A national business competition that gives seed and early-stage companies an opportunity to pitch their business and win $300k in venture capital funding has been launched today.
In details, the InvestMaryland Challenge will award a $100k top prize in three categories:
– life sciences;
– IT (hardware and software); and
– general business.
The challenge is open to legally-organized businesses with fewer than 25 employees and annual revenues of less than $1 million. The IT and life sciences categories are open only to Maryland-based companies; companies outside Maryland may compete in the general category but, if selected to receive the top prize, must be willing to relocate their business to the State. All applicants will have the opportunity to pitch their business to venture capital firms and angel investors, and will be given access to incubator space and legal services. Finalists will be invited to present their ideas in face-to-face interviews with industry-specific judging panels in late February 2013. Applications are being accepted now through December 13, with winners announced in March 2013.