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PROVO — A startup competition will give 100 entrepreneurs and innovators a chance to gain exposure and win money for their startups this summer.
Start Madness is hosted by Beehive Startups and will feature tech startups that have raised less than $1 million.
It’s one of the largest startup competitions in the country, said Clint Betts, founder and CEO of Beehive Startups.
The process of elimination in a bracket system will determine which startups will proceed to succeeding rounds and ultimately, the finale. Eight competitions held throughout the summer will end with 10 finalists that will compete Sept. 3 at the finale in Provo.
“(Start Madness) is a great opportunity for entrepreneurs looking to promote themselves,” Betts said. “The competition will give them press and exposure they wouldn’t have had otherwise.”
(Start Madness) is a great opportunity for entrepreneurs looking to promote themselves. The competition will give them press and exposure they wouldn't have had otherwise.
–Clint Betts, founder and CEO of Beehive Startups
The competition is sponsored by 11 corporate venture firms. The prize money totals $150,000 right now but is expected to end up being around $250,000, Betts said. The winners will be chosen at the finale and will split the prize money.
Betts said even though not all startups entered will win prize money, many may gain funding from investors attending the competition.
The deadline for applicants is May 25. Beehive Startups will choose the 100 qualifying startups for the competition by June 1.
All startups must be tech related, but the definition of tech will be broadly defined, Betts said.
“We’re looking forward to a wide range of different submissions,” Betts said. “It will hopefully allow some entrepreneurs to successfully launch their startups into development.”
To apply for Start Madness, submit a 60-second pitch video to startfestival.com.
Spencer Ricks is a KSL.com news writing intern and student at Dixie State University from Snoqualmie, Washington. Contact him at firstname.lastname@example.org.