edg3 FUND Help

 

What is edg3 FUND?

edg3 FUND is Kitsap Bank's small business competition. The competition provides prize money to small businesses that are unique, creative, innovative, and dedicated to growing our community economically, socially, and environmentally.

The edg3 FUND Grand Prize Winner will be awarded $25,000, and a total of $45,000 in prizes will be awarded through the competition.  Additionally, edg3 FUND Finalists receive a video about their company, as well as exposure for their business through advertising, articles and social media published by Kitsap Bank and the media.  The Finalists also benefit through mentoring and connections to local resources for their business. 

Nominations will be taken for the 2020 competition beginning August 3rd.  Winners will be announced November 20th

 

What are the changes to the 2020 edg3 FUND Competition?

Due to the extraordinary circumstances of the COVID-19 pandemic, edg3 FUND’s format has been revamped in 2020, and new cash prizes have been added to the competition.

Process for the 2020 edg3 FUND Competition: 

  • Step 1 –Nominations will be accepted online from August 3 through August 31. 
  • Step 2 – Once a nomination form is submitted, an edg3 FUND application will be sent to the nominated business.
  • Step 3 –Out of the completed applications, a board of judges will then select 7 finalists.
  • Step 4 - The 7 Finalists will make their pitches to the panel of judges via scheduled interview during the weeks of October 2 to 23.
  • Step 5 – A public vote will once again be a part of the edg3 FUND competition. The top vote-getting business will receive the Public Favorite Award. Public voting will take place through Kitsap Bank’s website October 26-November 6.
  • Step 6 - Winners will be announced via video during Global Entrepreneurship Week on Friday, November 20.

Four (4) cash prizes will be awarded to the winning finalists:

  • $25,000 edg3 FUND Grand Prize
  • $10,000 Innovation Award
  • $5,000 #causegood Community Edg3 Award
  • $5,000 Public Favorite Award

In addition to monetary prizes, the competition provides businesses with exposure and connections to resources.  edg3 FUND Finalists receive a video about their company, as well as exposure for their business through advertising, articles and social media published by Kitsap Bank and our media partner, Premier Media (South Sound Business Magazine and 425 Business Magazine).  The Finalists also benefit through mentoring and connections to local resources for their business.

Who is eligible to enter the edg3 FUND competition?

edg3 FUND is open to:

  • For-profit businesses based in Western Washington that have a positive economic, social, and environmental impact on the communities Kitsap Bank serves.
  • Western Washington residents 18 years of age or older
  • Entrepreneurs who are passionately committed to their business.
  • Businesses in which the prize money will make a meaningful difference to the business and will help take them to the next level.
  • Customers and non-customers of Kitsap Bank.
  • All businesses that apply must comply with federal and state laws.
  • Entities that are tax-exempt organizations, non-profits, or charitable trusts are not eligible to participate.
How do I enter the edg3 FUND competition?

To enter, a business may be nominated by the public (or businesses may nominate themselves). The online nomination for will be available at www.kitsapbank.com/business/edg3-fund.

Nominations will be accepted August 3 - 31, 2020.

Nominated businesses interested in moving forward in the competition, will fill out a web application (to be provided by Kitsap Bank) by September 15, 2020.

How will my application be judged?

Each application submitted will be reviewed by a panel of judges who will select up to to 7 finalists. Entries will be judged on the following criteria:

  • Alignment With Mission – The company’s ability to meet the edg3 FUND mission of growing our community economically, socially and environmentally.
  • Innovation and Resiliency - The business innovates – comes up with unique solutions, products and services to remain relevant, competitive, and focused on the long-term growth of the organization.  Faced with challenges, the business adapts and overcomes obstacles. 
  • A “#causegood” Commitment to Community - The business is committed to making a difference in its community – giving back through volunteer work or monetary donations—to strengthen our community. 
  • Impact - $25,000 would make a significant difference to the applicant's business. Company can demonstrate how the investment would take the business to a new level.
  • Viability - The company has a clear vision for the future, and the foreseeable future for the business looks promising.
  • Uniqueness -The business is unique or innovative and addresses a need, or solves a problem in an "out of the box" way.

Preference will be given to businesses addressing the mission statement within Kitsap Bank’s geographic footprint, which includes Clallam, Jefferson, King, Kitsap, Mason, and Pierce counties.

When is the judging schedule and when will the winner be announced?

The Competition will consist of five (5) stages to determine the winner:

  • Nomination & Application Period: Kitsap Bank will be accepting nominations from August 3 - 31, 2020, Applications are then submitted by the nominated business and due by September 15, 2020 at 5pm PDT.
  • Announcement of Finalists: October 1, 2020 
  • Private Judging & Interview: October 2 - 23, 2020
  • Public Vote to determine the Public Favorite Award: October 26 – November 6
  • Winner Announced: November 20, 2020

Winning applicants will be announced on November 20, 2020 during Global Entrepreneurship Week.  A panel of qualified judges will score the applications, business pitches and interviews of all finalists and select the winners.

What does the logo mean?

edg3 FUND stands for “E”ntrepreneurs “D”edicated to “G”rowing their communities in three (3) ways – economically, socially and environmentally. 

The light bulb represents innovation and the leaves represent Kitsap Banks dedication to sustainability.  

How do you pronounce edg3 FUND?

edg3 FUND is pronounced edge fund (rhymes with hedge fund—the 3 is silent).

I don't see my question answered here - where can I find out more about this competition?

Go to https://www.kitsapbank.com/business/edg3-fund/ and select Official Rules to get complete details. If you still have questions, you can email us at edg3fund@kitsapbank.com.

Official edg3 FUND Rules -  Read More [PDF]