COIN-sponsored Glorious Failure Challenge competition entries sought for $50,000 prize

By: Steve Tuesday June 11, 2013 Tags: COIN, Denver, Mitra Best

DENVER - Entries are still being accepted for "Glorious Failure," a statewide business competition that encourages creativity and responsible risk-taking and could earn the selected company $50,000 in cash.

Colorado entrepreneurs operating with less than $1 million in annual revenue are invited to compete for a chance to win $50,000 in cash plus $25,000 in in-kind services.

Second place will receive $13,500 in in-kind services and the third-place winner will receive $11,750 in in-kind services.

Entries are due by July 3.

The contest was announced May 23 by Gov. John Hickenlooper and is aimed at growth through innovation in seven of the state's advanced industries, which include IT, aerospace, energy and natural resources, infrastructure engineering, advanced manufacturing, bioscience and electronics.

"This workforce currently drives 30 percent of the state's economy," Hickenlooper said. "We want to encourage and grow these important industries, which provide quality, high-paying jobs for the people of this great state."

The Glorious Failure competition was launched by the Colorado Innovation Network (COIN) and aims to incorporate the acceptance and tolerance of failure - a key factor in building and supporting entrepreneurial communities, COIN said.

Lead sponsor for the competition is PwC in the Rockies Market, a professional services firm, which conducts its own "innovation tournaments" among its staff and partners.

"Innovation challenges are being successfully utilized globally to inspire, encourage and promote creativity - a key component to economic growth," said Mitra Best, PwC Innovation Leader and COIN board member.

"Innovation tournaments democratize the innovation process by allowing anyone, anywhere, to propose a new idea. By leveling the playing field, we empower our people to participate in the growth and prosperity of our organization and communities."

Entries can be submitted via the COIN website (www.coloradoinnovationnetwork.com) through July 3. Four finalists will be selected to receive pitch training before presenting their proposals at the second annual COIN Summit on Aug. 29.

Funding and in-kind services for the competition is provided by PwC, Cooley LLP, Galvanize, CenturyLink/Savvis, Post Modern Company, Zenman and COHN.