A new competition will help early-stage companies in Denver raise venture capital through its “Race to the Raise” pitch event on June 13. While the prize for the contest is only $25,000, there’s an additional $75,000 at stake in the future, meaning the winner could ultimately net $100,00 in venture capital from the Denver Venture Showcase, part of the Denver Office of Economic Development (OED).
“There is no shortage of early-stage firms that are doing great things in Denver,” says Mayor Michael Hancock. “We’re committed to doing all we can as a city to spotlight these firms, foster additional growth and investment, and propel our culture of innovation to an even higher level.”
Indeed, the city and OED offer a myriad of events and opportunities throughout the year to support the industry of nascent companies. Chief among them are the Commons on Champa
and Denver Startup Week
The OED is offering the contest to early-stage companies that have raised at least $250,000, but less than $4 million. In addition to the grand prize, two runners up will each receive $15,000.
Whichever company is the first to raise an an additional $500,000 in equity or convertible debt within six months, will receive a $75,000 boost from OED, the office says.
“We’re tremendously excited to send the winning firm to the Colorado Venture Summit,” explains Turid Nagel-Casebolt, director of business development at OED. “With investors from around the nation, the Summit offers incredible potential for a growing firm to land a significant amount of operating capital. This could truly be a quantum boost for a small firm that is just beginning to learn how to present itself, demonstrate promise, and raise funding.”
In addition to raising the required capital, the entrepreneurs must demonstrate that they have developed a growth and job creation plan to help grow Denver’s economy. Companies can apply to participate in the competition through June 2 via this link
They will be judged by local startup experts and scored by Denver-based Valid Evaluation’s evidence-based platform. The judges will select finalists to compete at the June 13 event which is being hosted at Holland & Hart, a co-sponsor along with US Bank. They will have five minutes to pitch their company to the judges.