Applications are open for the 2024 Beaverton Startup Challenge.
The West Side program is run by the Oregon Startup Center — formerly the Oregon Technology Business Center — and participants receive funding and technical assistance from the center and its mentors. Up to five companies will be selected and they each receive around $20,000 in investment.
Applications are open until Oct. 2. For founders interested in learning more, the group is holding an online information session Aug. 30.
"The info session is to explain what types of companies we are looking for, the terms of the convertible note and mentoring, coaching and connections we will be offering to the winning companies. We are considering startups anywhere in the Portland metro area," said Executive Director Jim McCreight.
Funding for the Startup Challenge comes from the city of Beaverton and the Westside Startup Fund. The program is industry-agnostic but is looking for companies that have high growth potential. Successful applicants are able to show they have market validation and have a plan to reach profitability in a “reasonable time,” according to organizers.
Participants agree to have their companies headquartered in Beaverton for at least one year. According to the OSC, the city works to help founders keep their companies in Beaverton. After eight years of the program 63% of companies are still based in Beaverton.
Past participants include travel marketplace TrovaTrip, which landed on this year’s Inc. 5000; flexible circuit maker Liquid Wire, which raised $10 million in 2020; and children’s apparel maker GoumiKids, which was one of the region’s fastest growing companies this year.
Over the eight years of the program the Westside Startup Funds have invested more than $1 million into startups. Those 40 companies have gone on to raise an additional $100 million, according to OSC.
