FAQs

1. What is the Alaska Marketplace?

   Alaska Marketplace (AKM) is an exciting Alaska Federation of Natives initiative aimed at spurring economic development in rural Alaska by soliciting creative ideas from entrepreneurs across the state in an 'innovation competition'.

   At the Marketplace Competition Event, AKM brings together visionaries, financiers, technical experts, and entrepreneurs in an innovation competition where finalist present their ideas to a panel of judges comprised of representatives from the public and private sectors who determine the competition winners.

2. What are the goals of the Alaska Marketplace?

   The Alaska Marketplace seeks to revitalize the economies of rural Alaska by fostering innovation and business creation that promotes and/or is based upon Alaska's unique cultural heritage.

3. This is the fifth Alaska Marketplace!

   The Alaska Marketplace enjoyed four successful years as AFN's initiative aimed at stimulating rural village economies, this drive to create sustainable jobs and economic opportunities in rural Alaska is far from new.

   • AFN Membership - We applaud the AFN membership organizations - from regional tribal consortia and nonprofits, to its regional corporations and village nonprofits - for their many decades of committed work aimed at stimulating rural economies. The Alaska Native community and its numerous partners from the public and private sectors have a long and meaningful history of spearheading and supporting economic development initiatives in rural Alaska. The Alaska Marketplace is the latest step in this longstanding effort to grow the rural economies that so many Alaska Natives call home.

     For many years, AFN has honored an Alaska Native entrepreneur at its annual convention with the President's Award for Small Business. This prestigious award recognizes an Alaska Native selected by his/her community for demonstrating success in business and improving economic opportunities for Alaska Natives.

     Alaska Marketplace is looking for innovative ideas, rooted in Alaskan culture, that create new jobs, grow revenue and stimulate economic development, especially for rural Alaska communities.

   • Is the Alaska Marketplace a federal program?

     No. The AKM is a public/private partnership.

   • Is the AKM a grant or loan program? If so, what are the terms of the grant or loan?

     The AKM is not a loan program, nor is it a grant program. AKM makes awards to winning business plans, and the funds will seed the establishment or expansion of a business. AKM views the award as an investment in an enterprise or new business. The terms are based on milestones agreed between the entrepreneur and the Alaska Marketplace Team. There is no repayment required from the entrepreneur, as long as the terms of the agreement are followed.

   • How does the Alaska Marketplace Competition work?

     All Applicants must meet the eligibility requirements. Phase one consists of Applicants submitting a Business/Nonprofit Plan Application, which will be evaluated by a team of assessors. The assessors will select a pool of finalists.

     In phase two, finalists submit an Implementation Plan and "sell" their idea to a panel of Judges. The Judges select the awardees at the Alaska Marketplace Award Ceremony in October.

   • What are the eligibility requirements?

     Alaska State Residency: Each participant must be a resident of Alaska. Evidence of your residency must be provided with submission of your Implementation Plan.

     All Native and Non-Native residents are eligible.

     The Business Plan must be executed within 12 months from the date of award.

   • Are there any age restrictions?

     No. We encourage youth and children to get involved and help shape rural economies for the next generation of growth!