A local organization that provides support for entrepreneurs and startup businesses will hold an event designed to demonstrate there are no geographic boundaries to entrepreneurship.
theClubhou.se is inviting startups from Georgia and South Carolina to a pitch competition on April 23. The goal is to demonstrate how to improve the flow of businesses and capital funding on both sides of the Savannah River.
“One of the things that we discovered is both the state of South Carolina and the state of Georgia have some pretty strong incentive programs where they provide matched investment funds for startups. But until we catalyze our local investment community, those are matching funds, and so we’re unable to get our startups capitalized because of that division across the river,” Eric Parker, President and Founder of theClubhou.se told ABD. “So, we wanted to create an event that helps us cross the river as a symbolic way of removing the boundaries that exist between our community and the future.”
Parker said since theClubhou.se began more than a decade ago, one-third of the startups it supports have come from South Carolina. However, there has never been a formal arrangement with the Palmetto State. No Boundaries wants to bring together agencies in both states that support startups.
“The other thing that I think is really important is we’re trying to take a position on is one of the barriers to growing investment capital in our region has been that there’s an unfamiliarity with investment instruments like SAFE agreement, which is a Simple Agreement for Future Equity,” Parker explained. “As a result, typically in this community, when a startup is trying to raise money, an investor wants to take equity in the company. And the reason why that is a barrier is at the early stage, nobody actually has any idea what the value of a company is, what the potential of it is.”
Wells Fargo Bank is the sponsor of No Boundaries. It is supporting the event with a $25,000 contribution through its longstanding relationship with HACK Augusta, the parent organization for theClubhou.se and Make Startups.
“They have been our partner in Augusta for small business and helping small businesses in the Augusta MSA for years,” said Kristina Christy, Vice President for Community Relations. “We know that small businesses are the backbone of the community. We want to be known as the ‘Bank of Doing.’ We either provide capital or technical assistance. It’s just our long-standing partnership with Eric (Parker), our focus on small businesses, how the small businesses pump life into neighborhoods and create vibrant places to live and work.”
Christy said Wells Fargo will be present at the event to answer questions and explain its online portal, the Small Business Navigator.
“It helps Wells Fargo bankers introduce these entrepreneurs, small business owners, to potential financing via CDFIs, Community Development Financial Institutions. We’re big supporters of CDFIs across the country. They have the expertise and how to grow. They’re not only providing financing; but they’re providing training,” she said.
While the primary goal of No Boundaries is to give entrepreneurs and startups a forum to pitch their products or services, it is also an opportunity for potential investors to find the next big idea, or for mentors to find a company to nurture.
Prizes are $10,000 for first place with prizes of $3,000 for second and $2,000 for third place. There will also be a $5,000 cash prize from the South Carolina Research Authority for the top company based in the Palmetto State.
The April 23 activities will start with a VIP breakfast at Newberry Hall. The competition will be held at the Amentum Center at 126 Newberry Street, SW in Aiken.
More information, including applications to join the competition and tickets for the events, is available at www.noboundaries.io/. Applications to participate must be received by March 23.
“For over a decade, we’ve been talking about the potential of our community, and this is the one stupid obstacle to all of us working together. Every time I cross the river, everybody’s enthusiastic and wants to do something, and when they cross the river, it’s the same thing. So, No Boundaries is our way of saying, let’s just do it,” said Parker.
