OTTAWA, Ontario — July 10, 2012 — 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:
- Tim Ferriss, The 4-Hour Workweek
- Daymond John, FUBU & The Shark Tank
- Tina Roth Eisenberg, swissmiss
- Eric Ries, The Lean Startup
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:
- Trip to New York City to meet all the mentors
- $20,000 Google AdWords credit
- Feature article on Fast Company’s website
“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.