Think Big Partners has announced its Gigabit Challenge will carry a $100,000 grand prize. Screenshots from google.com and thinkbigpartners.com.
The top idea for how to use one gigabit will earn one entrepreneur six figures, Kansas City’s Think Big Partners announced late last month.
New details — most notably, news of a $100,000 grand prize — have emerged about the Gigabit Challenge, a business plan competition Think Big is holding in conjunction with the arrival of Google’s ultra high-speed network in Kansas City.
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The competition, which aims to establish new companies that will fulfill Google’s mission of developing new applications to expand human welfare, is open to entrepreneurs and innovators from across the globe. Think Big announced that, including the grand prize, the contest will award more than $200,000 in total cash and services.
As part of that announcement, contest rules and deadlines were spelled out. The challenge will begin accepting applications, accompanied by 3-5 page executive summaries, on Oct. 3. The initial round of the competition will conclude on Oct. 31. All applications will be submitted to the initial judging panel at that time, and up to 25 finalists will be announced by Nov. 15.
Those finalists will then have 30 days to submit a short-form business plan. Plans will be limited to 10 pages with five additional pages of supporting documentation, including financials, testimonials, drawings and any other information deemed relevant by the applicant.
All finalists must submit their plans by Dec. 15. The judging panel will then review all plans, with the winners announced at a public event in Kansas City in mid- to late January of 2012. The announcement of the winners is aimed to coincide with the rollout of the Google fiber network, which is expected to be available to consumers in early 2012.
Think Big is sponsoring the contest in hopes of bringing about innovation and change that will be felt well after the contest is said and done.
“In these challenging economic times, it is even more crucial to seek out and support growth companies that create more innovative jobs,” Think Big senior partner and co-founder Tyler Prochnow (left, photo from thinkbigpartners.com), said in a release. “We want the Gigabit Challenge to spawn new waves of innovation both in Kansas City and across the globe.”
Judges for the Gigabit Challenge include entrepreneurs, early-stage investors, venture capitalists, funders, public and private sector organizations, community leaders and other experts who will examine each plan and select the winners.
For additional information about The Gigabit Challenge or to express interest in becoming a sponsor or judge, visit the contest’s website or contact Ann DeAngelo at 816-842-5244.
