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Mx Challenge

We are awarding a $500,000 prize to the team that can bring the most tech-companies from Mexico to open offices at Geekdom in San Antonio. Read Overview...
Total Prize Amount
$500,000
Overview

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.

 

Challenge Calendar:

Registration and Progress Report Submission Deadline      March 2016
Challenge Deadline   Sept 2016

 

Judging Criteria:

The winner of the challenge will be determined by the following criteria, in order:

  1. Number of Qualifying Startups, beyond the minimum of 10 required for the competition
  2. Number of Employees, beyond the minimum of 3 per startup required for the competition
  3. 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:

  1. 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.
  2. 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.

 

Submission Requirements:

  • 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

 

Timeline
Updates (14)

Mx Challenge is Shuting Down =(

July 9, 2015, 1:29 p.m. PDT by Jesus Salas
July 9, 2015
Hey innovator,
 
Thanks for the interest that you showed for the MxChallenge. After, evaluating the low demand on the competing participants we decided to shut down the MxChallenge.
However, we are still welcoming Mexican tech-companies that are interested in expanding their operations at Geekdom. So, for more information about opening a tech-office at San Antonio, please contact info@geekdom.com. 
Best,
 
Jesus Salas

The American Dream

April 16, 2015, 10:10 a.m. PDT by Jesus Salas

Hey innovators,

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?

 

Tito

 

 


Get in Touch with the Mx Challenge Team!

March 26, 2015, 2:23 p.m. PDT by Jesus Salas

Hello Innovator,

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 jesus@geekdom.com.

Viva Mx Challenge!

 

 

 


Mx Challenge Follow-Up and Update

March 19, 2015, 9:46 a.m. PDT by Jesus Salas

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.

Best,

Jesus Salas

jesus@geekdom.com


Parlevel Systems

June 17, 2014, 1:10 p.m. PDT by Jesus Salas
Another Geekdom-based startup founded by Mexican entrepreneurs is a company called ParLevel Systems. Founded only about a year and a half ago, ParLevel has a total of 20 employees - 8 full time and 12 part time. This success is indicative not only of the amazing hard work founder Walter Teele has poured into his company, but also of the flourishing startup tech scene in San Antonio.
 
Mexican entrepreneurs, take advantage of the MxChallenge prize - bring startups to San Antonio! Or, American entrepreneurs - check out the wealth of entrepreneurs in Mexico and help bring them to San Antonio. 

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