Fayetteville State University is set to embark on what university leaders hope will lead to a new tradition for the regional business community in Cumberland County and beyond. The university will host its inaugural Entrepreneurial Impact Awards Gala on Sept. 10 from 5 to 8 p.m. at the Rudolph Jones Student Center at 692 W.T. Brown Dr. in Fayetteville. 

Tamara Colvin, the Fayetteville-Cumberland Regional Entrepreneur & Business HUB and economic development director at FSU, said the university wanted to recognize the entrepreneurial spirit and the ideas of members of the community. 

“We want to just highlight the work that they’re doing,” Colvin said.

The awards ceremony will feature several categories, including Emerging Business, Micro Business of the Year and Veteran-owned Business of the Year. 

The award for Emerging Business will be given to businesses that have only been in operation for under two years. 

“However, they are making an impact. We want to recognize those aspiring entrepreneurs that have been in business less than two years, but they have a target audience, they are generating revenue and they have validated their business model,” Colvin said.

The Micro Business of the Year award will go to a venture with 10 employees or fewer, she added. For Veteran-owned Business of the Year, the award will reflect the innovation and variety in entrepreneurship of the region. It can be awarded to a business that is helping a military member transition out of service. The award can also go toward active service members who own and operate a business.

FSU also created individual distinctions, including the Entrepreneur of the Year award. Colvin said that the prize will be awarded to a visionary who has taken significant risks, overcome challenges and built a stellar venture from the ground up.

There is also the Industry Titan of the Year award, which will be given to entrepreneurs at larger-scale businesses who have innovated and influenced the local economy and their specific industry. 

“That could be from any industry sector,” Colvin added. “They’ve gotten exceptional goodwill and created innovation and influenced the economy here in Cumberland County.” 

The university also plans to reward multi-generational businesses in Cumberland County. 

“Small businesses are the backbone of our economy,” Colvin said. “And you have so many businesses that are generational businesses, from a restaurant entity to a lumber company to funeral home service to an insurance company.” 

Colvin used the example of a towel factory she recently visited. That business has been maintained and grown by four generations of the same family, she noted. 

“We want to recognize the businesses that have a lasting stay, are multi-generational and still have an impact in the community,” Colvin said. “We really tried to take a look at all the diverse businesses, as well as their different stages.”

The ceremony will also include a cocktail hour from 5 to 6 p.m. Colvin said entrepreneurs will be able to grow their network at the event. 

“I want them to walk away being inspired. So for those that have been thinking about wanting to start a business and have never had the courage to do so, this could be a chance,” Colvin said. “Being around these amazing nominees and being in an environment where you are around entrepreneurs and small businesses and community leaders that are telling you what is driving the economic growth here, maybe that inspires someone to take the leap of faith.”

Colvin said she also hopes the ceremony reinforces the drive and passion for serving their community for business owners in the county. 

“You have the opportunity to be with a diverse group of businesses and individuals and community leaders, but this could also be an opportunity to network and build other relationships,” she noted. “And maybe there could be some partnership opportunities that could come from this night of celebrating entrepreneurial excellence.”

The gala will also feature a guest speaker: venture capitalist and author Arun Gupta. Gupta has co-authored “The Mission Generation” and “Venture Meets Mission,” both national best-sellers. He is also the CEO of the NobleReach Foundation, a nonprofit that brings together the best minds from government, industry and academia to enhance the security of our nation. 

“Being that Fort Bragg is in our backyard, [Gupta] is a venture capitalist, and what he does is really connect government resources, venture capitalists and identify products and services that can be sold to the government,” shared Colvin. 

In preparation for the first iteration of the award ceremony, Colvin said she is hoping the event can take off and become a tradition with prestige for local entrepreneurs. 

“Attend the event, and you will be inspired to see who is in the room that’s really shaping and growing this economy here in Cumberland County in the region,” Colvin said, encouraging entrepreneurs to participate.

The last day to submit nominations is Aug. 15. Nominations can be submitted online at www.fsuhub.com/award-nominations. The last day to purchase a ticket is Aug. 20.