BEAVERTON LAUNCHES $100K STARTUP FUND
News Release from City of Beaverton
Posted on FlashAlert: August 25th, 2015 12:12 PM
BEAVERTON, Ore. - The City of Beaverton and startup incubator Oregon Technology Business Center (OTBC) have teamed up to create the Beaverton $100K Startup Challenge. The challenge is sponsored by the city and Westside Startup Fund, LLC, and each will contribute $50,000 to help five startups kickstart their business with coaching and mentoring support from the OTBC.
"Beaverton has been home to some of the most successful startups in Oregon's history," said Mayor Denny Doyle. "Nike, which is now a Fortune 500 Company, got its start on Hall Street back in 1964. Back then they were known as Blue Ribbon Sports. Who knows, maybe the next Nike will be discovered through this innovative challenge."
"The Westside Startup Fund is a great next step for OTBC," said Executive Director Steve Morris. "We have a strong track record of helping startups with workshops, incubator space and by delivering the state's top-rated coaching and mentoring program. OTBC helps many companies become investor-ready. The Westside Fund means we can now provide financial help through an infusion of seed funding to further accelerate startup growth and raise the odds of success."
Five startups will be selected to receive a $20,000 cash convertible-note investment along with incubation services and free rent for one year at the OTBC. For-profit, early-stage growth businesses with the ambition and potential to scale into national and international markets are encouraged to apply. Applicants must have a two-to-five member team with at least one team member working on the startup full-time. Applicants may be self-funded, grant-funded, and/or have investor funding of up to $250,000. Five startups will win:
* $20,000 cash convertible-note investment
* Free rent for one year
* Discounted legal and accounting services
* HR and marketing assistance
* OTBC's top-rated coaching and mentoring services
* OTBC entrepreneur workshops, and more
Applications are due Wednesday, Sept. 30, 2015. Semifinalists will be selected by Oct. 15, 2015 and the five winners will be announced by Nov. 15, 2015. To apply, visit otbc.org/BeavertonChallengeApplication.
For more information about the fund, please visit otbc.org/BeavertonChallenge or contact Steve Morris at smorris@otbc.org.
ABOUT OTBC
The Oregon Technology Business Center (OTBC) is a decade-old nonprofit tech startup incubator that provides coaching, networking events, entrepreneurship programs and shared office space to help startup ventures succeed.
According to a 2013 Oregon Founders Study, OTBC is the highest-rated incubator in Oregon for effectiveness in its mentoring programs--providing a unique combination of CEO mentoring, referrals to a large network of founders and domain experts and practical how-to entrepreneur workshops and videos. The hands-on attention and nurturing business environment helps startups become successful businesses. OTBC alumni include many outstanding companies such as Puralytics, Lumencor and Sonivate. With strong connections to the City of Beaverton, the Beaverton Area Chamber of Commerce and more, OTBC is the ideal partner to help startups develop and grow their businesses in Beaverton.
Beaverton is home to a large number of growth companies started by local entrepreneurs, including technology and manufacturing companies known throughout the world such as Act-On, Digimarc and Vernier Software & Technology.
The City of Beaverton is a founding sponsor and the OTBC facility is conveniently located across the street from the Beaverton Central MAX station, with free parking and easy access to Highway 217.
For more information, please visit www.otbc.org.
ABOUT BEAVERTON
Beaverton is a welcoming and responsible city that enjoys one of the most diverse populations in Oregon. In 2015, Beaverton was recognized as the safest city in the Pacific Northwest (according to CQ Press with cities more than 75,000). Recently, the city's award-winning finance department received the Distinguished Budget Presentation Award as well as the Certificate of Achievement for Excellence in Financial Reporting. In 2012, the city was awarded the Mayors' Climate Protection Award from the U.S. Conference of Mayors. It was named one of the 100 Best Places to Live in America by Money magazine and recognized as one of the best places to raise kids by BusinessWeek magazine. The city was named one of the top 25 Suburbs for Retirement by Forbes.com and one of the 100 Best Walking Cities in America by Prevention magazine. The city also received the Recycler of the Year award from the Association of Oregon Recyclers, named a Tree City USA by the Arbor Day Foundation, rece ived a Silver Award Bicycle Friendly Community designation by the League of American Bicyclists, and recognized as one of the Environmental Protection Agency's Green Power Communities. Lastly, the city's nationally acclaimed visioning program was named Public Involvement Project of the Year--Best Planning Project by the International Association of Public Participation (IAP2) Cascade Chapter and also received the prestigious 3CMA Award of Excellence.
