SALT LAKE CITY, Utah, Dec. 1, 2016 (Gephardt Daily) – Utah’s third annual Start Madness competition for new businesses trying to get off the ground just pumped up its prize money and streamlined its application process.
In early 2017, $300,000 is up for grabs for the winning and runner-up businesses. An Audience Choice award winner will get six months of free space at Church and State, a business incubator in downtown Salt Lake City.
The application process started late last month and has been simplified from a video submission to a so-called Tweet Pitch that may include a video, pictures, or just a short statement promoting the new business.
Applications must be submitted no later than midnight on Dec. 31 to the Start Madness website. Judges will select the top 36 applicants the first week of January 2017 and those businesses will present their ideas to competition investors from Epic Ventures and the Kickstart Seed Fund on Jan. 19.
The six finalists out of that competition will participate in a finale on Jan. 20 and the two top businesses will receive their respective $200,000 and $100,000 prizes in the form of no-cap, no-discount convertible notes.
Sponsors of the competition encourage all start-ups to join in because win or lose, the experience can lay the groundwork for a successful launch of a new business.