Small Business Finance News
MassChallenge To Help Entrepreneurs Get Their Start
Written by Jenna Weiner
Published: 6/9/2010
MassChallenge - The world's largest startup competition is almost underway. It will give entrepreneurs $1 million in prize money towards their ideas.
The Massachusetts-based nonprofit MassChallenge has launched the world's largest global startup competition, with $1 million in no-strings-attached prize money for the winning entrants.
The annual contest will award at least 12 cash prizes of $50,000 or more to help entrepreneurs get their small business ideas off the ground.
John Harthorne, CEO and co-founder of MassChallenge, said that the contest will be great news for entrepreneurs looking for a chance to turn their idea into a reality. "The results of our competition will be immediate and far-reaching," he said.
All entrants will receive special training from the organization's partners and sponsors - such as Microsoft, Xerox and the Kauffman Foundation. Networking support will also be provided as entrants continue to build their ideas. Once the initial judging is completed, 100 finalists will be given free office space in Boston in which to work, along with introductions to possible customers or investors and expert advice.
The contest's website says that any company - including nonprofits - looking for seed or early-stage funding is eligible. To meet those restrictions, the organization says, startups should have less than $500,000 in total investments and $1 million in annual revenue.
The entry deadline for this year's contest is June 11. The winning entrants will be announced in October.
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