OTTAWA, Ontario--(BUSINESS WIRE)--Shopify (www.shopify.com.au), the industry-leading ecommerce platform used to create and power thousands of Australian online stores, announced today the launch of its third annual Build-A-Business competition (www.shopify.com/build-a-business). Last year, Australian entrepreneurs dominated the competition leaderboard.
To participate, entrepreneurs must open an online store and start selling products online 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 USD 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 for two 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. “Last competition, a large amount of our category winners were from Australia. In fact, Australian stores accounted for 8% of participants, but made up an impressive 38% of the leaderboard. This year, we are especially excited to see what Australian entrepreneurs bring to the table.”
Tim Ferriss, competition mentor 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 an ecommerce platform that allows individuals and businesses to create awesome online stores. Shopify currently hosts over 25,000 active online retailers, including: Gatorade, Amnesty International, General Electric, Tata Group, Tesla Motors, LMFAO, Foo Fighters, Encyclopedia Britannica, Evisu Jeans, and CrossFit. Shopify was founded in 2006 by two snowboarding enthusiasts who wanted to create a better way to sell their snowboards online. Shopify has received $22 million in Series A and B funding from Bessemer Venture Partners, FirstMark Capital, Felicis Ventures, and Georgian Partners.