OTTAWA, Ontario—(BUSINESS WIRE) — Shopify (www.shopify.com), the industry-leading ecommerce platform used to create and power online stores, announced today the launch of its third annual Build-A-Business competition (www.shopify.com/build-a-business). The company has partnered with some of the industry’s biggest names to act as mentors throughout the competition.
To participate, entrepreneurs must open an online store and start selling products using Shopify. At the end of the competition, the four stores that sell the most over a two-month period will each receive a $50,000 investment for a 5% equity stake from a mentor. This seed funding will value each company at $1,000,000. The competition mentors are:
The competition runs from July 10, 2012 to February 28, 2013, with each of the mentors providing exclusive advice and guidance along the way. In addition to the $50,000 investment, the four competition winners will also receive:
“Our first two competitions were extremely successful. In total 4,438 new businesses were created, selling over $15 million worth of products,” said Tobias Lütke, founder and CEO of Shopify. “This year’s competition is going to be our biggest yet. By teaming up with industry experts Tim Ferriss, Eric Ries, Daymond John, and Tina Roth Eisenberg to help our merchants along the way, I expect this year’s cohort of new businesses will do especially well.”
Competition mentor, Tim Ferriss says, “This competition is intended as a benevolent and encouraging kick in the ass. This stuff isn’t rocket science, but it does require stepping outside your comfort zone for a bit to realize this isn’t that hard. It’s just unfamiliar. If you do it now, a lot of people will be in the same boat and you’ll take the trip together.”
For more details on the Build-A-Business competition, including registration, please visit www.shopify.com/build-a-business.
Shopify is a commerce platform that allows anyone to easily sell online, at their retail location, and everywhere in between. Shopify offers a professional online storefront, a payment solution to accept credit cards, a point of sale system to power retail sales and a card reader to process credit card transactions through a mobile phone. Shopify currently powers over 120,000 retailers in 150 different countries, including: Tesla Motors, Gatorade, Google, Wikipedia, LA Lakers, CrossFit, and many more. Shopify was founded in 2006 and it has received $122 million in funding from OMERS Ventures, Insight Venture Partners, Bessemer Venture Partners, FirstMark Capital, Felicis Ventures, and Georgian Partners. http://www.shopify.com.
Janet Park, Public Relations
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