1. What is Idea Challenge?
Idea Challenge is a competition for startups and ideas where you will have the opportunity to improve your idea, and compete with the best. Furthermore, you get the chance to obtain an investment if you qualify in the Final 5. However, you will need to convince the jury (the investors) that your startup idea is worthy to get the money.
3. Who can participate?
Anyone, if they are confident that their startup idea is worth investing in.
4. How do I sign up?
In order to enter the competition, you will need to provide us the following details:
- Contact details (first name, last name, email address, phone number, country, city)
- Team name
- Startup name and details (website, attachments, if any – wireframes, sketches or any other files you might consider relevant)
- A short, but relevant description of your startup idea, without revealing its core
5. Is the pitching session public or private?
The entire pitching session will be held public as some investors might be in the audience. .
6. How will the investors decide if they should make an investment?
The investors need to be convinced during the one-on-one discussion that the ideas presented bring value to the market, are innovative, they have a likelihood of success, and they will generate a great impact on potential customers.
7. Will I cash in the money if the jury decides to invest in my startup or idea?
Based on the resources needed, an investment can be materialized through the following: logistics, location, costs of salaries for a limited period of time, a certain number of hours for developing the idea into a business, or other costs related to business: marketing, consulting, product distribution and so on.
8. What’s next if the jury decides that my startup idea is worth investing in?
In order to negotiate the collaboration and other relevant aspects which arise once the investment agreement is concluded (including those related to intellectual property rights) there will be some further steps that we will need to follow.
Your idea must have an IT component in order to be able to enter the competition. After the review meeting that takes place in the Improve stage, we will let you know if your startup or idea is suitable to go to the pitching sessions.