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Business

Tech Fuel Competition To Award $30,000 For Best Tech Product

Bexar County is teaming up with the local technology industry to help new tech-entrepreneurs get a start on their bright ideas. It’s a move to help grow the San Antonio tech economy, fueled by the county’s $1 million Innovation Fund.

Tech Bloc announced Tuesday a three-level cash-prize competition for new technology product developers.

Blake Yeager, a founding member of Tech Bloc, says there are several new tech developers in San Antonio that are good candidates for the competition, which will provide seed money to help them launch their products.

“There are specific startups that I’m thinking about that I think having a little extra motivation [will] really get things done. It almost lights a little fire under them. They’re almost there. They just need that little bit of extra incentive to take the leap and try it and get things done," Yeager says.

The competition is open to startups with less than a million dollars in revenue. They can apply to the Tech Fuel competition online before January 10, 2016. Five applicants will be selected to compete.

“They need to be building a scalable kind of product-based company," Yeager explains. "We don’t want people that are building a consulting or services business just because we don’t believe those types of businesses are going to create the type of economic development and job growth that we’re hope to accomplish with this.”

Bexar County Judge Nelson Wolff told chamber groups last week that every tech job that San Antonio attracts will spin-off seven other high-paying jobs.

The five contestants chosen will get a chance in May to pitch their products to tech companies and three winners will be announced. The top prize is $30,000.