Tennessee sponsors a competition to give business formation a boost

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The Development Corporation of Knox County in Tennessee boasts of its devotion to promoting long-term business development within the state. The state agency offers resources to entrepreneurs interested in starting all business types, and it will soon host its annual startup business competition.The competition assesses business plans for their potential for growth and job creation, which will help the state’s economy. The Development Corporation hopes the competition will inspire local entrepreneurs to enhance the long-term economic climate with sustainable enterprises.

The Tennessee climate seems ripe for entrepreneurs considering new business formation. According to knoxvillebiz.com, one small business just expanded to include three more buildings.

The owners of the small restaurant, Tomato Head, tentatively plan to use the new spaces to make bread to speed services in their growingly popular enterprise.

This story may inspire others in Tennessee to take advantage of what seems to be a thriving market and enter the Development Corporation’s competition. The winners of the competition will receive free rent at the Fairview Technology Center and free professional services as they start their businesses.

Additionally, entrepreneurs nationwide may be inspired by the administration’s recent increase in startup microloan funds, which could benefit startup business owners as they look for financing for their new enterprises.