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GRA/TAG Business Launch
Deadline extended to February 16, 2010!
A Competition to Launch Georgia's Most Promising New Technology Companies
The Georgia Research Alliance (GRA) and the Technology Association of Georgia (TAG) joined forces to support the creation and growth of new companies that will strengthen and expand Georgia's strategic high-tech clusters. This is an event designed to help a local start up technology-based company launch its business. The contest winner will receive over $300,000 in cash and prizes. This is GRA and TAG’s way to reward high-tech entrepreneurship and assure a deserving Georgia start up company has everything in place to be successful.
The GRA/TAG Business Launch 2010 will invite entries in the area of Internet Technologies. This includes software and hardware companies that are developing products, online services, or backend technologies, which extend the reach, flexibility and ease of the internet.
Purpose
The purpose of the GRA/TAG Business Launch Competition is to support economic development in Georgia by encouraging and supporting the creation and growth of new companies that will strengthen and expand Georgia's strategic high tech clusters. To accomplish this, the competition has two specific goals:
- to motivate and support entrepreneurs in creating new high tech businesses in Georgia that will support and expand existing strategic clusters, and
- to create greater awareness within the investment community that Georgia is a great place to launch and grow high tech businesses.
Program
Entrepreneurs interested in launching a new Georgia company within targeted technologies and industries are invited to compete for a cash prize and a suite of related professional services that is valued at more than $200K. The competition offers entrants the opportunity to be mentored by a successful high tech entrepreneur.Entrants must legally reside in the State of Georgia. All awards will be conditioned on the company launching and/or maintaining its operations in Georgia. If the winning company moves a majority of the business outside Georgia within 3 years, the winning company must repay TAG for the cash prize plus 8% annual interest. TAG will make a final determination as to whether a company "moves a majority of the business outside of Georgia" and will have discretion to negotiate a variety of forms of repayment of the cash prize plus interest.
Entrants can be existing companies under certain circumstances. The competition is aimed at "new" businesses, however the time and effort required to launch a successful business in the targeted areas may require that an entrepreneur form a company and begin certain limited functions before any meaningful business operations occur. These functions could include prototype or Intellectual Property development and for these or similar reasons up to $500K in external funding may be allowed. Market trials may also be required and for this or a similar reason some limited revenue may be allowed. The judging process will take all these factors into consideration when making a recommendation to TAG's President and the decision made by the TAG President is final.
Entrants have an option to request a mentor in further developing and refining their proposal. A group of Georgia’s most successful high tech entrepreneurs has agreed to serve as mentors. A preeminent panel of judges consisting of business leaders, entrepreneurs and a venture capitalist has been recruited. In addition, a group of local investors will attend the final event and receive copies of the business plans for the finalists.
CONGRATULATIONS TO AccelerEyes, THE WINNER OF THE 2009 GRA/TAG BUSINESS LAUNCH COMPETITION!
FOR MORE INFORMATION ON THIS EXCITING GEORGIA STARTUP, PLEASE VISIT THEIR WEBSITE: http://www.accelereyes.com/.
View the Press Release announcing the winner.
