A global incubator and venture fund, 1776, has partnered with Headstart Network, an organisation dedicated to foster entrepreneurial ecosystem in India, to host the Mumbai leg of Challenge Cup.
The aim of the Challenge Cup is to discover the most promising and highly scalable startups that are poised to solve major challenges in the fields of education, energy, food, health, money, security and transportation.
The competition will move through 3 phases. The first phase will include startups competing for local finals in around 45 cities. After which, the selected startups will compete for the regional finals which will be held in nine regions. The regional finalists will compete for the final round in Washington D.C.
The local event for the startups in India will be held at Mumbai on November 21, 2015 for which the startups can register till October 31, 2015.
What Will Startups Gain?
- An opportunity to meet investors, customers, media and other stakeholders.
- An opportunity to connect with 1776 senior team for feedback and advisory on their business, distribution and path forward
- A chance to leverage higher outreach to succeed through competition articles, startup interviews and coverage from media partners
- Opportunity to attend industry roundtables, connecting startups with local industry leaders and 1776 partners
- An opportunity for Regional Finalists to get mentored from entrepreneurial leaders.
How it Works:
A total of 20 startups will be chosen for each local competition final for which the organiser has chosen 45 cities across the globe to host Challenge Cup Local competitions. There will be 3 winner per local competition which gives a total of 135 winners.
135 local winners will compete for the regional finals, wherein 45 startups will be shortlisted to compete for the global final to be held at Washington DC.
Challenge Cup Matrix
Selection Criteria
Startups will be judged based on the following dimensions and potential for venture-scale returns:
- Size of market opportunity
- Product solves a problem for a particular target customer.
- Strong distribution plan within regulated industry
- Traction
- Capital efficient business
- Clear revenue model
- Takes advantage of market opportunity or compelling event that changes industry dynamics.
- Small but cross functional team
Every year, 1776 hosts a worldwide tournament called the Challenge Cup along with its Startup Federation partners, Revolution, the Global Entrepreneurship Network (GEN) and over 50 incubator hosts around the world.
While Headstart Network Foundation is a non profit organisation, dedicated to fostering the entrepreneurial ecosystem in India. Startup Saturday, Headstart Higher, Co-founder Search and Headstart Clubs are some of the popular Headstart initiatives.
Inviting Applications
The startups can apply for the challenge here free of cost. Last date to apply is 31st October 2015.
Google Cloud Platform is the Sponsor and Technology Partner for the 1776 Challenge Cup in Mumbai. The top 3 startups will be given Google credits worth $ 10,000.