I just came across an interesting competition for startups.  In an effort to increase startup activity and launch “high growth” businesses, MassChallenge will be accepting submissions for the first round of the competition, an executive summary and an online elevator pitch, from startups on or about March 15, 2010.  Check out their website at www.masschallenge.org for more details.

Although MassChallenge is based in Massachusetts, anyone from anywhere can enter.   The startup must have less than $500,000 in funding thus far, and less than $1million in profit over preceding 12 months.  Any and all startup ideas are welcome. 

The startups with the highest potential (per their judging standards) will receive cash prizes and qualify for privileged access to funding sources from across Massachusetts and New England.  Added bonus: Every entrant will receive access to training, mentors, executives, other team members and sources of funding.