Entrepreneurs want early capital for their business with no equity in return. Most sources scoff at this idea, whether it’s an investor, grant or business plan competition. Not Arch Grants. They’re awarding $1 Million in early-stage capital to startups with no equity in return. So what’s the catch? A commitment to St. Louis.
Arch Grants is announcing today their 2nd Annal Global Startup Competition. The St. Louis-based non-profit is giving startups around the globe the chance to get $50,000 each to help build their companies. Applicants need to demonstrate innovation in product or service and scalability, can be from anywhere in the world and in any for-profit industry. Winners must move to St. Louis or remain here.
As part of its mission is to create the entrepreneurial culture and infrastructure to build successful companies in St. Louis, Arch Grants gave 15 companies $50,000 each to help grow the city’s startup ecosystem, and it has been a huge success. Startups moved from as far as Chile, Costa Rica, and Portugal to establish their businesses in St. Louis. Momentum is growing in St. Louis as an entrepreneurial-friendly city. Kiplinger’s named St. Louis one of the Top 10 Entrepreneurial Cities in the country and in 2011, Missouri was ranked sixth in the Kauffman Foundation’s annual index of entrepreneurial activity.
Backed by city and financial leaders committed to continue to strengthen St. Louis as an innovation hub, the 2013 Arch Grants competition is expected to bring even more innovation and entrepreneurs to the area. The organization is unveiling the competition at the annual StartUp Connection tonight in St. Louis. Applications can be submitted on the Arch Grants’ website.