The Center for Financial Services Innovation (CFSI) and Doorways to Dreams Fund (D2D) announced on Thursday a new initiative—SmallBizDev Hackathons—aimed at encouraging the development of mobile apps that will help small business owners meet financial challenges.
The initiative, sponsored by Capital One, is a series of two-day events that bring together entrepreneurs, developers and designers to collaborate on developing the apps.
The grand prize winner will receive $10,000 and will be invited to demo their app before a panel of technology and financial services experts at an event later in the year. Two runners-up will receive $5,000 each.
Hackathons will be held in three cities across the country through CFSI’s Innovation Labs, a new division within the group focused on encouraging financial innovation through technology to improve consumer financial health.
The first hackathon will be held June 21-22 in San Francisco at the Capital One 360 Café, followed by the next event July 19-20 in Chicago at 1871. The third hackathon will be held Sept. 13-14 in New York at the Capital One 360 Café.
“[T]he SmallBizDev Hackathons are an opportunity to explore the connection between small business and consumer finance and a chance to spur innovative solutions to the biggest challenges facing small business owners,” CFSI said.