“Ideas are worthless, except for here”
Offering a $5000 cash prize as well as a $25,000 investment for a worthwhile business startup, the 25K Startups organization sponsored a pitch competition for budding entrepreneurs.
This program seems to be a superb opportunity for young entrepreneurs who are looking for an endorsement of their good ideas and hard work, and a chance for real companies to discover them and be developed in national markets.
Students were to submit their initial proposals online at http://www.25kstartups.com/competitions/onegreatidea/2016-01/ by January 15th,2016. Those meeting the criteria were selected by the 25k group, and final submissions from these chosen applicants were due by February 1st, 2016. At that point the judges selected the 20 best proposals and worked directly with the applicants to improve their ideas.
The refined final proposals were submitted between February 8th to the 10th, 2016, and the organization is to notify the winner(s) and inform them of the next step.
Content of submissions
The submissions of applicants required 11 criteria be answered by the applicants.
Included in this was a summary of the proposal containing basic information such as whether it was goods or service based, online or physical, the problem, need, or improvement that the proposal addressed, an explanation of what will set this idea apart from the others, and cost and profit analysis amongst other things.
Through this rigorous criteria, it is very clear that 25K Startups is only looking for the best, most viable, and developed ideas that can be implemented with success.
A quote found on their website reads, “You bring the great idea; we’ll bring the rest. 25K works with the best in development and marketing, has an insane network of top advisors, and the funding required to scale quickly.”