Momentum Ventures, which was founded in 2007, has officially launched its Momentum Ventures Challenge, an entrepreneurial challenge aimed at finding exceptional business leaders ready to take the reins of Momentum Ventures’ next online business.
Momentum Ventures’ CEO Matt Keezer says the winner will have more to look forward to than just a career, saying “we will be pumping at least $500K into this leader’s new business at Momentum Ventures,” adding “at the end of the day we’ll be treating this like any other business we start, meaning we hope we have the incentive to invest even more capital into it as development progresses and the outlook improves.”
The launch of this challenge comes on the heels of Momentum Ventures launching its latest online business, Alio. Alio is a low-cost online travel agency focused on the American travel marketplace. Offering flights and travel insurance at launch, Alio will soon be expanding to offer hotels, cruises, and other travel packages with the intent of challenging the heavy hitters in the industry like Expedia and Priceline.
The release of Alio follows the launch of the online travel agency Flighthub. Flighthub was launched in 2012 and quickly became the flagship brand of Momentum Ventures, banking $1.5 billion annually, employing over 400 people, and serving over 1 million customers annually.
Since 2007, Momentum Ventures is responsible for launching seven successful businesses in eight years, a perfect record. This success rate flies in the face of traditional online business success rates, with Forbes estimating that online startups fail 90 percent of the time.
Participants who are interested in submitting an application for the Momentum Ventures Challenge can do so by visiting Momentum Ventures’ website and clicking the challenge link.