Codefi seeks entries for 2021 1ST50K competition

Are you an entrepreneur with a great business plan but no startup funding?

Then Codefi's 1ST50K may be able to help.

Applications are being accepted online through May 31 for the 2021 1ST50K competition in which up to four startup companies will be selected to receive $50,000 in startup capital.

Since the first 1ST50K competition was held in 2015, 11 startup teams have launched and grown their companies through the program in which companies "pitch" their concepts and, if selected, agree to establish their projects locally.

This year, Codefi has partnered with Sprocket, a not-for-profit organization in Paducah, Kentucky, geared toward enriching the region's technology and entrepreneurship ecosystem.

Winning teams will work with Codefi and Sprocket and will select a home base in either Cape Girardeau or Paducah, according to Chris Carnell, Codefi co-founder.

"Raising money for startups is hard. Building the company is even harder," he said, adding while the competition's prize funding is important, "what companies really look for is a community that wants to support and help them."

One such company, Sho.ai, an automation company focused on branding, is a previous recipient of 1ST50K funding.

"Coming to Cape Girardeau allows us the ability to focus," company founder Sho Rust said. "A lot of people thought about small towns as lacking the opportunity and skill sets to produce great tech startups and innovation. We've seen a drastic change in that the last five years."

Sho.ai is one of six companies to receive 1ST50K funding since 2019. Those teams have gone on to raise an additional $7 million to support their business endeavors. The companies have had a direct, indirect and induced impact of more than $2 million annually in the region, based on an economic modeling study provided by Southeast Missouri State University.

Entrepreneurship teams may apply for the 2021 1ST50K competition online at www.codefiworks.com/1st50k. All applications will be reviewed by early June, followed by telephone interviews with the applicants. In late July, teams will be invited to Cape Girardeau and Paducah for a live "pitch day" in front of a competition committee comprised of entrepreneurs, technology professionals and business executives. The committee will then help select this year's winning teams.

More information is available by contacting Codefi at (573) 335-9675.

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