Business startup contest draws entries from 13 countries

A Cape Girardeau-based business startup competition, 1ST50K, has pulled more than 100 hopeful entries from around the world and soon will host finalists for a first-ever Pitch Day.

1ST50K was developed by leaders of co-working community and technology incubator Codefi, capital group Traverse Ventures and other local partners. The multilevel competition, announced in January, gives winners up to $50,000 in grants with no strings attached, pro-bono business services and access to successful entrepreneurs.

On Friday, five to seven finalists will pitch ideas and concepts for businesses to a competition committee comprised of entrepreneurs and investors during Pitch Day, according to a news release from 1ST50K organizers.

Entries for the competition came from 13 countries and 23 states. Screening narrowed the field of competitors to 50, and local judging produced 20 semifinalists, the release stated.

Dr. James Stapleton, co-founder of Codefi, a longtime entrepreneurship educator and member of the competition commitee, said the panel is pleased with the interest in 1ST50K, including the quality of the applications and the geographical reach.

An endorsement for 1ST50K by Arch Grants, an internationally known startup grant competition based in St. Louis, likely factored into the interest by applicants, Stapleton said.

Arch Grants was the first competition of its kind, providing nondilutive seed grants as prizes.

"That's unique and very attractive to businesses who are trying to get up and running to not have to give up equity in the company in exchange for the cash they receive as well as services," Stapleton said.

The quality of the competition committee involved with 1ST50K also drew interest, Stapleton said.

"Sometimes it's easier to find capital than it is to find people who can really help you," he said. "We assembled people who have experience in a lot of different industries and have been very successful in not only developing businesses but also raising capital to feed them."

Members of the committee include Christopher Buehrle, founder of National Asset Recovery Services Inc.; Glenn Campbell, co-founder of Hat World Inc.; John Daniel, founder of John Daniel Family & Friends Investment Management; Chris Dittmer, worldwide program leader of software-as-a-service for a division of IBM; Tim Goodman, president of Benton Hill Investment Co. and former CFO of Health Services Corporation of America; Dwain Hahs, president of Stonehenge Investments and a former executive for Bausch & Lomb; Jeff Maurer, co-founder of Mayson Capital Partners; Lori Miller, a vice president of Express Scripts; Jon Rust, co-president of Rust Communications, publisher of the Southeast Missourian and vice chairman of the Associated Press; Stapleton; Jake Sturdy, former chief investment officer at IronRock Capital Partners; and Joseph Walter, principal at Granite Pier Capital and Pine Tree Equity Partners.

Twenty industry sectors were represented with the ideas submitted in the competition, the release stated. The top five were information technology, healthcare, energy, food and agriculture.

Organizers plan for the competition to receive applications and give awards several times a year; a second round is expected to begin soon.

The committee makes recommendations for funding to a board representing Traverse Ventures.

Friday's Pitch Day event will be open only to the finalists and competition committee members to protect intellectual property, Stapleton said.

Winners of grants and business services are expected to be contacted by 1ST50K organizers within a couple of weeks after Pitch Day.

eragan@semissourian.com

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