The StartUp Cup, a competition format for aspiring entrepreneurs, has already attracted interest in the US and UK, just days after launching globally.
The StartUp Cup, which is based in the US, was founded in 2007 by Sean Griffin. Structured as a business model competition, it aims to increase the quality and quantity of entrepreneurs.
The fundamentals were developed in Silicon Valley and transplanted to Tulsa in Oklahoma with the launch of the Tulsa Entrepreneurial Spirit Award, which evolved into the StartUp Cup.
Griffin says the Startup Cup provides communities – that wish to organise their own business model competition – with the structure, tools and support to produce a successful competition.
“StartUp Cup is born out of the frustration we keep hearing from communities that are investing hundreds of thousands, if not millions, into programs… but not getting any results,” Griffin says.
“We’re licensing it to communities that are looking to enhance their current entrepreneurial programming or haven’t been able to… implement an entrepreneurial program.”
The StartUp Cup is offered at different price levels, ranging from $199 to more than $5,000, depending on the help needed and whether or not a community needs a customised package.
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The $199 package includes an instruction book, which provides steps for starting a business-model competition, a website and online project management tools, as well as monthly coaching.
Communities use their own experts as judges and coaches, while StartUp Cup customises its services to fit the specific needs of the communities.
“There will be communities that can just run with it,” StartUp Cup spokesperson Kristen Bergman says.
“We’re giving them everything they need to do that, but then there are going to be others that will get stuck.”
“If a community needs someone to personally visit and serve as a judge or coach, and help develop events or workshops, StartUp Cup can provide that.”
Already, Arkansas and San José – both in the US – have signed on for the StartUp Cup, while the UK, Yemen and Senegal have also expressed interest.
Griffin’s ultimate goal for the StartUp Cup is to create more than one million jobs worldwide over five years through the development of entrepreneurs.
Griffin says he would like to see a global StartUp Cup competition held annually, whereby winners from all competitions compete to become the world champion.