Volcano challenge

STARTUP AVENUE CHALLENGE

Startup Avenue is a competition for 55 national & international escalable ventures that are focused on technology and innovation, to exhibit their business models in front of the Volcano Summit community. Read more below.

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About

Startup Avenue is a competition that aims to show the world the potential that Guatemala has in terms of innovation and entrepreneurship. This competition offers a space for 55 national and international ventures that are focused on technology and innovation, and who have the ability to scale, to exhibit their business models in front of the Volcano Summit community and to the general public. The 55 ventures will have the opportunity to perform a business pitch in front of a select panel of judges to classify different rounds, thus giving their venture not only the opportunity to be evaluated and heard by potential investors and mentors, but also the opportunity to qualify for future rounds and win prizes.


Context

The world is full of challenges to be solved, human needs and our planet are insatiable. The more we advance with technology and development, the more opportunities arise. For the same reason it is necessary to ensure the nutrition of the planet, improve health systems, solve the transport system in cities, reduce travel time between countries factoring environmental impact, create employment, bring technology to all corners of the planet, take care of animals, promote education, and like these, many more challenges.

The entrepreneur is the brave one, who chooses one of these great challenges as his mission and is willing to dedicate his life to solve it. But this path is not easy, facing major problems with proposals of real value entails effort, dedication, discipline and above all passion. However, it is those who dare, who ultimately impact the world in a positive way, leaving a mark, improving lives, and receiving benefits for it.


Challenge

Startup Avenue is a competition that aims to show the world the potential that Guatemala has in terms of innovation and entrepreneurship. This competition offers a space to 55 national and international ventures to exhibit their business models in front of the Volcano Summit community and the general public. The 55 ventures will have the opportunity to perform a business pitch in front of a select panel of judges and classify to different rounds, thus giving their venture not only the opportunity to be evaluated and heard by potential investors and mentors, but also the opportunity to Qualify for future rounds and win important prizes.

The enterprises will be divided according to the maturity of the same in the following three categories:

  • Business Idea
  • Seed and Early Stage
  • Growth and Scalability

Each of these categories will function independently under different qualification parameters and will compete only with the undertakings of its same category.


Prizes

For the 55 participants:

  • Special price to attend the Volcano Summit for $ 100 (normal price $200).
  • Opportunity to publicize your business to a national and international audience.
  • Opportunity to build networking with companies, judges, general public and international entrepreneurship attendees.
  • Opportunity to participate in all Volcano summit activities on Sunday, May 20 and the Legal Advisory Forum on Sunday, May 20 from 4:30 pm to 6:30 pm.


For the 20 finalists:

  • Free entry to the Volcano Summit.


For the 8 winners:

  • Training sessions with UFM or Alterna. There will be two 90-minute personal sessions focused on what the entrepreneur needs support in. The mentors will be selected depending on the specific needs of the entrepreneurs. Some topics may be: Finance, Go to market, Prototyping, Legal assessment, Marketing, Impact, etc.
  • Opportunity of Pitch to great companies with high trajectory and influence in the local and international market to obtain investment, clients and / or mentoring.
  • Support and legal advice with legal firms specialized in startups.




Process

Application and preselection:

  • To apply, access the "GO TO CHALLENGE" button and complete the requested information.

Round 1: Startup Avenue, Hotel Selina, Sunday May 20 from 10am to 3:30 pm.

  • Each participant will have a stand where they can present their business to the national and international public from 10am to 3:30 pm.
  • Pitch in private by category in front of their respective triple in Hotel Selina from 10am to 3:30 pm:
    • 20 finalist will be selected:
      • Business Idea: 4
      • Seed and early Stage: 9
      • Growth and Scalability: 7
      • The 20 finalists go to Round 2
    • The 20 finalists go to Round 2

Round 2: Volcano Summit, Hotel Santo Domingo, Tuesday May 22 from 9am to 1pm.

  • Pitch in front of a group of senior businessmen who will serve as jury for the 3 categories. This round will be open to the general public:
    • 8 winners will be selected:
      • Business Idea: 1
      • Seed and early Stage: 4
      • Growth and Scalability: 3
    • The 8 finalists go to Round 3 and begin mentoring sessions with Alterna or UFM to be prepared for that round.

Round 3: Universidad Francisco Marroquín, July 2018 (pending to define exact date and time).

  • Pitch in front of companies of high trajectory to obtain investment, clients and/or mentoring.

Qualification parameters

The following qualification criteria are divided depending on the category in which you are participating.

Criteria Describe with clarity, precision and coherence Businness Idea Seed and Early Stage Growth and Scalability
Weighted average Weighted average Weighted average
Market Business model taking into account the challenges of the market and its scalability potential. 25% 25% 25%
Target audience (potential customers and factors that affect their demand) and the need that is being satisfied
Market Impact that generates its solution to the community that seeks to serve.
Innovation Value Proposition and how it differs from the competition and integrates technology. 25% 25% 30%
Financial feasibility Income structure and clarity of costs. 20% 30% 30%
Necessary resources and infrastructure to develop your business.
Entrepreneur Leadership and competence of the entrepreneur or team aligned to the purpose of the business. 30% 20% 15%
Time and commitment dedicated to entrepreneuring.



Timeline

Create a graph of the timeline and the process

Monday, April 2
Release date
Wednesday, May 9
Application closing date
Friday, May 11
Date of list resolution of 55 participants
Thursday, May 15
Deadline to confirm participation
From Sunday May 20 to Tuesday May 22 in Antigua, Guatemala
Volcano summit
Sunday, May 20 at Hotel Selina
Startup Avenue, Pitch Round 1 and selection of 20 finalists
Tuesday May 22 at Hotel Santo Domingo
Pitch Round 2 and selection of 8 winners
July 2018 in Guatemala City at Francisco Marroquín University
Pitch Round 3 to companies



FAQ

  • How do the categories work?

    There are three categories:

    1. Business idea: For those businesses that have already defined their business plan but have not yet launched into the market.
    2. Seed and Early Stage: For those ventures that have already launched on the market but continue to validate their business model, they already have an initial work team and need capital to continue growing.
    3. Growth: For those enterprises or businesses that have more than a year in the market, they have already validated their business model, have an established team and seek to maximize their sales and / or raise capital to continue growing.
  • I compete only against my category?

    Yes. Each category is independent and is governed by selection criteria weighted in different ways. Although in Round 2, be the same panel of judges, the selection parameters of each category will be respected.

  • How were the judges selected?

    The judges were carefully selected by the Volcano Summit team, together with Alterna and UFM taking into account their experience and track record.

  • What is a good pitch?

    UFM will give a video explaining

  • How much time do I have to make the pitch?

    • For round 1 of Sunday you will have 3 minutes to make your pitch, then 2 minutes of questions by the judges. You will also have a minute of logistics to prepare and present.
    • For round 2 on Tuesday you will have 5 minutes to make your pitch, then 2 minutes of questions from the judges. You will also have a minute of logistics to prepare and present.
    • For round 3, in July, you will have 5 minutes to make your pitch, then 2 minutes of questions from the judges. You will also have a minute of logistics to prepare and present.
  • What is the stand like and what should I bring?

    Each participant will have a stand to present to the public their business located in the Hotel Selina. Wait for news with more details soon.

  • What material do I need to bring to present my pitch?

    The presentation format is free. If you have a presentation that supports your presentation, bring it in PDF format. You can present a video, or any other digital or physical element that supports the improvement of your pitch experience. You must bring all the digital documents you need in USB.

  • Should I present in English?

    Yes, we expect visits from more than 20 different countries, so we hope to show them the best that we have to offer in english.