FAQ

What is Startup Jackpot?

Startup Jackpot is the grassroots startup competition of the nation!

What does that mean?

It means that instead of a traditional business plan competition with elevator pitches, elimination rounds, and way too many powerpoints, Startup Jackpot is run by, funded by and judged by entrepreneurs. All the money raised from ticket sales and sponsors go to the jackpot and the winning startup walks away with all of the money, no strings-attached.

What is the format of the event?

StartupJackpot is a single-day event that consists of seasoned speakers in the morning, the jackpot competition in the afternoon, and celebration after. Leprechauns and Unicorns will permeate the event.

What will the speakers be discussing during the event?

Actionable-advice and real world stuff. No bullshit, no fluff. Honest talks about things you can put to use now or in the near future.

How does the competition work?

A selection committee will first review your application and then choose the top 10 to 15 teams to pitch during the event. During the pitch competition, you will have 5 minutes to present your problem/solution, discuss viability and how you would use the money, and argue for how the jackpot will help you reach your next key milestone.

How does the selection process to compete in the startup competition work?

Teams will be chosen based on whether the Jackpot can make a meaningful impact to the startup and whether the team is ready to use the prize money effectively. You must articulate HOW you will use the money and what milestone this will help you reach. First stage selection is done by an internal selection committee.

How does the prize money work? What do I have to do with it if I win?

The money comes in the form of a grant - we will not micromanage how you spend the money but will actively follow up with you after the competition. The only requirement is that after six months you create a short (5 minute) video discussing how you used the proceeds, whether your experiments worked or failed, why, and what your next steps are.

Is the prize tied to an equity investment?

Nope.

Who can compete in Startup Jackpot?

The Jackpot is open to any early-stage startup between idea stage and having serious traction. Funded startups are allowed to compete AS LONG as they have raised less than $250,000 in funding. If you’re beyond that, you’re already on your way and we don’t think the Jackpot can make a meaningful impact to your business.

Must I / my team be working full-time on my business?

No. You should be whatever-time that allows you to get shit done.

What happens if my startup is not selected to compete in the competition?

If you are not selected, you will still receive a general admission ticket to the event. StartupJackpot is about supporting your community, so even if you are not selected we hope you will choose to support your peers by attending.

What criteria will my startup be judged on during the competition?

1. The Idea (33%): Make us believe. What are you solving? Is it an actual problem? What's the size of the problem? Who is the customer? Why you?
   
2. The Roadmap (33%): Make us see. Can you actually do it? How will you get there? What are the unsolved risks you need to answer? Which risk will you test and attempt to answer first? How will you test and (hopefully) mitigate these risks?
   
3. The Money (33%): Make us vote. If you win, how will you use the jackpot money? Will the money make a meaningful impact to your business? More importantly, how will the jackpot money help you reach that next milestone? How does it close your gap to profitability or seed investment? This is what it’s all about, so take it seriously.
   
   

Additional Questions?

For all other questions email us at hello@startupjackpot.com.