Startup firms can compete for TechOut awards, cash
June 05. 2014 12:02AM
MANCHESTER — Tech startup companies can win up to $50,000 in prize money in the TechOut competition.
Companies can apply now for the competition, which for a third year recognizes innovation by awarding tech startup companies cash prizes. The application deadline is July 15.
The competition is open to startups that have been in business for fewer than three years, raised less than $250,000 in funding and have less than $250,000 in revenue.
The competition awards $100,000 in prize money annually: first place receives $50,000, second place $30,000 and third place $20,000. A panel of judges awards the top two prizes, and the third prize is decided entirely by the audience the night of the event on Oct. 2.
Previous winners of the top prize in the competition were Ultracell Insulation, which has patented a means of producing insulation from recycled cardboard, and miEdge, which provides an insurance prospecting tool for employee benefits and health and welfare industries. Prior second-place winners were Kinetic Surface Control (2013) and Therma-HEXX (2012); CranioVation (2013) and Sensible Spreader (2012) each won past audience choice prizes.
TechOut is New Hampshire’s largest startup competition, jointly organized by the New Hampshire High Tech Council and Alpha Loft (formerly the abiHUB). The competition will provide a half-million dollars in financing, awarded over the course of five years.“Through TechOut, we’ll support 15 companies both financially and through the expert advice and resources our investment team can provide,” said Matt Cookson, the council’s executive director. “We’re excited about year three of this competition and look forward to seeing applications that offer great opportunities for growing our tech ecosystem.”
Funding for the awards is provided by 20 New Hampshire accredited investors who share a passion for entrepreneurship and startups. They have each made a five-year commitment to the MillWorks Fund, enabling the TechOut startup competition to be held annually through at least 2016.
TechOut’s 2014 event sponsors are: Borealis Ventures; Dyn; Cook, Little, Rosenblatt and Manson; Credit Suisse; FairPoint; Dunn Rush & Co.; Berry Dunn; and Centrix Bank. Additional sponsors are being sought to help support this effort.
More information and the application are available on the council’s website, NHHTC.org.