Questions: •If I come up with an idea and win the $75k, does that mean I have to spend that money to employ BlueChilli's development team? •Once the idea is developed (irregardless of who I get to develop the project) and I decide not to pursue the idea anymore, what happens to the company?
Bonus points: •Would you take up this deal and think it's a great prize if you won it? On Wednesday, January 7, 2015 3:38:44 PM UTC-8, Colette Grgic wrote: > > Thanks for your feedback guys; few clarifications: > > - It's not ramen devs for hire Jason. The corporate isn't invested at the > first round; for the most part they have only been involved in providing > the problem areas/ themes and agreement to scale the viable products. The > $75K comes from Entsquared, Blacksheep Capital and BlueChilli Venutre Fund, > and the corporate gets the first right to refusal to offer/incorporate your > product/ tech into their user or customer base when you launch (after the 6 > month accelerator program). At this point the corporate and/or the > existing investors and/or new investors could choose to invest further to > aid your scaling goals. Or you might not need it if your product generates > revenue from their users. So really, it is exactly as it's written: early > stage financial support to develop an idea, and the opportunity to scale to > the partner's users and customers after incubation. The entrepreneur > retains autonomy. I spent a lot of time making sure it's a win-win for both > and that the founder's interests are protected. I'd be interested to hear > more alternatives if you think it can be done better/ different. > > - Deals aren't the same as in the Bay area, because we're not in the Bay > area. The investment ecosystem in Australia is (unfortunately) still very > different. If you look at accelerator programs like Startmate (now $50K for > 7.5%) it is half to third of the investments YC ($120K for 7%) or 500 > ($100K for 3-10%). Does that mean Startmate doesn't provide equal or better > opportunity for Australian startups? Of course not. > > - Most accelerator programs and funding options for startups also > "require" you to have your own dev team on board (who presumably share in > the equity pie too, right?) so they aren't suitable or even accessible for > everyone. Neither is this opportunity. As Michael pointed out, this could > be exactly what a sharp business/marketing entrepreneur needs to get their > idea kickstarted, and you might just retain more equity this way than if > you get a team of three or four on board (and here you also get $75K to go > and test something out). > > - Geoff, Westpac was the previous partner for the Innovation Challenge. > This is a different program and the partner will be disclosed when the 10 > finalists are selected. But speculate away in the meanwhile :-) > > Cheers, > Colette > > *Colette Grgic* > S colette.grgic > L au.linkedin.com/in/colettegrgic > > > -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
