THE ENTRECITY BUSINESS IDEA COMPETITION - RESULT
Make your ideas worth some money here at Entrecity
Mr. Chester Toh has won the Business Idea Competition for a Mobile Application.
** Stay tuned for more Business Idea Competition from Entrecity **
You bring the great idea, we'll bring the rest. Entrecity works with the best in development and marketing, has an insane network of top advisors and the funding required to scale quickly.
Event Description
We’re looking for straight-forward, extraordinary and super scalable business ideas. This competition is completely “closed doors”. None of the ideas will be made public and any submissions not selected as a winner will be disposed of immediately.
The winner will be paid $3,000 cash. Winners can seek mentorship from our mentors.
This is a great opportunity for passionate founders and aspiring entrepreneurs to not only win a large sum of cash – but to work with a real company, see their idea get built, make real money, make mission critical decisions, earn a substantial equity position and learn a lot without taking on the debt, risk or stress involved in building a business from an idea alone.
Judges
Meet the panel of judges. Bootstrappers and serial entrepreneurs that have worked with some of the world’s most amazing brands and have collectively exited multiple businesses for millions of dollars. They are brilliant individuals that will work with you and your ideas.
Inderjit Singh
Patrick Liew
Submissions
Your written proposal should be no more than 3 standard A4 pages (PDF) and should answer the questions below in the order outlined.
Don’t worry about submitting a plan that only aims to become the next Google, Snapchat or Facebook.
Your idea also doesn’t have to be “something that doesn’t exist yet”. Startups can be very successful quickly simply by competing in an existing space when there’s a significant competitive advantage.
1. Summary
What's the business and how does it work? Is it a service based business, a web based business, web and/or mobile application, brick and mortar or physical product?
2. Problem, Need, Desire or Innovation
Explanation of problem being solved, need or desire fulfilled, or innovation taking place.
3. Differentiation/Competitive Advantage
Explain what makes this unique or different from what already exists in the market. What's the competitive edge? Be specific.
4. Target Market
What's the group or demographic being targeted? Be specific. What's the $$ size of the target market?
5. Marketing Plan
Describe your plan to reach the target market. Please be very specific.
6. Revenue Model
How does your idea make money? (sales, subscription model, advertising, lead generation, etc.)
7. Profit Margins
What are the expected profit margins? What do you expect it to cost to fulfill the product or service?
8. Partnership Strategy
How will the business be scaled through strategic partners that already reach your target market in critical mass? Please explain and be specific.
9. Newsworthiness
Explain it’s newsworthiness. Why is Fast Company or the local news going to cover the story? What will the story be about? A headline or two will suffice.
Rules and Conditions
Any questions, email info@entrecity.com
Application Deadline
Applications must be in by August 30, 2016. If accepted, you will hear from us within 48 hours from the date of your application.
Submission Deadline
All submissions must be in by August 30, 2016.
The Idea
One idea per entrant. Please do not submit multiple proposals.
As previously stated, don’t worry about submitting a plan that only aims to become the next Google, Snapchat or Facebook. Your idea also doesn’t have to be “something that doesn’t exist yet”. If you are competing in an existing space, that’s fine. Make sure to explain the competitive advantage in your plan.
Submission Format
Entrecity Business Idea Competition will be 100% virtual and open game to anyone that wishes to apply. There will be no travel required. The final proposal should include a PDF file with no larger than 10 MB in size.
Proposals will be submitted privately and securely via a secure web form to be provided.
Non-Disclosure Agreement
This competition is completely confidential. To help protect the privacy of your business idea, all members of the jury, advisors and entrecity staffs have signed a Non-Disclosure Agreement (NDA). We will not share your proposal with anyone outside of the Entrecity Startups incubator. Additionally, your ideas will not be publicized at any time during or after the competition. If you are not selected as a winner, your materials will be disposed of immediately.
Entry Conditions
- Entries may only be in the form of an idea. As such, an idea that already has a functioning business associated with it will not be accepted.
- The Idea cannot have been submitted to any other accelerator or investor firm.
- The Idea cannot already have received funding or financing of any form.
- The Idea cannot have any legal form of incorporation.
- If the Idea is submitted by a team, the team must appoint a team leader or representative.
- The Entrant must not be an employee, contractor or family member of Entrecity.com.
Prize
One winner will be selected per competition. Winner will receive a check for $3,000 SGD, and possible additional funding towards the development of the idea.
The winner will be fully involved in the development, marketing and operation of their concept and be given opportunities to increase their equity stake along the way. The winner will be paid the cash prize of $3000 SGD even if they choose not to participate beyond the competition. Should the winner decide to bring it to the next step, EntreCity will incubate the idea and form a business equity of only 5% ownership. EntreCity may also increase its investment.
Either way, the winners will have an opportunity to work with a really amazing team – a group that has deep experience in building businesses and growing them – and will have access to funding when the business needs it most, without the traditional hassle.