Applications are being accepted for VentureClash, Connecticut's $5 million global venture challenge for early-stage digital health, financial technology, insurance technology, and industry 4.0 companies.
The first round of applications for the challenge, developed by Connecticut Innovations, was launched Feb. 1 and runs through June 7.
The challenge has an investment award pool of $5 million and a top investment award of $1.5 million.
A panel of judges will determine who will get the remaining $3.5 million.
After two rounds of judging, about 10 companies will be invited to a finals event in Connecticut this fall to compete for the awards.
An outside panel of judges will determine the winning companies.
Participating companies are judged and chosen by their innovative use of technology, efficient business model, strong team of employees, traction of their product in the marketplace, and eagerness to take advantage of Connecticut’s resources and talent pool.
To qualify for the competition, companies must:
- Have been in business at least one year
- Having paying customers or customers who are actively testing the applicant’s product
- Have a compelling business reason to create a Connecticut presence, which applies to domestic and international applicants
- Be focused in digital health, financial technology, insurance technology, or industry 4.0, including sustainable materials and resources
VentureClash will also be hosting a pitch competition in Tel Aviv on May 23 where promising Israeli companies are invited to compete for a $500,000 investment from Connecticut Innovations, a semi-finalist spot in VentureClash 2019, and a $5,000 grant to visit Connecticut in August.
"There is a dense concentration of fast-growing startups in Tel Aviv,"said Connecticut Innovations CEO Matt McCooe.
"Over the past few years, many Israeli companies have competed in our semifinals and finals rounds.
"This year, we are taking VentureClash to to Israel to meet companies that are ready to expand to the United States."