Applications are open for the Oregon Technology Business Center and the Beaverton Startup Challenge, a program that offers capital, office space and mentorship to promising startups. The application period ends Sept. 30.
The program is one of several in the area designed to help entrepreneurs launch their businesses with support from mentors and the community. Located in Beaverton, the program is sponsored by the city and the West Side Startup Fund.
Five startups are selected to receive incubation services as well as $25,000 investment. Companies can also use the OTBC office space at 3800 S.W. Cedar Hills Blvd.
Since launching in 2016, the Beaverton Startup Challenge has invested in 30 companies. That portfolio of alumni has gone on to raise more than $55 million in follow-on funding. It’s this follow-on investment and continued growth of these startups that programs like this are looking to foster.
Just last week TrovaTrip, which was in the 2019 cohort of the challenge, announced it raised $5 million from investors. That company has 35 employees and is hiring. Other alumni include: children’s apparel brand GoumiKids, construction labor app Toolbelt and materials startup Liquid Wire.
The current class of companies have been using the space provided as needed while also working remotely, said Jim McCreight, director of strategic partnerships at OTBC. Application will be reviewed Oct. 1. Five startups will be selected, he said.
“I have already received calls and emails from startups planning to apply,” McCreight said of interest in this year’s program. “I think there are always startups willing to attempt getting a new business launched when they can receive mentoring, office space and cash. We are the only Oregon incubator offering to make an investment in the startup and often it is the first outside investment which gives them credibility to other Angel funds or VC firms for future investment.”
