Geekdom a collaborative coworking space in San Antonio, TX is pleased to announce the Mx Challenge, a competition that will award $500,000 USD to the competitor who leads 10 qualified Mexican startups to open an office using Geekdom’s platform in San Antonio in 18 months.
Each startup that the competitor brings to San Antonio must meet the following requirements:
- The startup team must have at least three team members working on the startup and living in San Antonio from the moment the startup is established at Geekdom.
- Each team member at the startup must have legally appropriate business visas (TN, E2, L1 or HB1).
- The startup must be focused in technology.
- The startup must have a validated and working product, with annual revenue more than $60,000 USD, or $5,000 monthly, or having received an early stage investment larger than $20,000 USD.
- The startup must establish a US business legal entity incorporation.
- The startup must provide proof of residency for each team member in San Antonio.
Points to consider:
- Competitors must assume all costs and activities related to leading startups to establish themselves in San Antonio and at Geekdom.
- Minimum eligibility for the prize requires proof of leading at least 10 tech startups from Mexico to establish themselves in San Antonio and at Geekdom during the 18 months of the Mx Challenge. Competitors who cannot provide proof of meeting this minimum threshold will not be considered for the prize.
- The Mexican tech startups:
- must prove that they were not in San Antonio before the Mx Challenge
- show proof of residence at San Antonio and establishment at Geekdom
- Valid cases of Mexican tech startups include:
- a new startup starting from scratch at Geekdom
- a developed tech startup expanding and opening an US branch at Geekdom
- an undeveloped startup coming to San Antonio for acceleration or funding at Geekdom.
|Registration and Progress Report Submission Deadline||March 2016|
|Challenge Deadline||Sept 2016|
The winner of the challenge will be determined by the following criteria, in order:
- Number of Qualifying Startups, beyond the minimum of 10 required for the competition
- Number of Employees, beyond the minimum of 3 per startup required for the competition
- Annual Revenue, beyond the $60,000 annual revenue required for the competition
The competitor with the most number of qualifying startups will win the competition. A qualifying startup meets all of the requirements outlined in the challenge guidelines.
In the event of a tie:
- If two or more competitors have the same number of qualifying startups, the competitor with the most number of total employees, across all qualifying startups, will win.
- If two or more competitors have the same number of qualifying startups and the same number of total employees, the competitor with the highest total annual revenue, across all qualifying startups, will win.
- Team must demonstrate proof of LLC registration in the US to include any “company” as part of their portfolio in this Challenge.
- Team must demonstrate proof of visa for all companies in their portfolio in this Challenge. All visas must allow company employees to work and earn income in the United States. Proof may include, but is not limited to:
- Copy of visa application for each company included in Team portfolio
- Postmark of visa application to appropriate agency for each company included in Team portfolio
- Receipt of visa application from appropriate agency for each company included in Team portfolio
- Copy of obtained visa and relevant terms for all companies in Team portfolio that have secured a visa
- Funded companies must be submitted with the following:
- All requirements for those companies with Business Plan only
- Term sheet for each investor
- Deposit slips for each investor
- Companies generating $60,000 annual revenue or more must submit the following:
- Financial statements demonstrating $60,000 or more in revenue
- No more than 3 pages detailing business activities
- Bios for employees
- Additional potential funding/investment
- Plan to set up operations in San Antonio
If a competitor needs assistance on understanding the rules or meeting another contestants they can always send an email to Jesus Salas at Mxchallenge@geekdom.com
You can register now to establish contact with the Mx Challenge team today. Here is the link - www.herox.com/mxchallenge. We suggest you be registered prior to the Summit happening October 16-17, 2014. But the final deadline to register is December 31, 2014.
Challenge registration is open now until December 31, 2014.
The Team Leader must be at least 21 years old.
Yes, anybody from anywhere in the world can compete for the Mx Challenge prize. However, the tech startups and entrepreneurs that are going to be part of the contestant’s model they have to be from Mexico.
The only requirements we ask for the entrepreneurs and startups that are being part of the contestant’s model are: They have to be Mexican and Technology-focused (website, app, software, etc.). They can be in any industry, but technology needs to be a driving force for their startup.
Contestants are responsible for their own operating costs during the challenge. You are responsible for any expenses related to compiling all data and information required for submission at the end of the challenge. Contestants are responsible for obtaining any required Visas and for paying travel expenses to the Mx Summit. Please discuss this with the Mx Challenge Team to learn some possible ways to get funding.
Challenge Guidelines are subject to change. Registered competitors will receive notification when changes are made, however, we highly encourage you to visit the Challenge website often to review any updates.
Final submissions are due on April 15, 2016.
Submissions should be in English. If you need help with this, please let the Mx Challenge Team know and we can help connect you with a translator.
Registered competitors are invited to participate in the Mx Challenge Summit on October 16-17 of 2014. Entrepreneurs and innovators from across Mexico and San Antonio will come together to showcase the city of San Antonio and Geekdom. The event will feature high-profile keynote speakers and smaller breakout sessions where competitors can tackle challenges with invited experts and mentors. It is an opportunity for competitors to join up with other competitors to form stronger teams.
Both the Mx Challenge Summit and the Judging Panel will be held in San Antonio, Texas. Teams must adhere to all laws and regulations regarding travel to San Antonio.
The Judging Panel will held April 13-14, 2016 at the Pitch Day and Winner Announcement Day in San Antonio, Texas. Teams must adhere to all laws and regulations regarding travel to San Antonio.
Teams will be judged and scored in three key areas: 1) Market Validation = 75% of total score and 2) Innovation and Sustainability of the model = 20% of total score and 3) Promotion Factor = 5% of total score.. Winning Criteria and all judging guidelines are included in the Challenge Guidelines.
