Deadline: September 30, 2016 | Apply here
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Location: San Francisco, United states
Extreme Tech Challenge returns in 2017 for another fast-paced race to Necker Island! Looking to join the challenge? Applications to enter the competition are now open. Register for your chance to win guidance, investment, and infrastructure from technological luminaries from around the globe, and a trip to the 2017 Finals at Necker Island. Here’s your chance to compete LIVE on stage at the world’s largest consumer electronics show. Are YOU ready to give it your best shot?
The Extreme Tech Challenge
The Extreme Tech Challenge brings together targeted resources and world class advisors to help high-energy, wicked-smart entrepreneurs that are executing on big ideas. They aim to “lower the friction to your success” by providing exposure and capital to accelerate scaling of your product with free infrastructure and other start-up boosters from world class vendors. Most importantly, they aim to have extreme fun along the way-the final pitch and feedback session will be held at Necker Island with Sir Richard Branson as their special guest judge.
The Extreme Tech Challenge is presented by MaiTai Global, a collective of the world’s brightest entrepreneurs and innovators who celebrate revolutionary advances in technology, bond over their shared affinity for extreme sports and community. Partners of MaiTai combine their network to encourage professional success, personal growth and philanthropic initiatives across the globe.
XTC Rules and Eligibility Criteria
Successful start-up teams tend to have a programmer, a marketer / salesperson, a product manager, and someone with basic administrative abilities (put together simple financial analyses, deal with legal aspects, etc.). Ideally, the team members will have worked together before. One person on the team must be designated as the team lead at the time of the initial submission and thus is authorised to make all decisions on behalf of the team.
Entrant teams must have a novel product or service that is scalable, addresses a clear market opportunity and gives the company a sustainable competitive advantage. Teams must have identified and validated a number of customers. They must demonstrate a strong need for their solution, e.g. actual sales, a large number of interviews across customers and experts. Teams must have a prototype or minimum viable product they will develop over the course of the competition.
The product / service ideas that win in new markets need to have the right vision. These ideas will be part of a larger story of how things have evolved to today, and what will need to happen going forward. They should hit the wave at the right time, neither too early nor too late, along with reasoning for “why now”. Your product / service idea should address what the challenges with existing solutions are, and why your idea is a break-through.
There are a number of markets you can choose to compete in. They want to hear from entrepreneurs who are competing for markets that generate at least $1 billion in sales per year. This means that the total number of potential customers multiplied by how much they’ll spend on your product each year should be greater than $1 billion. They also believe entrepreneurs should focus their efforts in capturing entirely new markets that didn’t exist before, or in disrupting old markets with new technology.
You will be judged by the quality of your application. It will be assumed that the style, wording, and thoughtfulness of your presentation will be a reflection of how you will present your idea to customers, partners, and other future stakeholders.
There is no hard-and-fast rule as to current revenue level or prior capital raised, but we will be biased to pick disruptive companies where we think we can add value and make a difference to your success. That said, they are generally focused on companies with less than $10,000,000 in revenue since inception.
The proposed business should not be in violation of any intellectual property rights; including but not limited to patent infringement.
Prizes are offered subject to compliance with all applicable local laws, rules and regulations. You are responsible for paying for your own travel, accommodation and other costs to attend all of the competition events for which you qualify. You are also responsible for paying your own taxes and other charges associated with receipt of the prizes.
You agree to indemnify and hold harmless MaiTai Global and its officers, directors, members, managers, employees and agents, from and against any claims, suits, proceedings, disputes, demands, liabilities, damages, losses, costs and expenses, including, without limitation, reasonable legal and accounting fees (including costs of defense of claims, suits or proceedings brought by third parties), in any way related to your participation in the competition and attendance of the competition events, as well as for the failure of the information you provide to us both directly through our website and any additional information you provide to us at our request, to be true and complete in all material respects.
MaiTai Global reserves the right to determine the form and means of providing notifications to you, and you agree to receive legal notices electronically if we so choose. They may revise these Rules from time to time and the most current version will always be posted on our website. By continuing to access or use the site or to otherwise participate in the competition after revisions become effective, you agree to be bound by the revised Rules. If you do not agree to the new rules, please withdraw from the competition.
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Thanks for this great post
commenting from The Extreme Tech