Web-posted Thursday, May 6, 2004
AEDC awards challenge grants
By CHERYL BERZANSKIS
cheryl.berzanskis@amarillo.com
Pedal-Paddle: Amarillo Economic Development Corp., board of directors listen to a presentation about this patented amphibious bicycle developed by Jay Perdue. Michael Lemmons / michael.lemmons@amarillo.com |
Amarillo Economic Development Corp.'s board of directors presented grants of $75,000 each to the winners of the Amarillo Enterprize Challenge.
The grants went to Pedal-Paddle Inc. and ICF Direct Service Center Inc. in ceremonies Wednesday.
This marked the ninth year of the competition.
"We'e just very satisfied with the results of the project in the eight years since it began," said Steve Pritchett, acting president of AEDC.
"The entrepreneurial spirit is alive and well in Amarillo."
The Enterprize Challenge is a business plan competition. Twenty-three businesses' plans went to five judges for evaluation. Judges selected seven finalists.
Jean Walker, a professor at West Texas A&M University, judged for the second time.
"I think you are doing a great thing for the community," she said.
Jay and Vicki Perdue own Pedal-Paddle Inc. Jay Perdue said the company sold more than 100 of the patented amphibious bicycles and expects to sell 300 this year. The company employs five.
Perdue told AEDC board members he leaves today to begin a cross country ride and float across the country on his Pedal-Paddle creation.
ICF Direct Service Center Inc. is owned by Mike King, a structural engineer.
The company manufactures and distributes foam-insulating forms for reinforced concrete at 9600 S. Georgia St.
The board has awarded 22 grants in the last eight years that created 174 new jobs.