The Northwest Arkansas StartUp Cup is launching its 2013 competition, organizers announced recently. There will be several changes to the second year of the competition as organizers fine-tune the process.
StartUp Cup started in Tulsa, Okla.
In 2007 and in the last two years has licensed other regions across the globe to offer their own StartUp Cup. Northwest Arkansas received the first license and is now part of a global network of StartUp Cup business model competitions.
Tonya Nkokheli, president of Innovative Markets, which holds the NWA StartUp Cup license, is the chief event coordinator. She said there will be several changes to this year’s competition including more mentoring, an enhanced network of resources and most notable for some, the introduction of prize money for the top three winners. The winners of last year’s NWA StartUp Cup won free professional service hours and additional free mentoring.
Nkokheli is embracing the team approach for this year’s competition including seeking interested committee members to fill volunteer roles including project manager, website and social media support and sponsors. Several of last year’s winners have also committed to serve on the committee.
By establishing a stronger list of resources in all industries, the NWA StartUp Cup can help all participants succeed even if a business does not advance into the finals, Nkokheli said.
“Entrepreneurs may not make it through to a final round, but it’s important to have a reference or referral list to continue on,” she said.
The timeline for this year’s NWA StartUp Cup is also slightly accelerated. It begins June 4 with the application process opening. Winners will be announced during the Global Entrepreneurship Week in November.
There will be two information sessions about the NWA StartUp Cup:
· 6 p.m., Tuesday, May 21 at The Iceberg Co-Working Space in Fayetteville
· 6 p.m., Tuesday, June 4 at the University of Arkansas Global Campus in Rogers
Interested businesses or potential committee members, coaches or mentors are invited to attend one of the meetings to learn more about NWA StartUp Cup. The meetings are not required to enter the competition, but entrepreneurs will find them useful, Nkohkeli said. The meetings will have essentially the same information. Two are being hosted to give more chances for participation.