Sponsoring Agency: Elevate Ventures
Type of Fund: Challenges, Competitions or Prizes
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/23/2021
Size of the Fund: USD $50,000 to $500,000
Elevate Nexus provides resources and thought leadership to Indiana higher-education institutions and the entrepreneurs they engage. Elevate Nexus Pitch Competitions offer promising startups, preferably engaged with Elevate Nexus partnered colleges and universities, the opportunity to secure foundational capital needed to launch their businesses.
The Pitch Competitions
Elevate Nexus Pitch Competitions are organized into four classes:
• Regional Pre-Seed Awards ($20,000)
• Regional Seed Awards ($80,000)
• Statewide Pre-Seed Awards ($40,000)
• Statewide Seed Awards ($100,000)
Pre-seed awards are for startups seeking funds to build a minimum viable product. Seed awards are for companies that are further along and are building and testing the processes that will be used to ultimately scale the business. It is up to the business to review the eligibility requirements below and determine if they should apply for a Pre-Seed or Seed Pitch Competition.
Applicants are not required to have participated in the pre-seed category prior to applying for the seed category. Applicants who have previously applied for one category may reapply in the same category or apply to a different category in subsequent competitions.
Businesses should select the region in which the business is headquartered. Winners of regional pitch competitions are eligible to pitch at the statewide competition for the same award category they won.
Award Terms
Elevate Nexus pitch competition awards are convertible notes with a 20% discount, 8% interest, and a 3-year maturity. Pre-Seed Regional and Statewide awards carry a $1.5M cap while the Seed Regional and Statewide awards have a $3M cap. Terms could be negotiable, subject to an evaluation from the Elevate Ventures investment committee, if the business is currently in the process of raising a round with commitments already made.
Companies are only considered winners once a term sheet is accepted.
Eligibility Criteria
Regional Pre-Seed Awards Criteria
• Awards should be used for early-stage product or service development- essentially, for preparing the company to maximize its future fundraising opportunities via the assembly and testing of a coordinated, effective core team and the building of a minimum viable product (MVP) that goes beyond a prototype.
• To be considered, companies must:
o Be Indiana based
o Have a total addressable market of over $500M
o Have a unique value proposition
o Have a committed team with ambition to create a venture-backed, high-growth, enterprise
o Preferably, be engaged with a college or university participating in the Elevate Nexus program
o Be available to present the company pitch deck in front of an audience to a panel of judges.
Statewide Pre-Seed Award Criteria
• To be considered, companies must:
o Fulfill all Regional Pre-Seed Award Criteria outlined above
o Have won a Regional Pre-Seed Award
Regional Seed Award Criteria
• Awards should be used for companies that have already validated their value proposition and are developing the levers with which they will define how their businesses will ultimately scale via an infusion of venture capital. It is not necessary to have received a pre-seed award to be eligible for a seed award.
• To be considered, companies must:
o Fulfill all regional pre-seed award requirements outlined above
o Have completed an MVP, or if selling in a government regulated field (i.e requires FDA, USDA approval) the company should have a viable plan toward developing a completed prototype or trial results
o Have conducted customer discovery, and preferably, gone through a formal customer discovery process
o Start to demonstrate professional operations by adding expertise as managers, board members and/or advisors
o Preferably, have validated the company’s value proposition by generating early revenue, securing signed contracts, and/or established strategic partnerships with entities that will license or buy the company’s intellectual property upon future development
o May have, or are in the process of, raising capital
Statewide Seed Award Criteria
• To be considered, companies must:
o Fulfill all Regional Seed Award Criteria outlined above
o Have won a Regional Seed Award
More information at: https://www.elevateventures.com/entrepreneurs/investment-funding/elevate-nexus-pitch-competitions/
