Farmers State hosting InnovateHER event

MARION - Farmers State Bank in Marion is hosting a Dec. 1 event for female entrepreneurs who have family-centered products and services.

The InnovateHER Challenge will be held at the Giving Tree Theater in Marion. A panel of five judges will select a winning presenter who will go on to the semifinal round of the challenge at a later date.

Lynn Ciha, vice president of marketing at Farmers State, said the panel will select a local, family-oriented entrepreneur who has created a product or service that has a measurable impact on the lives of women and families, has the potential for commercialization, and fills a need in the marketplace.

During the semifinals, the U.S. Small Business Administration will select 10 entries for the InnovateHER finals in Washington, D.C. on March 17. The first place winner will receive $40,000, with $20,000 going to the second place winner and $10,000 to the third place winner.

Ciha said InnovateHER was founded in 2014 by the Small Business Administration's Office of Women's Business Ownership.

In announcing the 2016 InnovateHER competition, the federal agency has pointed to statistics showing the number of women venture capital partners dropped to 6 percent in 2014, down from 10 percent in 1999.

The SBA said the decline is directly correlated with women's access to capital. Only about 7 percent of venture capital funding in the United States goes to women.

Applications for the local InnovateHER Challenge can be found on the Farmers State Bank website at www.myfsbonline.com in the headline bar. Applications must be received by Nov. 23 for consideration.