The New Ventures Challenge is a business idea competition that offers startup teams the opportunity to win seed funding and enter the Flywheel New Ventures Accelerator. Winning teams will be awarded cash prizes and follow-up investments with an average $50,000 investment per team in return for a 7.5% equity stake.
Applications are open through March 31. The program is looking for inception and early-stage entrepreneurial companies with web and mobile software, hardware or device innovation ideas.
Flywheel administers the Challenge on behalf of the New Ventures, provides workspace for selected challenge teams during the program, runs the accelerator, and organizes resources. The New Ventures Investment Club, a limited pool of local investors, backs the challenge.