked by a
60-inch digital monitor for slide decks. All of that is framed by an 8’ x
8’ backdrop with the logos of the program sponsors.
Serving as emcee at KeyStart is one of the many duties of my position
that gives me great joy. I use the opportunity to talk about Startup
Peoria and its programs; plus, I get to express myself as I move the
event along.
I then introduce each finalist, who has a mere three minutes to
explain his or her entire business model to the judges. After those
three minutes, the judges take turns asking difficult questions of the
presenter, who must answer them on the spot. The quality of these answers
can be the difference between winning and not winning. But the
non-winners gain value, too. Not only do they leave with constructive
feedback on their business or idea, they are welcome to apply to future
KeyStarts to show the judges what they’ve learned. Speaking of learning,
KeyStart has a startup story of its own.
FILLING THE GAPS
Startup Peoria is always looking for gaps in the startup ecosystem of
Greater Peoria. When we find a gap and decide we have the capacity to
address it in a meaningful way, we look for a model, so as not to recreate
the wheel. In the case of KeyStart, it was Startup Peoria cofounders
Jake Hamann and Amy Lambert who identified the need for such a
program, and they found Start Garden, a program in Grand Rapids that
awarded $5,000 each week to a new business or business idea by way
of popular online vote.
Start Garden differed from KeyStart in that it launched with a
multimillion-dollar venture capital fund; the purpose of the weekly
awards was to create a pipeline for future deal flow for the larger fund.
The goals for KeyStart were more modest, and the fact was, we did not
have millions of dollars to spread like grass seed.
peoriamagazines.com 79