The Sacramento Kings added food innovation and global innovation contests to the ongoing Kings Capitalize contest, which offers cash prizes for local startup companies.
The traditional technology contest goes first, styled after March Madness where startup companies move up after a series of pitch rounds, the final of which includes fan votes at a Kings home game.
“We’ve broadened the Capitalize platform this year,” said Kings spokeswoman Kari Ida.
Applications are due Feb. 2 for the traditional Capitalize startup contest. Information is available online.
The timelines for the food innovation and global innovation contests have yet to be set.
Capitalize is set up as a tournament, with the winner getting $10,000. The No. 2 startup gets $3,000 and No. 3 gets $1,500.
The winner will be decided by judges and fans' votes at the Kings' home game against the Phoenix Suns March 24.
In the pitch competition's eighth year, the Kings invite startups based within 75 miles of Sacramento to apply for Capitalize.
The contest got 140 applicants last year. The winner was Elk Grove’s EyeRate, an online review startup that now has more than 40 employees.
“Kings Capitalize was one of the most energizing events we have participated in,” said EyeRate CEO Raymond Weisberg, in a news release from the Kings. "The level of talent from the founders and teams, in the competition and from Sacramento, was inspiring to see."
This year's contest is presented by the Kings and partner Dialpad, a communications technology company based in San Francisco.
The "Capitalize: Food" and "Capitalize: Innovation" contests will launch later this year with strategic goals to be set by the Kings.
“The Kings are proud to showcase innovative entrepreneurs in the Sacramento region and beyond through our groundbreaking Capitalize competition,” said John Rinehart, Sacramento Kings president of business operations, in a news release. “We are thrilled to expand the Capitalize platform to additional sectors, providing more resources and mentorship opportunities to the next generation of creators and trailblazers.”
