Brief description: Startup Open 2016, powered by Global Entrepreneurship Network is calling for entrepreneurs from any industry with a new business that has yet to raise any outside capital from angel investors, venture capital firms or other formal sources of seed funding.
Application Deadline: 30th September, 2016
Offered annually? Not known
Eligible Countries: Global
To be taken at (country): South Africa
About the Award: Startup Open is a global competition that is open to entrepreneurs from any industry with a new business that has yet to raise any outside capital from angel investors, venture capital firms or other formal sources of seed funding.
Type: Entrepreneurship contest
- All applications must be submitted in English.
- Applications will be accepted from July 1, 2016, until September 30, 2016.
- Applications will only be accepted online through the Startup Compete platform (visit Competition Webpage for more details) or through an officially approved National Competition.
- It is not required that a startup be incorporated, but a company cannot be incorporated over 18 months to compete.
- Candidates must be starting a for-profit company, or a non-profit that does not rely on grants.
- Candidates startup must be pre-money, no venture funding, at time of application
Selection Criteria: The following with YES are companies that will be selected for this prize award while NO will not be selected:
- YES Stand-up phase when individuals or groups are equipped with the entrepreneurial attitudes and skills to attempt the creation of new company.
- YES Start-up phase when resources are mobilised and regulatory requirements fulfilled to start a new company.
- NO Scale-up phase when successful companies expand their businesses to new markets or in innovative ways.
- NO Exit phase when a business owner or an investor decides to cash out an investment made in the past through trade sale or merger with a larger player in the industry (merger and acquisitions), secondary sales to third parties or initial public offerings (IPOs).
Selection Process: The winners will be selected by a panel of judges who are looking at a range of criteria including growth potential, passion, creativity, level of idea development, and their pitching skills. Each judge’s score is weighed equally.
Number of Awardees: 10 Finalists, 1 Winner
Value of Competition: One winner of Startup Open receives an all expenses paid trip to Johannesburg, South Africa where they will receive VIP delegate credentials to the Global Entrepreneurship Congress in March 2017. In addition to the Grand Prize GEC experience, all 10 finalists gain a spot in GEN Starters Club, with additional chances there to travel to Johannesburg for GEC 2016.
Duration of Competition: Not stated
How to Apply: Visit Competition Webpage to apply
Award Provider: Global Entrepreneurship Network