This week, 10 lucky startups are each going to win a $50,000 grant from the first-ever LaunchKC competition.
They’ll receive a year’s worth of free office space in downtown Kansas City and other help, including introductions to and support from the business community. And at least one of the top 10 will proceed to a national competition in Miami.
While the buzz around LaunchKC has been building over the past few months, the project has been underway for a few years.
“This has actually been a long time in the making,” said Drew Solomon, vice president of business and job development at the Economic Development Corporation of Kansas City.
Who’s Behind LaunchKC? Where Did the Idea Come From?
The competition is a joint project of the Economic Development Corporation of KC and the Downtown Council, with the support of just about every major corporation and civic group in town.
It grew out of a desire to address a long-running complaint from local startups—that KC can be a tough place for young, growing companies to find funding.
LaunchKC’s organizers drew inspiration from St. Louis’ Arch Grants, which also award $50,000 grants to startups through a competition process.
Local companies were quick to sign up as supporters, Solomon said. From pledges of financial support and resources to serving on the selection committee, a huge number of people have rallied around LaunchKC.
Exactly How Big a Deal Is This?
For KC’s startup community, this is a pretty significant investment.
Obviously, there’s the $500,000 in grants, but that’s not counting the other support and help that’ll go to the winners. Organizers are determined to help these companies create jobs, attract follow-on investment and generate revenue.
According to Solomon, about 500 startups from 17 states and eight countries sought LaunchKC grants. A little over half of the applicants are out-of-towners. There’s no telling how many locals will end up with one of the 10 grants, but there’s a good chance that LaunchKC will help bring a few new companies to town.
More importantly, this is not going to be a one-time offer, Solomon said. The LaunchKC team is working hard to set up the contest so that it’s an annual event.
“This is going to go years into the future,” he said.
How Many KC Companies Are LaunchKC Finalists?
Twelve of 20—you can find a full list here. Solomon is very proud that a healthy number of local companies were able to make it to the final round. All of the KC finalists were well-prepared and well-coached, he said.
How Does LaunchKC Tie Into Techweek?
Of course, Techweek probably wouldn’t be in Kansas City without LaunchKC, Solomon said. Festival organizers had been thinking about Kansas City as an expansion city, but learning about the grant competition sealed the deal.
“That was really the genesis of bringing Techweek to Kansas City,” he said.
How Can I Take Part?
There are going to be a few LaunchKC events on Thursday and Friday. But the main event happens from 3:30 to 6 p.m. on Friday, when the top 10 will be revealed. You can learn more about the schedule here.
And one of the top 10 winners will be an “audience favorite,” so you (and a few thousand other people) will have a say on who walks away with a grant.
