An Event Series in Austin, Texas for Social Entrepreneurs Where We Pitch To You!
Entrepreneurs are used to pitching their business idea to investors, partners, and anyone they might share an elevator ride with. In this competition, the tables will turn. The [Re]Verse Pitch Competition is a social innovation program to help turn valuable raw materials that are currently leaving local businesses, non-profits, and institutions as waste into the foundation of new social enterprises.
Competitors work with mentors & advisors to develop repurposing business ideas and compete for Innovation Prizes to help start this new venture.
Who can participate:
The Challenge is open to all current and aspiring entrepreneurs in either the for- or non-profit sector interested in establishing or expanding an operation in Austin, Texas that reuses the byproduct materials in the competition. To be eligible to compete, you must comply with all the terms of the Challenge as defined in the Challenge-Specific Agreement. You must also attend the live opening event on October 11, 2016 at 6-8 pm at Atlassian. More information on the byproducts and the opening event are available at http://reversepitch.org.
Registration and Submissions:
All Teams must be registered and have an initial concept statement uploaded by October 18, 2016 11:59 PM Central Time to be eligible for the prize. No registrations will be accepted after this date.
All Team finalist materials must be submitted online on or before November 18, 2016 11:59 PM Central Time. No submissions will be accepted after this time. Incomplete submissions will not be accepted. All submissions must be received online, via the Challenge website, and all uploads can be in PDF format only. Submission reporting requirements are detailed in Judging.
Challenge Guidelines are subject to change. Registered competitors will receive notification when changes are made, however, we highly encourage you to visit the Challenge Site often to review updates.
[Re]verse Pitch Prize Winner Agreement
The [Re]Verse Pitch Competition is being held by the City of Austin in order to further the City of Austin’s Zero Waste goals and support entrepreneurial innovation and small business growth. This Agreement is between the City of Austin and the winner of the [Re]Verse Pitch Competition.
In order to participate in the final competition of the [Re]verse Pitch, the winner must agree that if he/she wins the competition he/she will only be awarded the innovation prize and be considered eligible for the matched funding based upon the following:
1. I have read, understood and agree to the Prize Match Policy (attached).
2. I agree to register your business in the State of Texas. For more information on options and how to register, please visit the City of Austin’s Small Business Program website.
3. I have registered as a vendor with the City of Austin.
4. I agree to use all funds received from the Prize and Match directly toward establishing and growing the business that was pitched at the [Re]verse Pitch Competition.
5. I intend to establish the business operation pitched in the [Re]Verse Pitch Competition, including manufacturing, in the City of Austin.
6. I have read and understand the City of Austin’s Zero Waste goals and agree to strive toward aligning my business operations with those goals and those of the Environmental Protection Agency’s waste hierarchy.
7. Because I was awarded public funds to help solve a public challenge, I agree to track the amount of waste my business diverts annually and report those to the City of Austin for at least two years following the event so that the information may be shared with the public.
8. I agree to submit a notarized affidavit attesting to the fact that all City of Austin funds received by me have been used solely for the business operation pitched in the [Re]Verse Pitch Competition every year for the first two years after obtaining the City of Austin’s matched funds.
9. I agree to provide the City of Austin at least one written and/or video testimonial about the [Re]verse Pitch Competition and participate upon request in at least one (1) related promotional activity, associated with the City’s Recycling Economic Development initiatives.
10. The distribution of any prize and/or matched funds is at the sole discretion of the City of Austin.
11. I affirm that I own the intellectual property associated with the business operation I am pitching in the [Re]Verse Pitch Competition.
12. I agree the City of Austin, at its discretion, may request proof that the City of Austin’s matched funds are being used solely for expenses related to the business that was pitched at the [Re]Verse Pitch Competition in the form of receipts for such business expenses.
13. (For City of Austin Employees) City of Austin Employees may compete in the competition and are eligibile for the prize. However, all activities and preparation related to the competition shall take place strictly on the employee's personal time. In addition, no City resources shall be used by an employee for the [Re]verse Pitch Competition, unless that resource is available to all competitors.
