Group looking to turn ideas into new industries

A group of people in Bannock County is looking for ideas to develop new businesses in the county. With connections to investors and business mentors, the group plans to help turn these ideas into reality to boost the county’s economy.

Real estate broker Tari Jensen has lived in Bannock County all her life and feels too many of the county’s entrepreneurs leave when their businesses become successful. She formed Idea Tank to change that trend.

“We have really smart people right here,” she said. “I’d like to keep them and their ideas here.”

People submit their ideas via an application. If the committee determines the idea is viable, they will go ahead and match it with appropriate investors and mentors. For them, a viable idea is one that knows its market, costs and returns.

For Jensen, the goal of this is to create new industries for Bannock County, which she considers a huge need.

“The more diversified we become in our economy, the stronger our economy is. Rather than being dependent on one industry,” she said.

Committee members John Thuernagle and Chad Harding bring venture capitalist connections to the table. They hope Idea Tank will discourage the county’s dependency on big businesses.

“It’s nice to be able to see (success) come without having to rely on the big business,” Thuernagle said.

At the Small Business Development Center in Idaho State University’s College of Business, Director Ann Swanson said the group serves a real need. This is because there isn’t immediate access to angel investors in Southeastern Idaho.

“In Southeast Idaho it hasn’t been a real active resource for small businesses,” she said. “I would be so grateful to have a group like that here.”

An angel investor is an individual who provides capital for new businesses, usually in return for a piece of the action.

Idea Tank still plans to add a clause to the application that would protect submitted ideas from being stolen. The application can be found atIdeaTankBannockCounty.com.