(WASHINGTON, D.C.) – Deputy Mayor for Planning and Economic Development Victor L. Hoskins today announced that local innovation and incubator hub 1776 has partnered with the District and entities throughout the world to host an international Challenge Cup Competition that will pit startups in a head-to-head contest for capital. The Challenge Cup will feature competitions in 16 cities across the world, including eight in the United States and eight internationally, and startups will compete in the categories of health, education, energy, and metropolitan challenges. The competition will culminate in May 2014 with a week-long festival in the District, where 64 winning startups from around the world—along with corporate partners, investors, policymakers, and media—will be present for the final competitions.
“We are incredibly pleased to support the Challenge Cup, a global tournament for startups tackling the biggest challenges facing our world,” said Deputy Mayor Hoskins. “Hosting the week-long Challenge Festival in May next year will expose our local tech companies and young people to opportunities they might never otherwise have.”
The Challenge Cup Competition is supported by a $180,000 grant from the District of Columbia and synergizes goals of The Five-Year Economic Development Strategy aimed to make the District a destination of choice for both visitors and investment, in addition to a regional tech hub. It also provides an unprecedented opportunity for entrepreneurs and investors around the world to see how innovative the District’s tech sector has become.
As part of the District’s partnership with 1776 on this initiative, 10 percent of tickets for next May’s festival will be reserved for District youth. Also, a District business forum will be hosted during the festival to showcase local and homegrown tech companies.
In addition to the Challenge Cup, 1776 also announced the Startup Federation initiative and its Global Membership Program yesterday, with the respective goals of creating a global network of the world’s top incubators and extending campus membership to a virtual community. To learn more about 1776 and these programs, please visit www.1776dc.com.
Media Contacts: Chanda Washington (DMPED), (202) 727-6365