We understand you might have a few questions, and we anticipated some of those below. If you are looking for a specific answer not listed here, let us know. You can submit additional questions here.
What is VentureClash?
We are Connecticut’s global venture challenge for early-stage digital health and fintech companies. In addition to company investments, VentureClash awardees also benefit from introductions to a critical network of potential customers, investors, mentors and talent.
Who runs VentureClash?
- We are managed by Connecticut Innovations, the leading source of financing and ongoing support for Connecticut’s innovative, growing companies.
- Connecticut Innovations provides venture capital, venture debt and strategic support for early-stage technology companies; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals.
- To view Connecticut Innovations’ portfolio of companies, visit http://ctinnovations.com/opportunities/all. For more information, visit ctinnovations.com.
How do you define fintech?
Fintech refers to financial technology companies that leverage software in innovative ways to provide financial services. We take a broad view of what constitutes fintech–a view that mirrors Connecticut’s diverse financial services industry. Our definition includes insurance, payments, lending, security, transfers, wealth management, distributed ledgers, big data analytics and more. If you think your company fits this definition, fill out the short application for a chance to compete.
How do you define digital health?
Digital health refers to technology companies that use software and data analytics to improve the delivery and outcomes of health care. It is fueled by rapid advances in medicine, genomics, mobile technology and communications. We are interested in a wide range of digital health areas, including patient engagement, behavioral health, population health, telematics, tele-health, medication adherence, genomics, big data analytics and much more. Please fill out an application if your company has a technology that fits the description.
What does “early stage” mean?
Early-stage companies are beyond the idea stage. They have products and users, and are looking for capital to fund their expansion. To be eligible to compete in VentureClash, companies must have been in business for at least 12 months and have customers—either paying for its products or actively testing them.
Is VentureClash open to companies outside the United States?
Yes. We will review and consider any company worldwide that meets the eligibility criteria. If you are selected as a finalist, after two rounds of judging, you will be required to deliver an in-person pitch to a live panel of judges. You must confirm your availability for the finals event (October 19 and 20, 2016) to apply. Applications, presentations and all other requested materials must be completed in English.
What are the terms of the investment awards?
Investment awards may take the form of preferred equity or convertible debt. Equity investments will be based on the National Venture Capital Association’s Model Documents. Specific terms, including valuation, will be agreed upon by the company and Connecticut Innovations.
What does “having a significant operational presence” in Connecticut mean?
A condition for eligibility to apply to VentureClash is to maintain a Connecticut presence in any one of the following ways: (1) by having some significant business operational presence in the state, (2) by relocating your headquarters to Connecticut, or (3) by making Connecticut the location of your U.S. office (if you are a non-U.S. entrant).
Some examples that meet the Connecticut presence criteria including maintaining an in-state:
- U.S. headquarters
- Product development center
- Sales and marketing operation
Is there an entry fee to apply?
No. It’s free to apply, and the process should only take 30 minutes.
Is the application kept confidential?
The information on your application is shared with our internal VentureClash team. If you are selected to become a semifinalist, your semifinal application will be shared with expert external judges. These judges and the VentureClash team cannot be required to sign a nondisclosure agreement. It’s important to note that any information you provide to Connecticut Innovations may be required to be disclosed in response to valid legal process, such as a search warrant, subpoena or court order, or pursuant to the Freedom of Information Act (FOIA). For more information, please review the terms and conditions.