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“There’s a real hunger in Edmonton — a lot of great entrepreneurs,” said Pawlina. The team behind the competition asked itself what a new startup would need to succeed, and calculated the rough cost of a year’s worth of rent.

Pawlina said the company wanted the winner to be able to choose how to spend the money. All that is needed to enter the contest is a short elevator pitch video and a paragraph explaining your idea. Applications close Feb. 9, and finalists will need to submit a draft business plan. The top five will present their business plans to the judges for a final decision at an event Feb. 20.

“For us to do well the small guys need to do well too.”

By removing some of the financial burdens to starting a business, the incentives can help “something very niche to succeed,” said panel judge Jay Downton, president of Oodle Noodle.

“For me this is identity-building for Edmonton,” said Downton.

Startups involve making mistakes, and mistakes can get very expensive, so the cash can allow a startup to take risks, he said.

It’s a different approach to the traditional real estate model, but if it succeeds, the area will have the tenants it needs to support the right amenities, he said. It’s also a call to action for talented people in Edmonton who are looking for a new opportunity.

“There’s a lot of cool talented people in Edmonton who are just looking for their chance. Who is it going to bring to the surface?”

lijohnson@postmedia.com

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