Frequently Asked Questions
1. What is Idea Challenge?
Idea Challenge is a startup/ idea competition where participants can obtain an investment if the selected jury finds their startup/ idea innovative and interesting.
2. How will the investor decide if they would invest their money?
The decision to invest will be taken based on the potential of the idea. You have a limited period of time (during the pitching session) to convince the investors that your startup/ idea is worth investing.
3. Who can participate?
Any formed teams (we don`t have a specific no. of members) and startups confident that their idea is worth investing in.
4. What type of info about your startup/ idea you need to make available?
In order to enter the competition, you will need to provide us with the name of the startup/ idea, the name of your team, contact details, and a short description of the idea (max. 140 characters) without revealing any relevant information about it.
5. Event Schedule:
|Open subscriptions||8th of August – 25th of September|
|Review meetings||25th of September – 15th of October|
|Pitch in front of the jury||22nd of October|
|Final discussions||23rd of October|
|Communicating winners||23rd of October|
Remember: The main pitching session will take place on the 22nd of October 2016.
6. Is the pitching session private or public?
The entire pitching session will be held public as some investor might be in the audience.
If you consider that a private session is more suitable for you, we can accommodate this mentioning that only the teams publicly pitching are eligible for the prize.
7. Will I directly be granted the trip to the USA?
After the pitching session, the team that managed to impress our jury with their startup/ idea will win a trip to the US to discuss further details with the potential investors. All the costs involved will be supported by our company for one member of the winning team. Exact timeline for the foreseen travel will be communicated in the period following the contest, based on the plans you will make together with the investor.
8. Will I cash in the money if the jury decides to invest in my startup/ idea?
Based on the resources needed by the startup/ idea, 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.
9. What`s next if the jury decides that my startup/ idea is worth investing in?
If the jury decides to invest in your startup/ idea, there will be further steps taken between the participant, who submitted the idea, and the Organizer in order to negotiate collaboration, claims, and other relevant aspects which arise once the investment agreement is concluded, including those relating to intellectual property rights.
If you have any other questions besides these ones, don’t hesitate to contact us!