PARTICIPATORY SPORT FOR CRAFT ARTISTS
Last week, I won the 2nd Place Prize in the COSE Arts Business Challenge Awards. This was my first time entering a business challenge and the competition was fierce. 6 finalists were selected and I was the only independent artist and jeweler on the list. The other finalists included a dance company, 2 music schools, an animation firm, and a graphic design company.
The COSE Arts Business Challenge Awards are the only competition to honor arts and entrepreneurship in Northeastern Ohio. Any arts based business can apply for one of the 3 prizes. Prizes included various monetary awards, and a 1 year COSE membership, a feature article in COSE's magazine (distrubuted to 15,000 members) and lots of in-kind marketing and business support.
The application process required a 4min video and a 2 page Executive Summary.
Videos had to address the following questions:
-What does your business entail?
-How is your business unique in the marketplace?
-Why does it make good business sense?
-How would you use the prize money to further your business?
The Executive Summary had to explain:
-Your product or service
-Target market and the size of the market
-Business model (how does your business make money?)
-Key resources-copyrights, patents, designs, professional connections etc.
-Management team-their experience and role within the company
-Why your arts-based business in unique and why your team has an advantage over others offering a similar product or service?
Win or loose, having clear and well researched answers to each of these questions has helped me take my business to the next level.
It was exhilirating and a bit of a shock to hear my name called for an award. I was so excited that I couldn't help but cry through my brief acceptance speech. The audience was thrilled to hear how far I've come in such a short period of time and that this award is helping support my feature designer show at NY Fashion Week in September. The rewards from entering a challenge like this extend far beyond the immediate prizes. Many people have already reached out with valuable information and connections that will help me go even further.
I strongly recommend that any artist, who is serious about the business side of their profession, enter a business challenge. You don't have to wait for an arts specific one; I'm certainly looking for other business challenges to enter and will be glad to help you submit the best application possible.
Thanks for reading,
Congratulations Michelle, go get 'em tiger!
Thank you :)
Wooohooo! Congratulations. A well-deserved reward.
Thanks Linda. Way to go on your awesome book!