Crowdfunding group sponsors 'Small Business Challenge'
Want to split, oh, $50,000 with fellow entrepreneurs?
EarlyShares, an equity-based crowdfunding platform, has launched a contest to encourage small business growth, stimulate job creation and introduce promising companies to groups of investors.
The "Small Business Challenge" is open to startups and businesses with fewer than 100 employees. To compete, companies must describe how the funding would help them grow and create more jobs.
The challenge will award the following amounts in cash and marketing support:
- 1st place: $25,000
- 2nd place: $15,000
- 3rd place: $10,000
The three winners will be chosen by a panel of judges and public voting. To qualify, businesses must apply at SMBchallenge.com and receive at least 100 votes online.
The deadline for submissions, nominations and voting is Oct. 31. Winners will be announced on Nov. 9.
Founded in 2011, EarlyShares connects small businesses and startups with potential investors who group together - in a "crowd," so to speak - to fund the companies.
The JOBS Act of 2012 legalized crowdfunding to help small businesses gain capital.