Notable Austin businesses are teaming up to launch an annual startup competition aimed at supporting an underrepresented founder or community.
Austin FC and fintech company Q2 kicked off the competition on May 11. DivInc, an Austin-based nonprofit helping underrepresented entrepreneurs, is also collaborating with the two organizations on this competition.
The winner of the Dream Starter Competition will receive $100,000 to jumpstart or accelerate their Central Texas-based business venture.
“The Austin FC Dream Starter Competition is representative of Q2 and Austin FC’s ongoing work to build a more inclusive and equitable city,” Andy Loughnane, president of Austin FC, said in a statement. “The startup spirit is central to Austin, and Austin FC and our club is proud to partner with Q2 and DivInc to support a deserving Austin-based underrepresented entrepreneur.”
Applications will be accepted from May 11 to May 18. To apply, applicants must complete a questionnaire about the problem their business is trying to solve, current market opportunity size, how the funding will be used and how the funding will promote diversity and inclusion in Austin.
Before a winner is announced, five finalists will participate in a pitch contest on June 10. The winner will receive a check during halftime at the Austin FC home match on June 19.
In addition to funding, the winning startup will receive marketing benefits at the Q2 Stadium during an Austin FC match, according to a news release.
“We pride ourselves in being leaders for diversity, equity and inclusion within the innovation ecosystem and Dream Starter is just another shining example of how we can come together to create a transformative impact within the community,” Preston L. James II, DivInc CEO and co-founder, said in the statement. “We’re getting it done, together. This is what this is all about!”
