More than 200 applications are expected for the fourth edition of the statewide business plan contest.
Wannabe entrepreneurs from kindergartners through adults dreaming of a side hustle are invited to submit their business ideas for this year’s Maine Startup Challenge.
Applications for the fourth edition of Maine Venture Fund’s annual statewide contest will open on April 1 and are due by May 1. Winners will be at a May 20 event in Portland — with virtual attendance options — during Startup Maine Week.
Joe Powers, Maine Venture Fund’s managing director, told Mainebiz that organizers hope to attract the highest application count ever this year, with more than 200 expected from across the state and across all ages.
“Maine Startup Challenge is the only business plan competition in the state, and it is open to all Mainers — well, everyone from kindergarten and older, to be exact,” he explained.
To students toying with the idea of applying, he says, “There is no bad idea. with something in your life that you like to do and think of ways to make it better.”
Powers also has this advice for adults: “If you've been mulling a side hustle, this is a perfect opportunity to put pen to paper and earn a chance to win up to $8,000 in prize money.”
Maine Venture Fund, created by an act of the Maine Legislature in 1995, invests in Maine businesses that have the highest potential for growth and impact.
For this year’s Maine Startup Challenge, Maine Venture Fund has joined forces with the University of Maine and Startup Maine to host the award ceremony at 300 Fore St., Portland, as part of Startup Maine Week programming.
The contest is organized into four tiers, with cash prizes for first-place finishers and runners up in each category. Business plans are evaluated by a panel of Maine entrepreneurs and inventors.
Since the contest was launched in 2022, 300 ideas have been submitted and $50,000 worth of prize money has been awarded. More information about this year’s contest and the event is available on the Maine Venture Fund’s website.
Save the date
Startup Maine Week will take place from May 18-21.
