The TechOut competition is entering its third year of recognizing innovation by awarding tech startup companies cash prizes, and the application process for TechOut 2014 is now open. TechOut is New Hampshire’s largest startup competition, jointly organized by the NH High Tech Council (NHHTC), headquartered in Manchester, and Alpha Loft (formerly the abiHUB), which has facilities in Manchester and Portsmouth. The competition will provide $500,000 in financing, awarded over the course of five years. This year’s finalist event will be held on October 2. The application deadline is July 15.
“Through TechOut, we’ll support 15 companies both financially and through the expert advice and resources our investment team can provide. We’re excited about year three of this competition and look forward to seeing applications that offer great opportunities for growing our tech ecosystem,” said Matt Cookson, executive director of the NHHTC.
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: 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, $20,000 in cash, is decided entirely by the audience the night of the event.
Previous winners of the top prize in the competition include 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 include Kinetic Surface Control (2013) and Therma-HEXX (2012), with CranioVation (2013) and Sensible Spreader (2012) each winning past audience choice prizes.
Funding for the awards is provided by 20 NH 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.
More information for this year’s competition and the application are available at nhhtc.org/nhhtc-events/techout-3/.
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