By Mark Ambrogi
The mission of the Indy Startup Challenge is to bring world-class startup tools to Indianapolis-area companies.
“The bootcamp idea is something based on the business model campus, which is this evolving structure that is part of the language of doing business in the startup and entrepreneurial world,” said Dr. Joe Albano, founder of Logika International. “Similar programs have existed in other cities around the world.”
During a workshop his company was running through the state’s Office of Small Business and Entrepreneurship, Albano, whose Carmel-based company works with clients to create sustainable businesses, met Kelly Schwedland from Indianapolis-based Elevate Ventures.
“He said how can we help the early-phase entrepreneurs who want to start a business and need some help and support building their business models,” Albano said. “We said, ‘Here is a good model for doing it, this startup bootcamp, let’s do one.’”
The Indy Startup Challenge starts Sept. 10 and runs 10 weeks. It runs from 9 p.m. to noon at The Speak Easy Downtown in Indianapolis. The registration deadline is Sept. 5. The Startup Challenge is organized and presented by Logika-USA and Elevate Ventures.
“The support and the interest has just been tremendous,” said Albano, a Carmel resident who has a doctorate in organizational psychology.
There will be experienced investors who can share their experiences, Albano said.
“These people who are doing their first or second startup can have the benefit of not making the same mistakes on their own and not doing the discovery on their own, but learn from people who have been through this before,” Albano said.
The Startup Challenge concludes with a pitch competition in front of Elevate Ventures, Meridian Street Capital, High Alpha and Developertown. The winning startup will receive a $5,000 cash prize. Accountants, lawyers, website design companies and marketing companies have donated services to make sure the winning company starts off on the right foot, Albano said.
The team should be of at least two people. The cost is $500 per person, but the promotional codes (Elevate, Logika) cuts the entry cost by 80 percent. Albano said they didn’t want cost to be a barrier for this first Indy Startup Challenge.
For more, visit indystartupchallenge.com.