Connecticut Innovations (CI), a source of financing and ongoing support for Connecticut’s innovative companies, has launched a $5m global investment challenge for early-stage digital health and fintech companies.
VentureClash aims to attract the best early-stage companies in Connecticut, from around the country and throughout the world.
The top award for the challenge will be a $1.5m investment. The second-place winner will receive a $1m investment, while four runners-up will each receive a $500k investment.
Mentoring, grants and other assistance will also be provided to winners.
During the semifinalist round, applicants will also receive the benefit of going through VentureCamp, a four-week development and orientation program run by The Refinery, a Connecticut-based accelerator.
The VentureClash challenge launches the first-round application on April 28, 2016. Companies will have until June 30, 2016, to submit the first-round application. After two rounds of judging, approximately 10 companies will be invited to Yale University on October 20, 2016, to compete in person for investment awards.
Judges will include subject matter and investor experts from athenahealth, Canaan Partners, Greycroft Partners, Oak HC/FT, Kepha Partners, Magellan Health and Webster Bank. A network of partners including The Hartford, The Jackson Laboratory, Magellan Health, Webster Bank, and Yale will assist with customer connections, potential customer pilots, judging, mentoring and acceleration services.
To be eligible to apply, a company must meet the following requirements:
– Have been in business for at least 12 months;
– Have paying customers or customers who are actively testing the applicant’s product;
– Companies must be willing to establish a Connecticut presence, which applies to domestic and international applicants;
– Companies must be focused in digital health or fintech.