Startup Lakewood is at it again with its annual Ideation Challenge, during which people are encouraged to present their business ideas. “People can take the next steps and validate their ideas,” says Lakewood’s entrepreneur in residence and Startup Lakewood’s director of Ideation, Mike Belsito. “Sometimes, the first step is the hardest to take -- and that's what we're hoping to encourage.”

Ideation, currently in its fourth incarnation, added some new facets to this year’s submission process. Whereas the last go-around required an executive summary, the contest now necessitates both a business model canvas (a one-page outline of the business concept) and a single-page validation plan, which outlines five assumptions about the business and a plan for validating them. “By creating a validation plan, we believe we're encouraging people to identify actual steps that they can take to determine whether their business is viable,” explains Belsito.

More information on these documents can be found on Startup Lakewood’s competition outline. The deadline to apply is August 8. From that group, four individuals or teams will be selected to give a final elevator pitch in front of business experts, investors, entrepreneurs and consultants.

Prizes include a lunch with an entrepreneur and Lakewood mayor Michael Summers; a full scholarship to a nine-week entrepreneurial course with Bad Girl Ventures; and a prize package from the Lakewood Chamber of Commerce. Past winners include Mickie Rinehart for her beer flavoring Hops Drops, Daniel Dudley for the co-working space Lakework+ and Ahmie Young’s The Parenting Shop.

However, Startup shouldn’t be thought of as an incubator for small businesses. “We believed that we could create an environment that could be helpful and serve as a connector to entrepreneurs and soon-to-be entrepreneurs,” says Belsito. “The city recognized that it wanted to be more entrepreneurially friendly and encourage people to start businesses in Lakewood.”

Further details can be acquired July 22 at an upcoming meeting to be held at University of Akron, Lakewood campus from 6:30 p.m. to 8 p.m.