The U.S. Small Business Administration has launched the 2017 InnovateHER: Innovating for Women Business Challenge.
The SBA is looking for business ideas that could make life better for women and their families.
Contestants must develop a product or service that meets three criteria:
- Has a measurable impact on the lives of women and families
- Has the potential for commercialization
- Fills a need in the marketplace
The challenge is open to U.S. citizens or permanent residents at least 18 years of age at the time of their submission of an entry (or teams of such individuals) as well as private entities, such as corporations or other organizations that are incorporated in and maintain a primary place of business in the United States.
Submissions are due by May 12, 2017.
The initial round of the Challenge will take the form of local competitions that will be run across the country by host organizations such as universities, accelerators, clusters, scale-up communities and SBA Resource Partners.
By May 12, each host organization will submit a nomination package to www.Challenge.gov containing the winning individual/team’s business plan and other required information to the SBA, which will administer the semi-final and final rounds of the challenge.
As a nationwide business competition, the InnovateHER: Innovating for Women Business Challenge is intended to drive attention and resources to innovative products and services that improve the ease and longevity of women’s lives. Through a gift from the Sara Blakely Foundation, the SBA offers $70,000 in prize money for the competition.
SBA Administrator Contreras-Sweet originally launched the InnovateHER Business Challenge two years ago to address the opportunity gap in women-led venture capital investment.
“InnovateHER continues to make women a bigger part of the conversations around innovation and investment, helping entrepreneurs realize the empowerment and self-sufficiency that can come from advancing ideas and products that tap into new market opportunities,” Contreras-Sweet said.
