Codify opens submission period for 1st50K competition, in fifth year

Are you an aspiring entrepreneur with a great idea for an innovative business product or concept? Then perhaps you should consider entering Codifi's annual 1ST50K Startup Competition.

This is the fifth year Codifi, a Cape Girardeau-based technology and entrepreneurship incubator, has sponsored the 1ST50K competition helping turn innovative startup ideas into scalable ventures.

The competition's title, 1ST50K, refers to the $50,000 cash grant Codifi will award to the winner of the competition. According to its website, Codify has awarded more than $250,000 to entrepreneurial teams that have created more than 30 jobs and generated more than $3 million in revenue since 2015.

Over the past four years, Codifi has received more than 400 contest applications from more than three dozen countries and most of the states in the United States. Last year's applicants represented 23 states and 14 nations, and the finalists included entries from Connecticutt, Virginia, Ohio, California, Argentina, the United Kingdom and Cape Girardeau. In 2018 there were two winners, including the developers of a social dining platform enabling anyone to participate in dinner events at the homes of expert chefs and the creators of a program designed to help children learn how to read.

"This will actually be the sixth 1ST50K competition we have sponsored over the past five years, and with each round the quality of the entries seems to get better and better," said Codifi co-founder Chris Carnell, who serves as co-director of the competition along with Dr. James Stapleton, executive director of the Marquette Technology District Foundation.

The deadline for entering this year's competition is May 31, but those who enter before the end of April will receive preliminary feedback on their entries to allow them to improve their applications before the entry deadline.

According to information provided by Codifi, the field of entries will be narrowed to a "select few" invited to "Pitch Day" in late July when competition entrants will make 10-minute private presentations in front of a competition committee followed by a 20-minute question-and-answer periods. The competition committee is comprised of business and industry leaders, entrepreneurs, technology experts and others. Entries will be judged on the basis of several criteria such as problem identification, how well a product or idea serves a market need, the scalability of the product or idea and the overall innovation of the product, technology or service.

Funding for the 1ST50K program was initially provided by a handful of donors. The competition is now funded through Missouri Technology Corp., a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. Those who receive funding through the 1ST50K program are required to establish or locate their company in Cape Girardeau for at least the year of their entry.

In addition to the $50,000 startup grant, winning applicants can benefit from mentoring and no-cost advising, introductions to venture capitalists and opportunities for additional funding opportunities.

More information about the 1ST50K competition, including entry information, can be found at 1st50k.org.

jwolz@semissourian.com

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