Philly’s Novotorium Announces New Seed Funding Program

_novotoriumPUBPhiladelphia’s Novotorium continues to support health, wellness, and nutrition startups across the Philadelphia region. We’ve covered Novotorium quite a bit over the last 18 months and their progress has been fun to watch.

The team backing the startup support organization wants to get in with companies in their wheelhouse as early as possible, sometimes backing companies as early as a business plan stage or during the development of a companies minimum viable product (MVP). More often than not, companies at that early a stage are turned away and can’t develop without funding, especially in health and wellness sectors.

Novotorium has announced a week’s worth of programming geared towards the earliest stage companies. The program runs the week of September 16-20 and at the end of the week those that participated will be part of a business plan competition on September 23rd. The competition will have a $2500 prize, but Novotorium will consider all participants for possible future investments ranging from $5,000 to $250,000.

Novotorium, Seed Funding, startups, Philly startups“Our goal with this program is to work with companies in the early stages of developing a business plan and creating the first iteration of their business. We are looking forward to helping them build out their plans and create their minimum viable products. We anticipate that we will be able to offer seed funding to several companies,” Novotorium Managing Director Stuart Segal said in a statement.

Novotorium’s Marketing and Business Director, Chuck Hall, summarized the program on their blog:

During each day of the week-long program — September 16 through 20 —  Novotorium partners will be on hand at Novotorium in Langhorne to offer classes and hold office hours on key parts of creating and launching a business — finance, law, marketing, sales, operations, lean startup, agile development, technology, health care products and markets and more. This is a completely free week of sessions, with the goal of helping entrepreneurs accepted into this program move forward with their business plans and business implementation efforts.

On Friday, September 20, business plans and business development efforts will be vetted, with approved startups slotted into presentation times for Monday, September 23. Entrepreneurs will be asked to present to a Novotorium panel that will then determine the winner of the competition. The winner will receive the top prize of $2,500 in cash and $3,000 in services at Novotorium over a 30-day period.

Companies wishing to participate in the program must apply on the Novotorium website using the ordinary application form. Applicants should note “TBD” in any part of the application that is yet to be determined. Applicants should also note “Applying for September Program” in the “What Else?” section of the application.

Interested? Hit the application link above



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