2018 INNOVATION PRIZES

2019 Prize Details Coming Soon!

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Seed Stage

For: Entrepreneurs proposing a new venture designed specifically for [Re]Verse Pitch or with very young companies/non-profits that have not yet received revenue.

Seed Stage Prize = $7,500-$12,500, plus:

  • Acceptance into Tarmac TX's 9 month accelerator program, which includes free co-working space, mentorship, workshops, and more

  • One consulting session from Assemble

  • Two free small business skills classes from the City of Austin Small Business Program

  • Hot desk (access to any open seat in the common area) at a WeWork Austin location of their choice

  • $250 promotional materials package from BuildASign

  • 1 hour of financial coaching from American Bank prior to August 7, 2018

The winner's total prize will be determined by their final score (see Fine Print below). To receive the full prize amount, the Seed Stage winner must raise the equivalent of 50% of their cash prize in matching funds. View complete Prize Match Policy-Seed Stage.

Growth Stage

For: Existing businesses or non-profits that can make use of a [Re]Verse Pitch material. Growth Stage is for post-revenue entities.

Growth Stage Prize = $7,500-$12,500, plus:

  • Acceptance into the FastForward business growth training program by IC2 Institute and the City of Austin ($250 fee waived)

  • One consulting session from Assemble

  • 3 month coworking memberships at Capital Factory for members of the winning team

  • 1 hour of financial coaching from American Bank prior to August 7, 2018

The winner's total prize will be determined by their final score (see Fine Print below). To receive the full prize amount, the Growth Stage winner must meet the diversion target for their Reverse Pitch material . View the complete Prize Match Policy- Growth Stage (updated 1/10/18).

ALL Finalists will receive a 5-day pass for co-working at WeWork Austin

The two categories were created so established businesses compete against established businesses, and new ventures compete against each other. The competition format for each competition category will be the same, but the prize match policy is slightly different for the two categories.

Thank you to our 2018 Innovation Prize Sponsors!

 Platinum Sponsor             Platinum Sponsor             Platinum Sponsor            Platinum Sponsor              Platinum Sponsor

   Platinum Sponsor         Gold Sponsor          Gold Sponsor         Silver Sponsor            Silver Sponsor          Bronze Sponsor

 

The Fine Print

  1. If a company has received revenue prior to January 17, 2018, it will compete in the Growth Stage category. If a company has not received revenue by this date, or no business entity has been formed by the competitor, the company will compete in the Seed Stage category.

  2. The top four competitors from each category will move to final pitch event.

  3. Finalist application scores will be comprised of the following (40 points max):

    1. The average judge score, using the Judging Criteria (updated 1/16)

    2. The material difficulty bonus points. Because there are varying degrees of difficulty related to repurposing the materials in the competition, points will be awarded to those competitors who propose to repurpose a more challenging item, as follows:

      1. Pressboard Furniture: 5 points

      2. Oyster Shells: 4 points

      3. Wet stillage: 3 points

      4. PVC records: 2 points

      5. Safety straps: 1 points

  4. To advance into the finals, a competitor must receive a minimum score of 22 points on their finalist application.

  5. If either category has only one finalist then the two categories will collapse into one, and a 1st and 2nd prize will be awarded.

  6. The following are minimum requirements to win the competition in either category:

    1. The proposed business will locate its manufacturing operation and headquarters in the City of Austin

    2. The proposed business reuses a byproduct material pitched during the [Re]Verse Pitch Competition as a main input

    3. The proposed business would be able to legally operate in the State of Texas and would not produce any alcoholic, pornographic, or drug-related product.

    4. Agree to the terms of the Prize Winner Agreement.

  7. The winner of each category (Seed Stage & Growth Stage) will be determined by the scores from the judges at the final competition event on March 7, 2018. Both winners will each receive at least $7,500. The two winners will also be judged against each other to determine a 1st and 2nd place and allocate the remaining prize money ($5,000). The remaining prize money will be awarded on a sliding scale proportionate to the judges' average score, as follows:

  • Scores tied--Both winners receive $10,000

  • Difference between two winners is less than 10%:

    • 1st place = $10,500

    • 2nd place = $9,500

  • Difference between two winners = between 10-25%:

    • 1st place = $11,000

    • 2nd place = $9,000

  • Difference between two winners =between 25%-50%

    • 1st place = $11,500

    • 2nd place = $8,500

  • Difference between two winners is more than 50%

    • 1st place= $12,000

    • 2nd place= $8,000

  • If there is only 1 category due to limited number of finalists in each category (see #5 above)

    • 1st Prize = $12,500

    • 2nd Prize = $7,500