The annual Rochester Venture Challenge is looking to help the next big start up.
Jim Senall is the President of High Tech Rochester, the company who coordinates the competition. He says while entrepreneurship can range from consulting firms to coffee shops, what they’re looking for is an idea with high growth potential.
"Usually that means they’re technology related, doesn’t have to be, but it usually does. So these are companies that are going to build ideally multimillion dollar companies and be selling products or services all over the place, not just to local customers."
Senall said an investment in startups is an investment in jobs in the Finger Lakes region.
"Startup companies longer term are a generator of a lot of jobs. And if you look back, the biggest companies in the history of Rochester were companies started here: Kodak, Xerox, Bausch & Lomb. So we know startups build deep roots, so the more startups we can create in the near term, the more jobs we're going to have longer term."
The entry fee is $150 and Senall says that includes participation in four business building workshops that help you create and tailor your business model.
"They help you take your idea, figure out who the target customer is, how big the target market is, how you’re going to get to that market, and what your financial model looks like."
Registration is open until Monday, January 30th, and winners will be announced in April.
The grand prize is $25,000.