"Flywheel announced today the launch of the New Ventures Challenge 2016, a business idea competition that will award up to eight startup business teams the opportunity for an average of $50,000 in seed funding.
The selected teams will enter the New Ventures Accelerator at Flywheel to develop their ideas into investable business models. The accelerator will run from June through August, followed by a two month residency at Flywheel.
“The innovation economy is built on a thousand ideas for company start-ups”, according to Eric Tomlinson, Chief Innovation Officer of Wake Forest Baptist Medical Center and President of Wake Forest Innovation Quarter.
“The New Ventures Challenge is a further important step by Flywheel to develop fledgling companies using its entrepreneur training skills and applying seed-stage investments by local investors,” he continues. “Such approaches have great synergy with the broad based sets of research, technology and educational programs growing and thriving in the Innovation Quarter.”
The business challenge statement is broad and will consider any ideas in the categories of Business or Consumer Software Development and Applications, IT and Informatics, High Technology, and Device Innovation.
Of particular interest are software and hardware ideas that intersect with the Triad’s regional vertical domains like healthcare, biotech, aerospace, logistics, arts, and many others. More information is available at newventuresnc.com.
“This is an exciting time for Flywheel and the local community”, according to Peter Marsh, a cofounder of Flywheel. “The sponsor of this challenge is New Ventures 2016 LLC, a group of local investors who are applying investment capital to seed the creation of technology and device startups.”
“We are especially grateful to the Wake Forest Community Law and Business Clinic for their ongoing advice in how to structure the investment club and the challenge,” says Peter.
“Most of the new jobs created in the US economy come from startups, and it takes the commitment of local successful entrepreneurs investing in startups to make it happen,” adds Brad Bennett, a partner in Flywheel and principal at Wildfire.
Flywheel will provide workspace for selected challenge teams during the finalists briefing and final pitch weekend, and organize resources and mentors to help each team develop their concepts and commercialization plans.
The challenge is being administered by the Flywheel Foundation, a non-profit organization whose mission is to promote a startup ecosystem and tech sill development in the Triad, with a specific focus on gender, racial and economic diversity.
Full details on the challenge, the sponsor and the administrator are available at http://www.newventuresnc.com/ ."
- A Press Release