Wichita-based entrepreneurial group NXTUS Inc. on Thursday announced 33 finalist companies as part of its 2020 NXSTAGE Pilot Competition.
Culled from more than 260 applicants all vying to get their products in front of potential local customers, NXTUS leaders say the turnout for its inaugural competition shows a strong interest among entrepreneurs across the country in doing business with Wichita.
"We are extremely encouraged by the traction NXTSTAGE has gained, despite the disruptions of the last few months,” Josh Oeding, NXTUS president and CEO, says in a press release. "The value proposition is clearly resonating with startups, who are eager to collaborate with our local companies and organizations."
NXTUS, rebranded early this year from the organization that had been known as e2e, hopes to announce the competition’s winners in September.
Mary Beth Jarvis, executive director of NXTUS, tells the WBJ that level of response in a first-year competition has been a heartening sign that the organization is hitting the sweet spots in the entrepreneurial ecosystem.
That means 33 opportunities for locally partnered businesses to tap young, but market-ready ideas that can help drive future growth.
And for those finalists — chosen from 14 states and four different countries — the chance of winning a customer that drives recurring revenue outweighed any prize written on an oversized check.
“The energy for that has been huge,” Jarvis says.
A full listing of finalists and links to more information on each, including several Kansas-based companies, is available online.
The organization says it will bring finalists to town once pandemic-related travel restrictions allow.
While organizers believe the response was even more impressive given the impact of Covid-19, the novel coronavirus did change some of its plans for 2020.
Most notably, it means a competition winners related to the contest’s manufacturing track won’t be named in 2020 because of the virus’ impact that industry locally. Finalists in that track where still chosen, however.
In addition to manufacturing, NXTSTAGE was also seeking to drive local investment in entrepreneurship related to financial technology and community health and vibrancy.
The financial technology track has moved forward the most quickly, the organization says, spurred by demand from founding program partners Emprise Bank, Fidelity Bank and Intrust Bank in Wichita that resulted in a large group of finalists.
The third track of community health and vibrancy got an application bump in the second quarter when NXTSTAGE reopened it thanks to demand from KMUW public radio.
The organization says two of those finalists remain in competition for a pilot award from the radio station.
NXTUS, rebranded earlier this year from the organization that had been known as e2e, hopes to announce the competition’s winners in September.
"The program's dual goals — to help promising young companies grow and to foster innovation in our existing businesses and community organizations — are exactly what our region must focus on to attract modern talent and build a brighter, more nimble future out of this current crisis," Oeding says.
The pilot competition is being funded by a $250,000 grant from the Wichita Community Foundation’s Talent Ecosystem Fund.
