AMARILLO, Texas – Applications will open Oct. 31 for the WT Enterprise Center’s 2023-24 Amarillo EnterPrize Challenge.

This year, primary business owners located in Potter or Randall County can compete for award amounts up to $75,000 to grow their business. The total prize pool is $300,000.

Business owners can apply at AmarilloEnterPrizeChallenge.com and must attend one mandatory orientation to review the process of eligibility and selection requirements. Orientation sessions begin Oct. 31.

“The excitement has begun to build as we start the 27th year of the Amarillo EnterPrize Challenge,” said Brian Enevoldsen, managing director for the WT Enterprise Center. “Every year, as we prepare for the months of work ahead, we are grateful to provide opportunity and hope to businesses looking to scale their companies.”

The Amarillo EnterPrize Challenge is a program of the WT Enterprise Center and is funded by the Amarillo Economic Development Corporation. The Amarillo EnterPrize Challenge aims to assist entrepreneurs in expanding an existing primary business outside of the Amarillo Metropolitan Statistical Area. During the annual challenge, participants receive qualified coaching and a support system to develop and execute a realistic business plan to scale their company over a five-year period.

Since the creation of the Amarillo EnterPrize Challenge in 1995, more than 100 participants have been awarded more than $7.5 million in capital. Since the WTEC started to manage the program in 2009, EnterPrize Challenge winners have reported a combined revenue of more than $1.48 billion with $407 million in payroll.  As a result of winning the competition, these businesses have helped to increase revenue, pay taxes, and stimulate other economic activities in the region.

“The Amarillo EnterPrize Challenge is an integral part of the Amarillo Economic Development Corp.’s mission to create jobs and economic vitality for our area,” said Kevin Carter, AEDC president. “Many great companies have benefited from the program, and we know that many more will continue to benefit in the future.”

Applicants are encouraged to work with America’s SBDC at WTAMU, a department of WT’s Paul and Virginia Engler College of Business, for assistance with creating a business plan, financial projections and demographic and industry research. This assistance is provided at no charge, but a limited number of hours are available for Amarillo EnterPrize Challenge entrants.

“The EnterPrize Challenge embodies the Engler College of Business’s commitment to fostering entrepreneurship, championing societal progress, accelerating economic growth and enriching our expansive community,” said Dr. Amjad Abdullat, dean. “We are proud to continue this initiative in close partnership with the Amarillo Economic Development Corporation, WT Enterprise Center and the City of Amarillo.”

In last year’s competition, the Amarillo EnterPrize Challenge awarded $500,000 to five area businesses that were increasing revenues outside of the Amarillo’s Metropolitan Statistical Area, which includes Armstrong, Carson, Oldham, Potter and Randall counties. The winners of last year’s challenge were Awesome Water Solutions, Creek House Honey Farm, Haven Aero, iDocket and Pro Chem Sales.

“If you are interested in the program and don’t know if it is a good fit, we encourage you to attend an orientation session where we will help you answer that question.” Enevoldsen said.

For more information, visit AmarilloEnterPrizeChallenge.com, call 806-651-8500 or email [email protected].

WT is committed to serving the region and well beyond with successful entrepreneurs and business leaders who are empowered to lead others. Partnering and retaining community businesses to improve the quality of life in the Panhandle and beyond is a key component of the University’s long-range plan, WT 125: From the Panhandle to the World.

That plan is fueled by the historic One West comprehensive fundraising campaign, which reached its initial $125 million goal 18 months after publicly launching in September 2021. The campaign’s new goal is to reach $175 million by 2025; currently, it has raised more than $150 million.