On December 11, Arch Grants, a St. Louis-based nonprofit that invests in for-profit startups without taking any equity, opened applications for their third annual Global Startup Competition. The application deadline will remain open until February 21, and all submitted applications will be reviewed by a panel of expert judges.
The finalists will then be invited to St. Louis to pitch their business models to experienced entrepreneurs from the local region, and the winners will be announced in June. The caveat here, since Arch Grants takes no equity in the companies, is that funded entrepreneurs will be asked to relocate to St. Louis.
“Arch Grants companies have produced dramatic growth in jobs, revenue, and follow-on capital raised by the companies who are accepted,” said Arch Grants president Jerry Schlichter.
In 2013, Arch Grants awarded $1.2 million total including two grants of $100,000 and 20 grants of $50,000 each; this year’s numbers will likely be the same. In addition to the funding, winning companies will also be given complementary legal advice, accounting services, marketing guidance, and mentorship for one full year.
“St. Louis has a booming entrepreneurship scene and an active angel and venture capital community. Coming to St. Louis as an Arch Grant finalist will immediately position you as a big fish in our growing pond,” says Arch Grants Board Member Cliff Holekamp.
St. Louis’ tech startup scene is growing, and it’s not slowing down any time soon. Arch Grants is doing everything they can to create and support an entrepreneurial culture and infrastructure that fosters success in St. Louis.