DataTribe just opened applications for its $2M startup challenge competition

If you’re a founder looking for the next step for your company, a Maryland entity just opened up its annual support event for startups.

Fulton, Maryland’s self-described “startup foundry” DataTribe is now accepting applications for its 2023 Startup Challenge. Until Sept. 23, founders of pre-Series A tech startups can apply to win a portion of $20,000 and up to $2 million in investment capital to grow their startup.

John Funge, managing director at DataTribe, said the event both helps DataTribe find companies to invest in and, he hopes, offers an easy way to grow local opportunities for new cyber founders.

“We try to make it as founder friendly as possible because I’ve been through the startup process and raised money, and pitch competitions can be work,” Funge told Technical.ly. “So we want to really make it worth the time of the founders.”

The competition is open to cybersecurity and data science companies that have a solid concept or have begun developing a minimum viable product. Founders with cyber experience from national security, defense tech, national labs, research and development and other commercial firms are eligible to apply. To qualify, founders must have raised under $1.2 million, be suitable for future funding and not be in violation of any intellectual property rights.

After selection, the three top companies will receive a portion of the $20,000 prize, and one will have the chance to nab a DataTribe investment. Startups will be measured according to technical merit, market potential and the readiness of the team. For Funge, sometimes, this means a team of founders and early employees who have already worked together.

“If there’s a ‘band back together’ team, that’s always an attraction to a startup investor because you know at the very start that the group of people isn’t new to working together and that they have the knowledge and can kind of collaborate effectively,” Funge said.

The three finalists, as well as two alternates, will be announced on Oct. 12. All five will have the chance to further refine their pitch for the final selection with workshops and mentorship from DataTribe coaches. On Nov. 2, the finalists will pitch judges and answer questions about their startup at an event in Maryland before the winner is announced.

For this year’s event, DataTribe’s Bob Ackerman, former MassMutual CISO Jim Routh, Red Cell Partners’ William MacMillian and Hakluyt’s Kristen Edwards Marquardt will serve as judges.

DataTribe is no stranger to seed investments for the winners of the challenge. Six winners over the past five have received seed investments from DataTribe. Additionally, last year’s winner, BalanceTheory, landed a $3 million round in December of that year, while 2019 winner Code Dx was acquired in 2021 by Synopsys.

With the Startup Challenge, Funge said founders can benefit from receiving investments, as well as by getting their startup in front of noteworthy individuals and investors.

“Our aspiration is that the challenge itself also helps to bolster the broader community and profile that the local ecosystem has something special with regards to cybersecurity,” Funge said.

Apply here by Sept. 23