14. If the City of Austin discovers that I have violated this agreement, the City of Austin reserves the right to refuse to disburse any remaining funds of the matched funding and demand the return of funds previously disbursed to the winner as part of the matched funding.
15. This agreement shall be governed by the laws of the State of Texas. If the final judgment of a court of competent jurisdiction invalidates any part of this agreement, then the remaining parts shall be enforced, to the extent possible, consistent with the intent of the parties as evidenced by this agreement. To the extent allowed by Texas law, I agree that the City and I will be responsible for our own respective proportionate share of liability for damages arising out of or connected to its negligent acts or omissions in connection with this Agreement as determined by a court of competent law.
Reverse Pitch Competition Prize Match Policy
The winner of the Reverse Pitch Competition will be selected by a panel of judges who will rate each participant based on criteria established by the City of Austin. The Reverse Pitch prize is funded by the City of Austin for the municipal purpose of achieving its economic development and Zero Waste Goals. This policy warrants certain controls on the release and use of these funds to ensure that the municipal value is of equal or greater value than the financial expenditure.
To be eligible for any prize funds, the Reverse Pitch winner must register as a vendor with the City of Austin. The winner will receive a check for $5,000 after registering as a vendor and submitting a completed prize winner agreement. Any inkind prizes will be available to the winner directly from the in‐kind sponsor at this time as well after these requirements are met. The winner is also eligible for an additional $5,000 in matched funds. To receive the $5,000 in matched funds, the Competition winner will have until August 15th, 2017, to raise at least $5,000 for the idea that they pitched at the Competition. Any amount less than $5,000 raised on or before the August 15th, 2017 deadline is not eligible for any matched funding. Matched funds can be raised through any combination of bootstrapping (self‐funded), private investment, a loan, a grant or via crowdfunding.
The winner must notify Natalie Betts and/or Lance McNeill in writing showing proof that they raised the match requirement and are requesting the matched funding from the City of Austin on or before August 15, 2017.
Additional eligibility guidelines for each fund‐matching method will apply:
Bootstrapping (self‐funded): The Competition winner(s) may contribute $5,000 of their own funds to qualify for the match. To be eligible, the winner must provide a signed letter self‐certifying that he or she intends to use the contributed funds toward business expenses. In addition, the Competition winner will need to provide proof that the entire $5,000 has been deposited into a separate business checking or savings account primarily associated with the business pitched at the competition. Bank statements and/or deposit slips will be required as part of that evidence. The funds must be deposited on or before August 15th, 2017 to be eligible for the match. The original $5,000 prize cannot count toward the match and the winner must provide proof that they deposited at least $10,000 ($5,000 prize and $5,000+ match) to receive the matched funds.
Private investment: Private investment of $5,000 or more is also eligible for the $5,000 in matched funding. The Competition winner must provide proof of the investment with an investor agreement signed by all parties involved and provide proof that at least $5,000 of the investment has been deposited into a separate business checking or savings account primarily associated with the business pitched at the competition. Bank statements and/or deposit slips will be required as part of that evidence. The funds must be deposited on or before August 15th, 2017 to be eligible for the match.
Loan: To be eligible for the $5,000 match, the Competition winner must show a letter of intent from the lending institution along with the lending institution’s contact information and/or proof that a deposit of at least $5,000 has been received by the lending institution and deposited into a separate business checking or savings account primarily associated with the business pitched at the competition. Bank statements and/or deposit slips will be required as part of that evidence. The funds must be deposited on or before August 15th, 2017 to be eligible for the match.
Grant: To be eligible for the $5,000 match, the Competition winner must show written proof on or before August 15th, 2017 from the grant maker that they have been selected to receive at least $5,000 in grant funding for activities related directly with the business pitched at the competition.
Crowdfunding: To be eligible for the $5,000 match, the Competition winner may raise at least $5,000 via crowdfunding. The crowdfunding campaign must end on or before August 15th, 2017 and show that at least $5,000 has been pledged. A link to the successful campaign, bank statements and/or deposit slips will be required as part of that evidence. The crowdfunding platform used to raise funds must be a third party organization with no business affiliation to the Competition winner.