How the TPrize Challenge Works
Who can apply to the TPrize Challenge?
The TPrize Challenge is open to:
- Any domestic or international applicants who are already working in or plan to expand their solution to the Latin America and Caribbean region.
- Individual applicants who are at least 18 years old, or teams in which one member is at least 18 years old.
Applicants can be individual students, entrepreneurs, teams, or established start-ups. If you have a relevant solution, we hope you’ll apply!
How are we CrowdSolving the TPrize Challenge?
- SOURCING SOLUTIONS Anyone who meets the criteria above can participate in the TPrize Challenge and submit a solution. Whether you have a prototype or scaling your enterprise, we’re looking for innovators and entrepreneurs with the best solutions.
- SELECTING SOLUTIONS Once the submission deadlines pass, judging begins. After an initial screening by TPrize and Solve staff, TPrize Challenge judges select the most promising solutions as Finalists. These Finalists will be invited to pitch their solutions live at a TPrize Challenge Live Pitch Event, where judges will select the winners.
What type of solutions will be accepted to the TPrize Challenge?
Solution applications must be written in English or Spanish. The TPrize Challenge considers solutions at various stages of development.
- Prototype: A venture building and testing its product, service, or business model. Typically described as "Pre-Seed" if For-Profit.
- Pilot: An enterprise deploying a tested product, service, or business model in at least one community. Hybrids and For-Profits would typically be in a "Seed" round and starting to generate revenue (whether or not they are cash flow positive).
- Growth: An enterprise with an established product, service, or business model rolled out, which is poised for further growth in multiple communities or countries. Organizations at this stage should have a clear path towards financial sustainability whether they are nonprofit or for-profit. For-Profits at this stage would be "Seed" or "Series A.”
- Scale: A sustainable enterprise working in several communities or countries and that is looking to scale significantly, focusing on increased efficiency. For-Profits in this stage would be "Series A" or "Series B."
The most important thing is that your solution addresses the focus of the TPrize Challenge.
How will my solution be evaluated?
The judging committee for the TPrize Challenge will be comprised of experts and leaders from across industries. After an initial screening by TPrize and Solve staff, the judges will score the screened solutions based on the following criteria:
- Alignment: The solution addresses the challenge that has been set forth.
- Potential for Impact: The planned solution implementation has the potential to impact lives and drive economic growth in Latin America and the Caribbean.
- Scalability: The solution can be scaled to affect the lives of more people.
- Feasibility: Solution implementation is feasible, and the team has a plan for financial sustainability.
- Innovative Approach: This is a new solution, a new application of a solution, a new business model, or a new process for solving the challenge, and the team clearly identifies its competitive advantages (e.g. intellectual property)
Selected finalists will pitch before the TPrize Challenge judges and a live audience during a pitch event in June 2020. The judges will determine which solutions are the most promising and those selected will receive prize funding and support from TPrize.
TPrize Challenge Timeline
- December 18, 2019 - TPrize Challenge opens
- March 31, 2020 - Deadline for applicants to submit a solution
- May 2020 - Finalists announced
- June 2020 - Live Pitch Event for Finalists
What can I win if my solution is selected?
Finalists will be invited to a pitch event in June to present their solutions in front of distinguished judges. Up to USD $100,000 in prize funding is available for the winners of the TPrize Challenge.
Being selected as a winner is about much more than just prize funding. In addition to funding, TPrize will be providing selected winners of the TPrize Challenge with follow up support, which could include mentorship, incubation and acceleration, IP registration, capacity building, and connection with experts.
Further questions? Please reach out to: firstname.lastname@example.org