LaunchKC will revive its signature grants competition after a four-year hiatus, giving early-stage tech companies the chance to win $50,000, plus business support and networking opportunities.
LaunchKC — an initiative of the Economic Development Corp. of Kansas City and Downtown Council of Kansas City — will carry out a nationwide search between Aug. 15 and Sept. 9 for innovative and diverse startups looking to scale.
Eight startups will win $50,000 grants and a host of support services, in exchange for their agreement to base their business in Kansas City for at least one year.
"We know that a healthy entrepreneurial ecosystem is vital to any successful city," Jim Erickson, the EDC's director of strategic initiatives, said in a release. "Right now, Kansas City needs to do more in this space, and that is why LaunchKC is happy to take a leading role to provide much needed support to grow today's early-stage companies into the next generation of major employers for KC."
A panel consisting of LaunchKC staff, industry experts, entrepreneurs, past grant recipients and business leaders will review qualified applications and narrow the pool through three rounds of judging. The final round will see approximately 20 applicants participate in in-person interviews to determine the eight winners.
The panel will focus on tech companies with high-growth potential that prioritize equitable business practices and see Kansas City as an ideal home. Finalists chosen for the LaunchKC program will be notified in late October.
LaunchKC does not take equity in the companies it supports. Rather, the nonprofit community benefit organization aspires to create a stronger local entrepreneurial ecosystem.
"Our return on investment is the success and growth of our portfolio of companies and their impact on the Kansas City region," Tommy Wilson, the Downtown Council's director of business recruitment, said in the release.
Of the 38 companies LaunchKC has funded since its first grants competition in 2015, 33 remain active, and 61% have maintained operations in Kansas City. Collectively, LaunchKC companies have created more than 300 jobs in Missouri and attracted more than $60 million in follow-on capital. Of the company participants in LaunchKC's programming, 58% are women and/or minority led.
