Photo by Jeff Hobson

The Tacoma Challenge — a new program designed to bring high-growth, technology companies to Tacoma — will award $100,000 to a top startup to move to Tacoma.

The Tacoma Challenge awards the top company $50,000 of equity-free funding; $25,000 of co-working space for three members for one year; and $25,000 of marketing, legal, sales, and cloud services over one year. Two additional teams will be awarded $5,000 of equity free funding; $25,000 in co-working space for three members for one year; and $25,000 of marketing, legal, sales, and cloud services over one year.

The winning teams must agree to move their companies to Tacoma for a minimum of one year. When milestones are achieved, teams will be introduced to venture capital groups and/or angel investor groups to continue their momentum.

The challenge aims to incentivize Tacoma’s developing tech and startup scene, which is projected to grow substantially in the coming years.

The application opens on April 1 and closes on May 30. There is an informational night on March 30, 2020 from 6 to 7 p.m. at Union Club Tacoma that can be live streamed via tacomachallenge.org. Up to five teams will be awarded a travel stipend for the CEO to travel to Tacoma in June for a seven-minute pitch to a panel of judges.