FAIRBORN, Ohio — Curious what's the next "Big Idea"? Wright-Patt Credit Union has found it in challenge winner Michael Weaver's DECX, a green-friendly business that will manufacture portable decking systems.
Partnering with the Filene Research Institute's i3 innovation group, Wright-Patt piloted the online reality-style challenge "What's the Big Idea" to help entrepreneurs take their business ideas from conception to implementation. The challenge consisted of a three-question, online application that outlined the member's business proposition and ran from March 3 through April 11, 2008.
The challenge, which resulted in 92 contest entries, also spurred an increase in new business accounts. The credit union's business savings accounts grew by 28% over 2007 and new checking accounts had a 38% over the prior year period.
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The decking system targets "do-it-yourself" homeowners that need an affordable and portable decking option. Built on a free-floating foundation, DECX is designed to be constructed within a day and without any tools. This means that when you move, the deck can too, says Weaver.
Weaver's big idea helped him win a prize package valued at $4,000, including printing costs, business plan development, legal and accounting services.
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