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Chance to Win $5,000 at the SparkLabs TSC Awards 2020

Chance to Win $5,000 at the SparkLabs TSC Awards 2020

SparkLabs

SparkLabs

Nonprofit organization, Browse similar opportunities

OPPORTUNITY DETAILS

Total reward
0 $
Nonprofit organization
Deadline
29 Sep 2020
Study level
Opportunity type
Opportunity funding
Full funding
Eligible Countries
Eligible Region
All Regions

SparkLabs announced the 2020 Tech Startup Challenge (TSC), TSC is aimed to foster young makers, engineers, and entrepreneurs with the necessary skills to solve a real-world problem by creating a prototype and a business plan to implement it. TSC is designed to encourage students in problem finding & solving process by using the concepts in technology and entrepreneurship. Each participant is required to pinpoint a problem in a nearby or faraway community and provide a tangible solution for it. The first part of the challenge consists of making a prototype that can solve the problem pinpointed, and the second part requires a business proposal that can transform one’s idea into a company with growth potential.

Eligibility:

High School students can participate as an individual or team of 2-3 members, to complete the task of building a prototype and creating a business proposal for the judges.

Award:

There is a $5,000 cash prize, tens of various awards, Arduino kits, and free mentoring opportunities to be won by participating teams.

The Challenge:

“Find a problem and provide a technological and entrepreneurial solution.”

Rules:

Part 1: Technical Prototype

  • The finished product must be the original design of the participant. This means he has no limitations in using some or all of the following elements (and beyond); microcontroller motherboard, programming, 3D printed parts, various sensors, mechanical components, and electrical/electronic devices.
  • If the participant chooses to use Arduino, he should make sure to use genuine Arduino product(s).
  • YouTube Demo Video (under 3 minutes): The participant must create and submit the link to a YouTube Demo Video of his working prototype including an explanation of the technical detail. The length should be no longer than 3 minutes.

Part 2: Business Proposal

  • The participant must submit a business proposal that answers the following questions in the submission form:
  1. Describe the problem found and the solution provided.
  2. Market analysis: target market, market need, competition, barriers to entry, and more.
  3. Plans for funding, launching, and projection for growth.

Judging:

Judging will be done by the expert evaluators at SparkLabs who are experienced in investment evaluations for startup companies worldwide.

Judging Criteria for Part 1: Technical Prototype

  • Innovation: 20% (usage of innovative technology)
  • Creativity: 20% (diverse and/or distinguished usage of technical components)
  • Technical Expertise: 40% (seamless integration and knowledge of all working components)
  • Marketability: 20% (adaptability by users and sales potential)

Judging Criteria for Part 2: Business Proposal

  • Originality: 20% (how unique is the business idea)
  • Feasibility: 40% (how realistic is the plan)
  • Contribution: 20% (positive influence of the product/plan)
  • Clarity: 20% (effectiveness of the logical and visual representation)

Winners are selected by combining the scores of Part 1 & Part 2.
*Part 1 will account for 65% of the total score and Part 2 will take up 35%

About SparkLabs:

SparkLabs is a global startup accelerator with a presence in Silicon Valley, China, Korea, Hong Kong, Taipei, and Australia, the company awards the winners of the SocialTech Makerthon, along with other international organizations. SparkLabs is the sponsor of the world’s largest Demoday for startup companies.

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