by Contributed news
Now on its 3rd run, the Mindanao Startup Challenge by iDEYA: CIT@MSU-IIT is in search for the next big startup idea in Iligan City. The Mindanao Startup Challenge is the first startup competition in Mindanao that aims to find best teams with best startup ideas and help them build these ideas into successful businesses. Top teams will undergo a 4-month long incubation program that is designed to help every startup founders transform their concepts into a viable tech businesses. Startups focusing on any types of industry are welcome to apply.
During the 4 months, teams are expected to undergo series of training and learning sessions about Business Model, Marketing, Customer Validation Process, Lean Startup Model, Rapid Prototyping, Storytelling and Pitching. They will also be linked to different mentors, entrepreneurs and business professionals from both the public and private sector that will help them develop their businesses, boost their entrepreneurial skills and expand their knowledge and network. The program will be culminated through a learning tours to different Innovation Hubs in Manila to learn from the best practices and with a Demo Day x Fishing for Angels where Top teams will present their idea to the community with the hopes of opening new partnership, acquiring new customers and score funding deals.The following are the guidelines on how to join the competition:
- Min of 3 and max of 5 Members per entry, at least 1 member must have technical expertise relevant to the proposed product/ service. Group can submit more than 1 entry
- Students, Faculties, Alumni, Industry Practitioners are welcome to join.
- Application Period: January 25, 2019- April 1, 2019
- Teams must completely fill out the Application Form available at bit.ly/mindanaostartupchallenge3
LIVE PITCH PHASE
Selected teams will be invited for a live pitch in front of the selected judges. During the live pitch, teams are expected to present their ideas as well as their progress and current challenges. Each team will be given 10 minutes to pitch and another 20 minutes for the question and answer portion.
Shortlisted Participants from the Live Pitch Phase will participate during the Pre-Incubation Program. It’s a 4 days program focus on refining their business model canvas and validating their ideas with the help of pool of experts. The Pre-Incubation Phase is designed to input the comments and suggestions during the Live Pitch phase and to prepare the participants for a 4 months incubation program that will push them to build their startups.
The Top teams will undergo a 4 months incubation program with the assistance of MSU-IIT Innovation Ecosystem, IdeaSpace Foundation, Inc and Startup Village. The program will help them execute their idea through the designed incubation program that will focus more on team validation, market & customer validation, marketing, business model, product development and pitching, rapid prototyping by MSU-IIT’s FabLab Mindanao, business setting up/ registration by MSU-IIT’s Negosyo Center and intellectual property consulting by MSU-IIT’s KTTO. All of the teams are required to attend mentoring programs and learning sessions during the 4 months program and at least 2 members of the team must work full time.
The Program include activities like Weekly Meetings, Webinars, MWF Mentoring Sessions (Online and Face to face), and Learning Tours to different innovation hub in the Philippines.
The Program will be culminated through a Demo Day and a Fishing for Angels where the Top teams will present their startup and accomplishment in front of different Angels and partners to open possible collaboration and partnership as well as funding deals.