Everyone, it seems, has an idea they think could make them a millionaire if only they had the time and the money to invest — but if you’ve actually got a good one, your chance might be coming up.

StartUp Humboldt, a business-development organization, is sponsoring a competition for local entrepreneurs, and the winner could receive $200,000. 

They’re looking for ideas that would stoke economic growth in Humboldt, employ lots of locals, and hopefully become a $5-10 million enterprise. StartUp Humboldt spokesperson Samantha Edwardes said in an interview with the Outpost that pitches in any industry will be considered, but that aquaculture, energy, agriculture, water, mass timber solutions could be likely candidates. Applicants will face an eight-month process to see if they’ve won.

Backed by Cal Poly Humboldt, College of the Redwoods, the Norcal SBDC, and Lost Coast Ventures, they haven’t yet raised the money, but Edwardes said they were sure they’d get it. Lost Coast Ventures pledged $50,000 in donation matches.

StartUp Humboldt hasn’t decided if there will be one $200,000 prize or multiple; there will be a smaller “microventure” prize. 

“Part of the impetus for this is that our region has limited access to capital, which is a huge driver of talent flight here,” Edwardes said. “They’re skilled and educated individuals who are leaving our county in search of better funded opportunities elsewhere. And when they go, they’re taking their ideas, their energy, and their economic potential with them. So we wanted to address the root cause of talent loss by increasing access to capital and support to keep innovators here instead of watching them go.”

The entrepreneurial ideas will be rated on their feasibility, how well they fit the local market, if they’ll grow, if they’re meaningful and equitable, and if they’re the right fit for the area.

Edwardes said they would make sure no one simply overwhelms the judges with their charisma and absconds with the money.

“Every contribution is a direct investment in local talent and long term economic resilience,” she said. “We’re really trying to address the fact that capital is a critical challenge and trying to strengthen our economy. We need great jobs, and we need thriving businesses, and this is how we are working towards assisting with that mission.”