Virginia Beach is grabbing attention on the global investment scene as innovators and entrepreneurs prepare to compete in August for a chance to win $1 million for their company.
Innovate Hampton Roads and the city are teaming up to bring the Startup World Cup Virginia Regional to the Zeiders American Dream Theater in Town Center on Aug. 28. This is the first time the Startup Cup, a global platform that fosters entrepreneurship around the world, has come to Virginia.
“This a competition to get in front of global investors,” said Tim Ryan, executive director of Innovate Hampton Roads. “Never before has there been an opportunity like this (in the area).”
The competition is open to Virginia startups of all types. The winner will represent Virginia in the Startup World Cup in San Francisco for the $1 million prize, Ryan said.
In addition, the event provides networking and an opportunity to get feedback from investors, he said.
Startup World Cup Chairman Anis Uzzaman is the founder and CEO of Pegasus Tech Ventures in California’s Silicon Valley. He is responsible for the firm’s overall global investments and operations with $2 billion under Pegasus Tech Ventures’ management. He has invested in over 260 startups globally such as SpaceX, Airbnb, Doordash and 23andMe, according to his website. The competition, he said, helps connect entrepreneurs of various cities and innovation ecosystems to Silicon Valley and the rest of the world.
“We are thrilled to partner with Innovate Hampton Roads for the Startup World Cup Virginia Regional,” Uzzaman said in a statement. “This is our first time bringing the event to Virginia Beach and we are delighted by the quality of enthusiasm of competing startups.”
Startup World Cup selecting Hampton Roads for the regional competition is significant and speaks to innovation happening in the area, Ryan said. It’s also a pivotal moment for the region to grow its ecosystem on a global scale.
“This is a result of what we are doing in Hampton Roads with startup successes,” he said.
Ryan pointed to accomplished companies that began and are headquartered in the area such as DroneUp in Virginia Beach and SVT Robotics in Norfolk. He said having federal facilities such as NASA Langley Research Center in Hampton and Jefferson Lab in Newport News is a plus because they encourage entrepreneurship.
The interest in Virginia is a testament to the state being ranked No. 1 this year in America’s Top States for Business by CNBC. This is the sixth time the commonwealth ranked No. 1 and the third time within the past five years.
The Virginia event is limited to 100 applications. Judges throughout the state will narrow the applications down to about 10 to 12 companies, Ryan said. Startups in any stage can apply as long as they are a legal entity, not just an idea.
Interested contestants can apply online by Aug. 14 on the Innovate Hampton Roads website at innovate757.org. Ryan said the event is seeking volunteers to help. Interested volunteers should email james@innovate757.org or tim@innovate757.org.
