New Hampshire’s largest startup competition, TechOut, is now accepting applications for its 2016 competition. TechOut, jointly organized by the NH High Tech Council and AlphaLoft, is entering its fifth year of recognizing talented entrepreneurs by awarding cash investments to promising tech start-up companies. The competition will provide a half a million dollars in financing, awarded over the course of five years. This year’s awards event is October 5 at Dyn in Manchester, NH. The application deadline is August 19.
“TechOut is more than a business plan competition. It’s an opportunity for promising companies with great ideas to receive advice from experts who grown or funded successful companies and are willing to put skin in the game,” said Matt Cookson, the Council’s executive director. “We’re seeing an uptick in terms of new ideas that are spawning new companies in the region and hope to have a robust group of applicants in 2016.”
After the application deadline, judges that include successful entrepreneurs and venture capitalists will narrow the field to a group of finalists. Those finalists will have the opportunity to go through a pitch camp and then do a short presentation at the October 5 event, which typically attracts about 300 people. There is no application fee.
The competition is open to startups that have been in business for fewer than five years, raised less than $250,000 in funding and have less than $250,000 in annual revenue. The competition awards $100,000 in financing 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 cash, is decided entirely by the audience the night of the event.
Funding for TechOut 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.