Dalhousie University is inviting startup founders to apply for its annual 100K Competition, in which winning teams receive $10,000 in non-dilutive funding and entry into the university’s accelerator.
Dal’s 100K Competition, now in its sixth year, brings together students and researchers with the aim of helping young companies succeed. Ten finalists receive $10,000 each and entry into Dal’s on-campus Launchpad Accelerator over the summer. The accelerator is part of the Norman Newman Centre for Entrepreneurship’s LaunchDal programming.
An intensive 10-week, full-time program, the accelerator focuses on developing founding skills, bringing together a network of mentors, venture capitalists, and serial entrepreneurs and offering prototyping capacity and other discounted services.
Previous graduates of Dal’s LaunchPad include RovaultAI, which brings visual recognition to the seafood industry, and Graphite Innovation and Technology, a materials company developing disruptive uses for graphene. Contest entrants have until May 6 to apply.
In a statement, the contest organizers said all applications must include an eight-minute video explaining how the business model canvas has been used within the startup.
Competing teams should consist of: at least two, and no more than five, degree-seeking students; recent Dalhousie graduates (graduated within the past two years) or Dalhousie researchers or junior faculty. Teams are also eligible to apply if the team is commercializing Dalhousie-related research or projects. In general, at least one member of the team who meets the eligibility criteria should be either a co-founder or an executive at the “C” level.
The organizers said:
- The team must have a minimum of 20 percent ownership in the venture.
- The team must control a minimum of 51 percent of the venture’s voting rights. The organizers recommend maintaining this control for at least two years beyond the date of the competition.
- Because revenue is often the best form of validation, minimal revenues gained in the process of validation are allowable.
- Ventures cannot be a buyout, an expansion of an existing company, a real estate syndication, a tax shelter, a franchise, or a licensing agreement for distribution in a different geographical area.
- Ventures may compete in the $100K Competition only once.
- The organizers state that no set of criteria can apply to every circumstance and therefore reserve the right to determine eligibility or to disqualify any team determined to be in violation of the spirit of the competition. Similarly, applicants who feel they fit the spirit of the competition, but may be in minor violation of the eligibility criteria, may submit a petition via email to: info@launchdal.com.
Disclosure: Dalhousie University is a client of Entrevestor.
