Tuesday Apr 29, 2014 by Josh Boyle - Director of Community & Marketing, VentureFizz
There’s a new startup competition upon us - Startup Jackpot. Started by 3 three friends, all who founded companies in the Washington DC area, Startup Jackpot is a grassroots effort to offer “no-strings-attached” cash to entrepreneurs to help them get to that next milestone. They are brining together the startup communities to collectively push the limits. Competitions have been held in DC and New York with San Francisco, Vegas and Detroit set to follow Boston.
I spoke with one of the founding partners, Mack Kolarich, who is hoping to spread the word around Boston to ramp up participation across all levels. “We’re looking for more applicants to compete for the prize money, guests to come out and support and explore these new ventures and local sponsors, to help increase the Jackpot for the winner.” Startup Jackpot contributes $3,000, the minimum take-home for the winner, and that number increases with every ticket and sponsorship package sold. Local level sponsorships start at just $1,000.
The event is taking place at WeWork South Station on May 10th and we encourage you all to get your tickets to compete or attend. For $25 you’ll be able to check out some up and coming companies, network with like-minded entrepreneurs and even have a say at who goes home the winner, as all voting is up to the audience using HuddleVote.
For those looking to compete, you’ll be one of 12-18 competitors and have access to other benefits aside from the cash prize, like a final interview with MassChallenge the following week. One team will also receive an offer from Boost.vc, a Bay Area accelerator. Nice fast track to some early funds.
The Startup Jackpot team will select the competitors from the pool of applicants. They’ll want to know what major milestones you’re driving towards and what hurdles you are currently facing. Once selected, participants will need to prepare a 4-minute pitch with just one slide. From there it’s all up to the audience to narrow it down at the event to a Final Five, who will then enter into a Q&A session. Questions will come from both the Startup Jackpot founders as well as the audience. Competitors will have 30 seconds to answer each question before a final round of audience voting for the Startup Jackpot.
Startup Jackpot does not take any equity in the startups. The only thing required is a follow up within six months so they can update the community on your progress.
Let’s welcome Mack and his DC team to Boston by spreading the word and showing up in droves for a great event to increase the jackpot.
* Jackpot cover photo from Shutterstock