Manchester, NH – The deadline to apply for the 2014 TechOut competition has been extended from July 15 to August 1. TechOut is entering its third year of recognizing innovation by awarding tech start-up companies cash prizes, and is New Hampshire’s largest startup competition, jointly organized by the NH High Tech Council (Council) and Alpha Loft (formerly the abiHUB). The competition will provide a half a million dollars in financing, awarded over the course of five years. This year’s finalist event will be on October 2.
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 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. Other winners include Therma-HEXX and Kinetic Surface Control, who took the second-place prize of $30,000 in 2012 and 2013, respectively, and Sensible Spreader (2012) and CranioVation (2013), who each won the $20,000 audience choice prize.
Funding for the 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.
TechOut’s 2014 event sponsors are: Borealis Ventures; Dyn; Cook, Little, Rosenblatt and Manson; Credit Suisse; Holloway Motors; FairPoint; Dunn Rush & Co.; Berry Dunn; Centrix Bank; and Hypertherm
More information for this year’s competition and the application can be found on the NH High Tech Council’s website, NHHTC.org.
About the NH High Tech Council: The NH High Tech Council engages, connects, and supports member companies throughout New Hampshire. As the largest member-driven technology association in the state, the Council supports research, innovation, and economic and workforce development efforts that have helped New Hampshire become a national leader in entrepreneurship and business. For more information, visit NHHTC.org.
About Alpha Loft: Alpha Loft supports and provides resources to entrepreneurs, improving their prospects for successfully launching and scaling innovation-based businesses. Alpha Loft’s success means a strong entrepreneurial culture in NH, creating companies and high quality jobs. In addition to high value programming, events, advice, and mentoring, Alpha Loft has locations in Durham, Portsmouth, and Manchester where entrepreneurs can start and build their companies.