Startup Rounds Competition Launched For Babson Entrepreneurs
The Babson Entrepreneurship Club (BEC) is offering a new kind of business contest on a platform created specifically for startups.
BEC Co-president and Babson MBA 2014 candidate Paul Hammond has been working on Startup Rounds for the past several months, and recognizes that there is no better place to first use the software than at Babson College, the No. 1 school for entrepreneurship.
This past Thursday the BEC launched Startup Rounds, officially opening for applications. Â All Babson undergraduate students, graduate students, and alumniÂ startups with less then $1 million in revenue in the last yearÂ are welcome to apply (youâ€™ll need to login or create an account first). Â Once youâ€™ve applied, youâ€™re able to continuously edit and iterate to improve your profile.
â€śThis is a great way for startups to show off their stuff and gain traction,â€ť said Hammond.
Although the BEC is limiting this first Startup Rounds contest to Babson startups only, it is not intended to exclude the outside community.Â Â In fact, according to Hammond, the contest is intended to do the exact opposite:
â€śThe goal of this contest is to get Babson startups in front of the Boston Community. Some startups need to prove their concept, or prove traction, but all startups need something. Â It may be that they need mentors, more customers, investors, or perhaps just more marketing in general.â€ť
The BEC Startup Rounds contest will consist of four 7-day rounds. Within each round, startups will demonstrate the strengths of their business idea and network by gaining support to improve their standing on the leaderboard.Â When the round clock reaches zero, the round ends, and the startups on top of the leaderboard will advance.Â Â At the end of four rounds, the remaining startups will be invited to pitch at the final event and awards ceremony. Â The top startups will be rewarded with cash prizes and resources in kind.
Currently, the prize pool consists of $3K in seed funding, $5K in legal resources, an invite to pitch to Rough Draft venturesÂ for investment opportunities, and other opportunities to participate in the 2014 Mass Challenge competition.
The BECâ€™s mission is to support Babson entrepreneurs, driving innovation, business growth, and sustainability. Â Hammond commented, â€śThe BEC believes that with Startup Rounds Babson entrepreneurs have nothing to lose and everything to gain. For some, it may be an improved business model and a great way to test the market and gain customers, while for others, it can be a great tool to raise capital or (even better) win a seed round.â€ť