Part of the reason the NH startup ecosystem has gained so much momentum the past few years is because of the creation of several startup competitions. Startup competitions serve as a catalyst for emerging ecosystems such as those in the Granite State. The TechOut competition is no exception. Created and launched last year, TechOut is New Hampshire’s largest startup competition, providing half a million dollars in financing to be used over the next five years. This year’s event will be on September 26 and hosted by Brady Sullivan at 1617 Southwood Drive, Nashua (located just off Exit 8 on I-293).
The application deadline is August 26 and can be downloaded at: abihub.org/competitions/techout-2013/.
The two most active technology groups in New Hampshire, the NH High Tech Council (Council) and the abi Innovation Hub, came together to organize this event. 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.
“What many don’t know is that TechOut is open to any startup in the United States. Why do we do that? User acquisition,” says Jamie Couglin, CEO of abi Innovation Hub. “We are entrepreneurs trying to find ways to get more eyeballs on the New Hampshire ecosystem we are passionately building. The capital carrot, in our case $100,000 cash, does just that.” Adds Matt Cookson, Executive Director of the Council, “TechOut represents a real coming together from our venture capital community. We’re excited about year two of our five-year program to invest half a million dollars into promising start ups that can help create future jobs, fuel our economy and support our tech ecosystem.”
At the inaugural TechOut, held in September of last year, miEdge, which provides an insurance prospecting tool for employee benefits and health and welfare industries, claimed the $50,000, first place prize. The $30,000 second-place prize went to Therma‐HEXX, a manufacturer of high efficiency heat exchange products. The $20,000 third-place prize, selected by the audience, was awarded to Sensible Spreader, which designed an aggregate spreading system that uses GPS technology to map watersheds so specific aggregate can be applied on roadways.
Applications can be downloaded at abihub.org/competitions/techout-2013/.
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 abihub.org.