Eight businesses from around the country have been selected as semifinalists for a new category at the annual Bend Venture Conference, which will be held next month.

Over the coming weeks, a list of finalists in three categories will be decided. The categories are the early stage, the growth stage and now the new economy stage. The new economy track is for startup tech companies that provide economic or social returns among marginalized or socially and economically disadvantaged communities.

The new category is funded by $100,000 from the BFM Fund, a venture capital fund that invests in disadvantaged communities.

One of the new economy stage semifinalist businesses is from Bend, Wildfire Watchdog, a wildfire tech firm that offers real-time alerts and monitoring. Jeremy Coon, Wildfire Watchdog founder and CEO, said he was excited and honored to be a semifinalist.

The other semifinalists are:

• Asha AI, a Seattle tech firm that empowers pharmaceutical companies to boost outcomes, decrease drug trial costs by using artificial intelligence
• Eco-shelter Inc., a Tacoma, Washington, company that uses bamboo for roofing and building products
• Fortuna Cools, a Dover, Delaware, company that partners with coconut oil factories to process waste and turn it into insulation for recreational coolers
• Hardcore Peanut Butter Spread, a Minneapolis, Minnesota, company that uses superfood ingredients, mixed into allergen-free peanut butter
• Home Lending Pal, an Orlando, Florida, company that uses digital financial and credit sources to simulate the home purchasing process to educate first-time homebuyers on their mortgage approval
• Hamilton Perkins Collection, a Los Angeles company that creates products from recycled materials and develops regenerative materials
• Samay, a Mountain View, California, company that commercializes a wearable system to monitor lung function in patients with chronic respiratory diseases.

The BFM Fund is working with Venture Partners, a nonprofit educational organization, to diversify the decision-makers in venture capital and entrepreneurship. Four fellows from Venture Partners will make recommendations over the upcoming weeks, according to Economic Development for Central Oregon, which organizes the annual venture conference.

The finalists will compete on stage at Tower Theatre Oct 17 and 18.

“We’re delighted for the partnership with the Bend Venture Conference,” said Himalaya Rao, BFM Fund managing director, in a prepared statement. “This opportunity creates a new track of entrepreneurs and helps bring outside talent and funding resources into Oregon. The semifinalists represent a diverse set of companies who all work in alignment with the solidarity economy (a social movement that puts people and the planet over profits and growth).”