Prizes
Winners of this Competition stand to win the following:
| Finalists | Prize Money |
|---|---|
| First Prize | US$36,000 |
| Second Prize | US$12,000 |
| Third Prize | US$3,000 |
| Fourth – Sixth Prizes | US$500 |
| Most Promising Young Entrepreneur Award | S$5,000 |
One-third of the prize money will be given out after the Finals in August 2011, and after the organiser is satisfied and convinced that the rules, regulations and the spirit of the Competition were not violated in any way by the teams.
The remaining two-thirds of the prize money will go towards startup capital and will be disbursed to the corporate bank account of the respective teams. All funds are to be drawn down by 31 December 2011.
Most Promising Young Entrepreneur Award
Apart from the top 6 teams, for the first time there will also be an individual Most Promising Entrepreneur Award. This Award recognises outstanding entrepreneurial potential among the finalists (core members only).
The candidate will show a passion for entrepreneurship that extends beyond the purposes of the Competition. This could include but not be limited to: entrepreneurship education, relevant community or professional associations, involvements with entrepreneurship related programmes, or past track record. The candidate will have inspired peers and their community alike.
Finalists are to send in an essay on "Why I should be receiving the Most Promising Young Entrepreneur Award". The essay should include, but not be limited to the following:-
- Personal Statement
- Referees' Comments
- Evidence of Entrepreneurial Potential
- Evidence of Entrepreneurial Involvements
3-Months "Accelerator Package" at Plug and Play Tech Center
The program hosted at Plug and Play Tech Center includes the following:
1. Full Service Office Space
a. Workstation/Desk for 1-2 persons per company
b. Internet and phone service
c. Front desk and reception service
d. 16 hours of conference room use per month
e. Free access to monthly community networking events (min 3 per month)
f. Free consultation with corporate and service partners (E.g. Legal, IP, Accounting, HR, Banking, Outsource product development)
g. On-site IT services (charged separately)
h. Talent Acquisition/ Recruiting services (charged separately)
2. Plug and Play Accelerator program
a. Plug and Play University (3 day entrepreneur boot-camp)
b. Plug and Play Investment Forum (1 day pitching event)
c. Venture Capital and other investor introductions (upon qualification)
d. Corporate and other strategic introductions (upon qualification)
e. Ongoing Business Relationship Manager support through monthly reviews
f. Strategic advice through bi-monthly reviews with senior management
*Plug and Play reserves the right to select the recipient of this package which is subjected to the top 3 finalists' nature of business and relevance of Plug and Play Tech Center's resources.
*Plug and Play reserves the right to select the recipient of this package which is subjected to the top 3 finalists' nature of business and relevance of Plug and Play Tech Center's resources.
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