FAQs

1. What is the Alaska Marketplace?

   Alaska Marketplace 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'.

   The Competition Event, AM 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 determines the awardees of the competition.

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 Year 3 of the Alaska Marketplace

   The Alaska Marketplace enjoyed two successful years as AFN's initative amied 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 its regional tribal consortiums 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 meaninful histroy of spearheading and supporting economic development iniatives in rural Alaska. The Alaska Marketplace is the latest step in this longstanding effort to grow the rural economies where so many Alaska Natives call home.

     For many years, AFN has honored an Alaska Native entrepreneuer 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 ways of delivering and selling products and services based upon Alaskan culture that create new jobs, new revenues and economic development, especially for rural Alaska communities.

   • Is the Alaska Marketplace a federal program?

     No. The AM is a public/private partnership. See list of participants.

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

     The AM is not a loan program, nor is it a grant program. AM will make awards to winning business plans, and the funds will seed the establishment or expansion of a business. AM views the award as an investment in an enterprise or new business. The terms will be based on milestones agreed between the entrepreneur and the Alaska Marketplace Team. There will be no repayment required of 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 Idea Application, which will be evaluated by a team of assessors. The assessors will select the finalists.

     In phase two, finalists submit a Business Plan and "sell" their idea to a panel of Judges. The Judges will select the awardees at the Alaska Marketplace Award Ceremony in October 2007.

   • What are the eligibility requirements?

     Alaska State Residency: Participant must be a resident of Alaska. Evidence of your residency must be provided in the submission of the Concept Paper.

     All Native and Non-Native residents are eligible.

     The project must meet the definition of a business: "The buying and selling of goods and services in order to make a profit."

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

   • Are there any age restrictions?

     No.