By Jerry Brown
BrownonGreen.Net
The Rocky Mountain Cleantech Open (RMCTO) has kicked off its second year with goals of increasing the number of contestants by 50 percent and expanding the contestants’ geographical representation.
“Most of the 64 companies that entered last year were from Colorado,” said Wes Schrader, who as RMCTO contestant chair is the person responsible for attracting contestants and helping them navigate their way through the application process. “This year we hope to have 100 entrants and we hope to attract more companies from outside of Colorado.” The regional competition is open to cleantech startup companies in Arizona, Colorado, Montana, New Mexico, Utah and Wyoming.
Last year, a dozen companies advanced to the mentoring phase of the competition – meaning they received extensive mentoring and advice on business plan development, financing, marketing and other topics related to successfully launching or growing their companies. Three companies received $50,000 each in cash and in-kind services and competed in the Cleantech Open national finals in San Francisco.
This year, three companies will receive cash and in-kind prizes and 20 companies will be selected for the mentoring phase of the competition, Schrader said.
The deadline for entering is May 22, but the entry fees are lower for teams that sign up earlier. For example, the fee is $149 for teams that sign up by Feb. 27, $199 for teams that sign up by April 3 and $249 for teams that sign up after that. Student teams receive a $50 discount from whatever price applies at the time they submit their application. Teams selected for the mentoring phase of the competition must pay $249 per team member to cover the cost of the materials they receive during the mentoring phase of the competition.
More than a contest
When it comes to the cash prizes, there clearly will be winners and losers, Schrader acknowledged. But he sees major benefits for all the companies that enter, not just the “winners.”
He said companies that make it to the mentoring phase of the competition receive somewhere between $40,000 and $50,000 worth of value from the mentoring, networking, exposure to sources of capital and other benefits related to participating in the event – even if they don’t win any of the cash prizes.
“Going through the process accelerates the development of the companies involved by an average of 12 to 18 months,” he said.
Competition rules
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“Most of the 64 companies that entered last year were from Colorado,” said Wes Schrader, who as RMCTO contestant chair is the person responsible for attracting contestants and helping them navigate their way through the application process. “This year we hope to have 100 entrants and we hope to attract more companies from outside of Colorado.” The regional competition is open to cleantech startup companies in Arizona, Colorado, Montana, New Mexico, Utah and Wyoming.
This year, three companies will receive cash and in-kind prizes and 20 companies will be selected for the mentoring phase of the competition, Schrader said.
The deadline for entering is May 22, but the entry fees are lower for teams that sign up earlier. For example, the fee is $149 for teams that sign up by Feb. 27, $199 for teams that sign up by April 3 and $249 for teams that sign up after that. Student teams receive a $50 discount from whatever price applies at the time they submit their application. Teams selected for the mentoring phase of the competition must pay $249 per team member to cover the cost of the materials they receive during the mentoring phase of the competition.
More than a contest
When it comes to the cash prizes, there clearly will be winners and losers, Schrader acknowledged. But he sees major benefits for all the companies that enter, not just the “winners.”
He said companies that make it to the mentoring phase of the competition receive somewhere between $40,000 and $50,000 worth of value from the mentoring, networking, exposure to sources of capital and other benefits related to participating in the event – even if they don’t win any of the cash prizes.
“Going through the process accelerates the development of the companies involved by an average of 12 to 18 months,” he said.
Competition rules
- Contestants must be startups with less than $500,000 in funding from outside sources during the past 18 months. Grants earmarked for research don’t count toward the $500,000 limit, but the rules specify that “prizes are not intended to subsidize corporate or university projects.”
- Each team must have at least two individuals as members. A group of people can form a team specifically to enter the competition, but they must form a legal entity (such as an LLC) with an ownership structure typical of an independent startup before receiving any prizes.
- Each business must fall within one of six specified “cleantech” categories: Air, Water and Waste; Energy Efficiency; Green Building; Renewable Energy; Smart Power, Green Grid and Energy Storage; or Transportation. More information about what’s included in the six categories is available on the CTO Web site.
- All contestants must be U.S. residents, citizens or legal aliens.
- Contestants must pay their entry fee by the May 22 deadline.
How to apply
More information on the Cleantech Open, including eligibility requirements and rules, is available under the Competitions Tab on the Cleantech Open Web Site (go to Business Competition, not Idea Competition). To apply, go to the Login Page and follow the prompts for creating an account and applying. For additional information, contact Wes Schrader at wschrader@cleantechopen.com | 303-351-1120.
Related links:
CTO Login Page (to begin registration)
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