New Hampshire has a budding tech startup scene. Some entrepreneurs are attracted to the peaceful and beautiful climate in New Hampshire. There are some startups in the hospitality industry that are coming out of the University of New Hampshire’s hospitality program that are choosing to stay put to develop their ideas. Now though, there are 500,000 new reasons to launch a startup in New Hampshire.
The New Hampshire High Technology Council and the abi Innovation Hub have announced a new $500,000 tech startup competition. They’ve received financial commitments from 20 accredited investors who will also assist in mentoring New Hampshire startups in the so far unnamed competition, which is going by “The Fund” at the moment.
The $500,000 will be spread out into five annual competitions with $100,00
0 in prize moneyeach year for the next five years starting in September 2012. The first prize will be $50,000 the second prize will be $30,000 and the third prize is $20,000. The top two prizes will be determined by a panel of judges organized by the Entrepreneur’s Foundation of New Hampshire. The third prize will be determined by audience vote at the pitch contest scheduled for every fall.
The first competition will be September 20, 2012.
A separate company is being formed to manage the contest, obtain a name and a URL. Five members of New Hampshire’s tech sector are going to form the company and they are; abi Innovation Hub Executive Director Jamie Coughlin; early-stage investor Matt Pierson; co-founder and chief technology officer of Dyn Tom Daly, a Manchester Internet firm; Executive Director of the New Hampshire High Technology Council Matt Cookson; and member of the Cook, Little, Rosenblatt and Manson law firm Matt Benson.
“This competition fills a void in New Hampshire’s start up scene,” stated Pierson. “Not only are we going to put money into winning start up companies, we’re going to leverage the knowledge of our investors in helping them grow their businesses and ultimately attract additional capital.”
The abi’s Jamie Coughlin stated, “By having a five-year commitment to fund this event up front, we’re sending a strong message to entrepreneurs that we’re establishing New Hampshire as leader in getting start ups off the ground. This is all about investing in people, ideas, and ultimately stimulating our next crop of tech companies.”
“This competition is one more initiative to help drive innovation in New Hampshire,” added Cookson. “This effort will help create new, high paying jobs in our dynamic tech sector. The fact that individuals have stepped up to fund this effort demonstrates the commitment to nurturing our entrepreneurs.”
While “The Fund” is awaiting a name and url information about applying for the contest and the contest itself can be found at the abi Innovation hub website as well as the New Hampshire High Technology Council Site (linked below).
Find out more here at the abi Innovation Hub website or
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