Local business incubator Codefi has announced the third round of its startup competition, 1st50k, has begun.

The winner of the competition receives a startup grant worth up to $50,000. The winning company also receives pro bono professional services, professional networking opportunities and the potential for additional fundraising.

The winner of the second round of competition was announced earlier this month.

St. Louis-based startup Impress Software was selected among over 150 applications from 20 countries and 27 states.

The startup, founded by Kyle Miller and Stephen Myers, tackles "the increasingly complex problem that individuals face assessing and matching talent and skills when recruiting employees, freelancers and consultants," according to a news release from Codefi.

"The traditional resume requires constant reworking to highlight specific skills and link them to specific project experience," Miller said. "There isn't an existing platform that automates this process, so we decided to build one."

In August 2015, Amir Atighehchi and Mikey Ahdoot were named the winners of the inaugural contest with their Los Angeles-based company Nutlock. Nutlock's products are designed to secure bicycle parts from theft.

Competition director James Stapleton said the applications have increased in quality and quantity since the competition began, and entries are coming in earlier than ever.

"We think that's just the continued momentum of the competition," Stapleton said.

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