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Capital One aims to help small businesses with hackathons

Small Biz Dev Hackathon
Small Biz Dev Hackathon
SmallBizDev Hackathon

The first of several hackathons aimed at helping small business owners kicks off June 20th, 2014, Saturday morning in San Francisco. The aim of the hackathon is to help find an app worthy enough of helping small business owners not only improve upon their competitiveness, but also manage their businesses more effectively.

The “SmallBizDev Hackathons” are presented by SPARK Business from Capital One and administered by the Center for Financial Services Innovation (CFSI) and Doorways to Dreams (D2D) Fund.

Senior Vice President for Spark, Buck Stinson, says, “Small business owners are the backbone to the American economy and we look forward to using technology to solve some of their toughest challenges.”

According to Capital One, the nation has 23 million small businesses in existence, bringing with them 55% of all U.S. jobs. A Capital One commissioned survey found cash flow management and leveraging strategic marketing efforts to be two of the largest challenges for small business owners and entrepreneurs.

Jennifer Tescher, President and CEO of CFSI, said, “We want to see more and higher quality financial tools in the hands of America’s small business owners.” Tescher went on to say, “These hackathons offer a chance for innovators and entrepreneurs to leverage the opportunity of mobile technology to build new, scalable solutions for the problems we see throughout the market today.”

The San Francisco hackathon begins promptly at 9am with presentations, followed by the official challenge beginning at 10am. Coding then begins immediately, and goes through 11pm Saturday night. The hackathon picks up again on Sunday morning before wrapping up around 3pm.

A number of small business and technology leaders are judges for the hackathon with a grand prize of $10,000 up for grabs. The two runner-ups will both walk away with an impressive $5,000 in prize money.

Future hackathons are planned for Chicago in mid July and New York City in mid September.

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