1871 will take part in a global competition spearheaded by D.C. tech incubator 1776 next month to identify startups that are attempting to solve some of the world's biggest problems.
The Challenge Cup 2015 will draw early stage businesses from 16 cities in 11 countries to compete for $650,000 in prizes. Startup categories include education, energy, health, and cities, and companies will get a chance to meet potential investors, mentors, corporate partners and policymakers, according to a news release.
The Challenge Cup will come to Chicago on Oct. 28. Each city will name four regional winners from each of the four categories who will then go on to compete in 1776’s Challenge Festival in May. Other regional sites participating in the challenge include Washington, D.C., Sydney, New York City, Tel Aviv, Amman, Santiago, Nairobi, Mumbai, Austin, Toronto, Boston, Berlin, Dublin, San Francisco, and China.
“We’re thrilled to join with 1871 and bring the Challenge Cup to Chicago, a city that has already established itself as a worldwide hub for compelling startups that are working to tackle our biggest, most intractable problems,” 1776 co-founder Donna Harris said in the release. “This competition will not only help Chicago’s most promising startups succeed, it will further connect the Windy City to a global movement of innovators interested in solving our biggest problems.”
The competition isn't looking for a hot new app or trendy digital startup, 1776 says, but rather companies with "fresh ideas that have the potential to solve big, difficult challenges."
“Chicago is building companies and startups that are tackling major challenges and trying to solve real problems," 1871 CEO Howard Tullman said. "Last year, the Challenge Cup was an extremely valuable opportunity for dozens of Chicago startups to exchange ideas, connect with mentors, and impress investors."
Chicago startup CancerIQ won the health category in 2013, the challenge's inaugural year, for its suite of applications that allow oncologists to better collect genetic information from cancer patients. CEO Feyi Olopade said it was the first time the company was able to share its updated traction story to investors.
“It was a great experience for us," he said. "We got exposure to a number of top officials in the administration and in the industry. We had the opportunity to cross-pollinate ideas and growth-hacking strategies that have been tried and tested."
Additional information about the Challenge Cup Competition will be announced in the coming weeks, 1776 said.
Image via InTheCapital