By registering to compete in this Challenge you are agreeing that the judging process will be binding and incontestable. The Judging Panel decisions are final.
Geekdom will announce the winner of this Challenge after Pitch Day on May 2016.
Only one payment will be made to the Team Leader. The Team Leader is responsible for distributing the winning amount to your team.
Prizes are distributed within 30 days of the announcement of the winner.
You can withdraw from the Challenge at any time and for whatever reason. But you will not be considered for the prize at the end of the MX Challenge.
You may reach the Geekdom team at any time by emailing MxChallenge@geekdom.com.
Yes. You may reach the Geekdom team at any time by emailing MxChallenge@geekdom.com and someone can connect with you in Spanish.
Usted puede registrarse ahora para estar en contacto con el equipo del reto Mx Challenge. Aquí está el enlace - www.herox.com/mxchallenge. Le sugerimos registrarse antes de la Cumbre, del 16-17 de octubre del 2014. Recuerda que la fecha límite para inscribirse es el 31 de diciembre de 2014.
Puedes registrarte desde hoy hasta el 31 de diciembre de 2014.
El líder del equipo debe tener al menos 21 años de edad.
Sí, cualquier persona puede competir por el premio Mx Challenge. Sin embargo, los startups y emprendedores tienen que ser provenientes de México.
Los únicos requisitos que pedimos a los emprendedores y startups que están siendo parte del modelo del competidor son: Ser mexicano y estar relacionado a tecnología (sitio web, aplicación, software, etc.).
Los concursantes son responsables de sus propios costes de funcionamiento durante el reto. Los concursantes son responsables de cubrir el los gastos de viaje a la Cumbre Mx Challenge. Cualquier duda puedes consultar con el equipo Mx Challenge para formas alternas de obtener financiación.
Las reglas del reto Mx Challenge están sujetos a cambios. Competidores registrados recibirán una notificación cuando se hagan cambios, sin embargo, recomendamos a los concursantes a visitar el sitio web de Desafío para revisar las actualizaciones.
El último día para entregar el reporte es el 15 de abril del 2016.
Las propuestas deben estar en inglés. Si usted necesita ayuda con esto, por favor, contacte al equipo Mx Challenge y ellos lo ayudaran a conectarse con un traductor.
La Cumbre Mx Challenge sucediendo del 16 al 17 octubre del 2014 invita a las personas participantes del reto MX Challenge a asistir al evento. Los empresarios e innovadores de todo México y San Antonio se reunirán para crear nuevas conexiones y aprender más sobre la ciudad de San Antonio y Geekdom. El evento contará con conferencias magistrales y paneles donde los participantes podran aprender de los expertos. Es una oportunidad para que los competidores se unen a otros competidores para formar equipos más fuertes.
La Cumbre Mx Challenge se va a llevar a cabo en diferentes lugares clave del ecosistema tecnológico de San Antonio. Los equipos deben cumplir con todas las leyes y reglamentos relativos a los viajes a San Antonio.
Las presentaciones al jurado se llevaran a cabo en el evento de PitchDay en mayo del 2016 en San Antonio, Texas. Los equipos deben cumplir con todas las leyes y reglamentos relativos a los viajes a San Antonio.
Los equipos serán juzgados en tres áreas: 1) Mercado de validación = 75% de la puntuación total y 2) innovación y la sostenibilidad del modelo = 20% de la puntuación total y 3) Factor de Promoción = 5% de la puntuación total. Para más información dirigirse al set de reglas, en el área de puntuación.
Las decisiones del jurado son inapelables, ya que al registrarse para competir en el reto Mx Challenge usted está acordando que el proceso de evaluación será inapelable.
Geekdom anunciará el ganador del reto Mx Challenge en mayo del 2016 en el evento de PitchDay.
Sólo un pago se realizará al encargado del equipo ganador. El líder del equipo es responsable de la distribución de la cantidad del cheque al resto del equipo.
Los premios se distribuyen dentro de los próximos 30 días siguientes a la proclamación del ganador.
Usted puede retirarse del reto Mx Challenge en cualquier momento y por cualquier razón. Pero no será considerado para el premio al final del MX Challenge.
Puede comunicarse con el equipo Mx Challenge en cualquier momento enviando un correo electrónico MxChallenge@geekdom.com.
Sí, usted puede contactar al equipo de Geekdom o Mx Challenge en cualquier momento enviando un correo electrónico MxChallenge@geekdom.com y alguien lo contactara en español.
Hope you are having a good week and you are on your way of conquering the world. Here is a cool insight for you...
Currently, there are lots of tech-companies or startups from all over the world trying to potentialize their product/service in the United States. Unfortunately, they do not have a place to land, and start with their commercial expansion. This is why most of them, they do not take the risk and do not go global. Mx Challenge was created to help those companies that are looking to go global and validate their product/service outside of their home country. We started with Mexico, but after we validate the challenge by bringing companies, we are thinking of replicating it with other countries.
Which country do you think that should be next?
How are you doing with the Mx Challenge? Hope you are already helping startups expand into San Antonio, just remember about the $500,000 USD prize. Also, I want to encourage you to not be shy and speak up if you have any questions related to the new language. Jesus Salas is always going to be there to guide you through and even he can also connect you with other people that are participating as well.
Please reach out to him with any questions or request for support at firstname.lastname@example.org.
Viva Mx Challenge!
Hey Mx Challenge innovators and contestants,
I write you to update you on what has been going on but mostly to check out on how you are doing, and if you had any questions for me... So, first I want to share with you that we changed the guidelines, so we got a new set of challenge guidelines, they are super easy and straighforward, you can check them out. Also, the second new is that we extended the Challenge's deadline to September 2016, so that gives you more time to help Mexican tech startups expand to San Antonio.
Hope you are doing great and let me know if you have any question.