The Charlotte Venture Challenge is offering prize money for the first time—-a total of $100,000 for local entrepreneurs. The business innovation competition, formerly known as Five Ventures, is accepting applications from early-stage entrepreneurial companies between now and noon Feb. 29. The Charlotte Venture Challenge is organized by UNC Charlotte’s Charlotte Research Institute and The Ben Craig Center. For the first time, prize money to be awarded to the winning companies will top $100,000.

Go to www.charlotteventurechallenge.com to apply.

Judged by top business leaders including some of the area’s most successful entrepreneurs, angel investors and venture capitalists, winning companies will be chosen in six categories of competition: New Energy & High Tech, IT & Informatics, Life and Biotech Sciences, Consumer Products and Services, Student Ventures and Social Enterprises.

COLLINS

In its 11th year, the Charlotte Venture Challenge was renamed to encompass a broader mission: to establish a nationally significant competition that accelerates the growth of scalable new ventures in the Charlotte region and builds recognition of Charlotte as an innovation center. “The Challenge has launched a number of significant companies in its history,” said Paul Wetenhall, president of the Ben Craig Center. “Our new sponsors and increased prize money are indicative of the accelerating activity and growing support infrastructure that the entrepreneurial community enjoys in the Charlotte region.”

The competition includes a series of workshops for registered firms beginning on Feb. 1. Over the course of three months, participants will learn about opportunity assessments, receive mentoring and connect with other entrepreneurs. The high-stakes finals and awards will be Thursday, April 19.

YAP Inc., a 2006 competitor, was sold to Amazon in Fall 2011 for an undisclosed purchase price. Founded by brothers Victor and Igor Jablokov, YAP is a technology startup that developed an advanced cloud-based mobile speech recognition platform. “Five Ventures allowed us to publicly test an idea for a new enterprise and gauge the public's reaction to it. Thanks to the positive reception at the event, we were able to find our first investor and board member, quickly complete a financing process and launch our company," the brothers Jablokov said.

The competition was founded with the goal of helping early-stage UNC Charlotte businesses grow. It has grown into a region-wide economic development competition attracting companies from North Carolina, South Carolina, Virginia and Tennessee. Since the first competition, over 100 start-ups have made it to the finals; alumni companies have gone on to raise over $40 million in venture capital. The contest name was changed in 2012 to the Charlotte Venture Challenge.

More info: Devin Collins 704-250-5753 or devin.collins@uncc.edu