Contxto – Buenos Aires Institute of Technology (ITBA) and the MIT’s Sloan Latin American Office partnered to up to launch the second edition of 100K LATAM. The event aims to boost the region’s entrepreneurial activity.
In Summary
Taking place in Buenos Aires, the event will summon startups from Latin America and the Caribbean to compete for US$100 thousand in diverse prizes. Startups can submit applications from July 10 to August 1.
Experts from various fields and industries will judge and evaluate the startups. They include academics, entrepreneurs and investors. Together, they will analyze the impact of projects within the knowledge economy and the technological implications of them. Participants will also be categorized based on their current stage, including Pitch, Accelerate and Launch stages.
The contest supports technology startups contributing to social, economic or environmental causes. Also, they must be part of the knowledge economy in some capacity.
“This initiative seeks to generate solutions that contribute to the different areas of society to improve the quality of life of people while enhancing Entrepreneurs in the region,” said Lee Ullmann, Director of the Latin American office of the MIT Sloan School of Management.
In-Depth
“The partnership between two institutions like MIT and ITBA is nothing more than a reflection of mutual collaboration to achieve the development of more and better startups in Latin America and the Caribbean region.”
“Last year, we had the participation of more than 1700 entrepreneurs from 19 countries in Latin America and the Caribbean who presented 831 startups in the contest,” said Nicolás Bacqué, Institutional Director of the ITBA.
“Entrepreneurial talent that exists in The region is surprising and it is necessary to continue strengthening the ecosystem so that more startups take flight and generate value in our countries, which is the main objective of 100K Latam.”
Startups will be put into one of the following three divisions. Again, this depends on the current stage of development for their product or idea.
First off, the Pitch category specifically comprises the idea stage, the initial stage of any project. Those in this group are eligible to win US$5,000, while other finalists will each get US$1,000. With only three minutes for each participant, this stage requires founders to present their idea.
All the while, the Accelerate division targets post-revenue startups but still early stage companies. In the end, the winner of this category will earn US$20,000 while finalists will earn US$2,000 each. Founders should plan to showcase their MVP or prototype during this time.
Finally, the Launch category aims to boost more developed ventures, funding the winner with US$55,000. Other finalists will receive US$5,000 each. As the most complete category, apart from pitching and playing the MVP, entrepreneurs will introduce their business model and strategy.
Here are some important dates to keep in mind. Applications start July 10 and close on August 1. Finalists will also be receiving notification of their acceptance until September 1. Lastly, the final event will take place on November 5. Oh, by the way, applicants must be over 18 years old. Apply here!
-VC