For more information, reminders and community news, visit www.BeavertonOregon.gov. Also follow Beaverton on Facebook at www.facebook.com/CityofBeaverton, or Twitter at www.twitter.com/CityofBeaverton.
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"Beaverton has been home to some of the most successful startups in Oregon's history," said Mayor Denny Doyle. "Nike, which is now a Fortune 500 Company, got its start on Hall Street back in 1964. Back then they were known as Blue Ribbon Sports. Who knows, maybe the next Nike will be discovered through this innovative challenge."
"The Westside Startup Fund is a great next step for OTBC," said Executive Director Steve Morris. "We have a strong track record of helping startups with workshops, incubator space and by delivering the state's top-rated coaching and mentoring program. OTBC helps many companies become investor-ready. The Westside Fund means we can now provide financial help through an infusion of seed funding to further accelerate startup growth and raise the odds of success."
Five startups will be selected to receive a $20,000 cash convertible-note investment along with incubation services and free rent for one year at the OTBC. For-profit, early-stage growth businesses with the ambition and potential to scale into national and international markets are encouraged to apply. Applicants must have a two-to-five member team with at least one team member working on the startup full-time. Applicants may be self-funded, grant-funded, and/or have investor funding of up to $250,000. Five startups will win:
* $20,000 cash convertible-note investment
* Free rent for one year
* Discounted legal and accounting services
* HR and marketing assistance
* OTBC's top-rated coaching and mentoring services
* OTBC entrepreneur workshops, and more
Applications are due Wednesday, Sept. 30, 2015. Semifinalists will be selected by Oct. 15, 2015 and the five winners will be announced by Nov. 15, 2015. To apply, visit otbc.org/BeavertonChallengeApplication.
For more information about the fund, please visit otbc.org/BeavertonChallenge or contact Steve Morris at smorris@otbc.org.
ABOUT OTBC
The Oregon Technology Business Center (OTBC) is a decade-old nonprofit tech startup incubator that provides coaching, networking events, entrepreneurship programs and shared office space to help startup ventures succeed.
According to a 2013 Oregon Founders Study, OTBC is the highest-rated incubator in Oregon for effectiveness in its mentoring programs--providing a unique combination of CEO mentoring, referrals to a large network of founders and domain experts and practical how-to entrepreneur workshops and videos. The hands-on attention and nurturing business environment helps startups become successful businesses. OTBC alumni include many outstanding companies such as Puralytics, Lumencor and Sonivate. With strong connections to the City of Beaverton, the Beaverton Area Chamber of Commerce and more, OTBC is the ideal partner to help startups develop and grow their businesses in Beaverton.
Beaverton is home to a large number of growth companies started by local entrepreneurs, including technology and manufacturing companies known throughout the world such as Act-On, Digimarc and Vernier Software & Technology.
The City of Beaverton is a founding sponsor and the OTBC facility is conveniently located across the street from the Beaverton Central MAX station, with free parking and easy access to Highway 217.
For more information, please visit www.otbc.org.
ABOUT BEAVERTON
Beaverton is a welcoming and responsible city that enjoys one of the most diverse populations in Oregon. In 2015, Beaverton was recognized as the safest city in the Pacific Northwest (according to CQ Press with cities more than 75,000). Recently, the city's award-winning finance department received the Distinguished Budget Presentation Award as well as the Certificate of Achievement for Excellence in Financial Reporting. In 2012, the city was awarded the Mayors' Climate Protection Award from the U.S. Conference of Mayors. It was named one of the 100 Best Places to Live in America by Money magazine and recognized as one of the best places to raise kids by BusinessWeek magazine. The city was named one of the top 25 Suburbs for Retirement by Forbes.com and one of the 100 Best Walking Cities in America by Prevention magazine. The city also received the Recycler of the Year award from the Association of Oregon Recyclers, named a Tree City USA by the Arbor Day Foundation, rece ived a Silver Award Bicycle Friendly Community designation by the League of American Bicyclists, and recognized as one of the Environmental Protection Agency's Green Power Communities. Lastly, the city's nationally acclaimed visioning program was named Public Involvement Project of the Year--Best Planning Project by the International Association of Public Participation (IAP2) Cascade Chapter and also received the prestigious 3CMA Award of Excellence.
For more information, reminders and community news, visit www.BeavertonOregon.gov. Also follow Beaverton on Facebook at www.facebook.com/CityofBeaverton, or Twitter at www.twitter.com/CityofBeaverton.
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