Three companies were selected for the 2024 Beaverton Startup Challenge, which is a slight decrease from what has been seen in past years and a reflection of the current investment environment.
In the past, the program has had five startups in a cohort. However, this year the angel investors who select the winners — the Westside Startup Fund 9 — were more selective, said Oregon Startup Center Director Jim McCreight.
This pullback reflects the broader trends seen this year as investment in startups has fallen as interest rates have risen, exits have slowed and more uncertainty has entered the venture market. Forty applications were received for this round.
“We picked three companies who were able to best validate that there is a market for the product or service, and that they are far enough along to generate revenue and traction in a few months,” McCreight said.
Here’s who made the cut:
- Bayani Designs and founders Paolo Esteban, Jon-Michael Kowerts and Jon Zacharkiw. The startup is developing hearing protection for firearm users with a focus on military and police markets.
- Bluem Nursing and founders Jason Smith, Emily Lewis and Keri Baines. The startup is building a website for nurses to rate their experience and salary working at hospitals that can be used to help people research work opportunities.
- Intrinsic Shaving and founder MinNefer Mernahkem. The startup sells shaving products and accessories designed for Black men.
The Beaverton Startup Challenge is run by the Oregon Startup Center. Participants in the program receive technical assistance from the center and mentoring. Startups this year are receiving $25,000 in investment.
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. Participants agree to have their companies headquartered in Beaverton for at least one year.
“We are pleased to add three new companies to the forty companies we have invested $1.1 million in over the past eight years,” said McCreight in a written statement. “Our previous winners have gone on to raise over $100 million in additional investment.”
