IdeaSpace – National Competition up to Php 2M worth of prizes!

To level the playing field, we’re running an annual national competition to search for the best ten technology startups. We’re looking for technology based ideas with potential market success. Winners of this competition will get up to PhP2M worth of prizes including seed funding, mentorships and trainings, office space and backroom operations support, IP and legal services, opportunities to partner with leading companies for market runway and marketing exposure. After six months of incubation, IdeaSpace can provide up to PhP5M worth of investment in convertible notes.

The competition will be divided into 2 distinct phases of judging:
(1) the Submission Phase,
(2) the Finals.

A Selection Committee to be formed by the Board of Trustees of IdeaSpace Foundation, Inc. (hereinafter referred to as the “Foundation” or “IDEASPACE”) shall review and evaluate which entries will qualify for the Finals.

Submission Phase:

• Each applicant will be required to completely fill-in and submit the Entry Form at the IDEASPACE website (ideaspace.ph), as well as such other forms as may be required. The online forms will include information about the technology involved, as well as a warranty as to the originality and non-infringement of patents.

• Each team must have a minimum of two and a maximum of three members. The team is encouraged to have at least one (1) technical member.

• Submissions can come from all over the Philippines and globally. A team may submit more than one entry; however, only one entry per team will qualify for the finals. The decision of the Selection Committee shall be final and scores will not be disclosed.

• Each team will be required to attend the IDEASPACE Finals Weekend located in Metro Manila.

• Members of the team are mandated to attend Finals Weekend.

• Each team will be required to give a 5-minute presentation plus a 3 minute demonstration (live or video) of their prototype to the Board of Judges.

• The Board of Judges will select up to 10 teams whose entries will qualify for admission into the Foundation’s incubation program. The decision of the Board of Judges shall be final.

For both the Submission Phase and Finals, the criteria below will determine the awardees. The criteria and a description are posted below with the corresponding weights:

1. Need : the market need or clear customer pain point	20%
2.Market Potential : business model and size of local and global market	25%
3.Team: the ability of the Team to execute their vision into reality	20%
4.Technology : how unique and innovative the technology being used and implemented (Please also refer to Intellectual Property Section)	25%
5.Synergy : how it can represent synergy and scale across various industries such as telecommunications, power, infrastructure, media, healthcare, agriculture, manufacturing, mining, ICT, and the like.	10%

There will be no age limit for the Applicants of IDEASPACE National Competition. Provided however that, applications of minor Applicants, (below 18 years old), must be accompanied by a completed Parent/Legal Guardian Consent Form. IDEASPACE encourages employees of
the Participating Companies to join this competition. However, it is not open to members of the family or relatives within the second degree of consanguinity or affinity of directors, trustees, agents, representatives, officers, employees, consultants and advisors and agencies of the Foundation, and any person, directly or indirectly, involved in the running of the competition.

Applicants will be chosen for the Finals will be based on the merits of their Business Executive Summary and subsequent interviews, if any.

Members of the Selection Committee and the Board of Judges shall be disqualified to be an industry mentor and trainor of Finalist teams.

Each of the awardees of the national competition, as determined by the Board of Judges, will receive a total of FIVE HUNDRED THOUSAND (PhP500,000.00) Philippine Currency distributed over six (6) months given milestones determined by the IDEASPACE trustees and officers. In addition to this, adequate office facilities will be provided to the companies rent-free. Every team will also receive mentorship and training, as may be determined by the Foundation. The AWARD shall be directly and exclusively used to productizing the concept and other related company expenses including paid-up subscription/capital of ONE HUNDRED FIFTY THOUSAND (PhP 150,000.00). Awardees will be required to submit monthly reports regarding the utilization of the grant money.

The team-awardees will be required to form a corporation (hereinafter referred to as the “Company”) under Philippine law within the first month of accepting the award. Upon request, the Foundation shall provide administrative assistance in the preparation and filing of the incorporation documents, provided that costs and expenses incurred for the incorporation of the Company will be shouldered by the Foundation.

In exchange for the AWARD mentioned above, IDEASPACE reserves its right to assess the equity value of the Company and its right to receive 20% of the same. The remaining stake will be divided among the team members, previous investors and if applicable, employees.

Within the six (6) months incubation period, the team-awardees of the Company agrees not to sell, transfer, donate, encumber or in any other manner dispose of all of their equity in said company without the written consent of the Board of Trustees of IDEASPACE.

The awardees must attend all mandatory academic programs and mentoring session determined by the Foundation.

Ownership of the patented invention shall belong to the Company that will be formed by the winners of the IDEASPACE National Competition. Provided however that, the patent owner shall grant to IDEASPACE and the relevant participating company the right of first refusal to the licensing/use of said patented invention for five (5) years from the date of the award, in the Philippines and where applicable, Indonesia, Malaysia, Singapore, Vietnam, Myanmar and Hong Kong. This does not however limit the Companies from selling or licensing their product or service in other countries.

IDEASPACE may give additional equity to the companies as determined by the commercial need of the company after completing the incubation program. IDEASPACE may give up to FIVE MILLION PESOS (PhP5,000,000.00) by means of a convertible note to be used directly in the commercialization of the product. An industry partner from any of the participating companies must also recommend the company for commercialization and agree to a partnership agreement. In the event that no company from the group is willing to partner, the board of trustees may still add additional investment of the companies granted that it is deemed as a breakthrough technology or a company that has a large commercial potential important to the Philippine economy. Also, any of the group of companies or strategic partners/investors may add additional investment after the incubation period.

IDEASP
ACE and any of the participating companies shall have a right of first refusal over any additional investments. This right shall be reflected in the articles of incorporation of the companies.

The teams joining the competition warrant that the entry is their original idea and does not infringe on the intellectual property rights of any third party. With the exception of patented inventions or utility models and inventions covered by a pending patent/utility model application for registration, entries shall be maintained in confidence by the Applicant and by IDEASPACE and its designated agencies until the selection of the finalists. However, IDEASPACE shall not be liable to any Applicant for commercializing ideas that have been independently developed by IDEASPACE but are similar in concept to submitted entries.

IDEASPACE shall exercise confidentiality for the protection of the Applicants. However, by submitting their entry, the Applicants shall acknowledge that IDEASPACE is not and shall not be responsible or accountable for similar ideas/technologies submitted during the competition.

Upon the issuance of the patent certificate or utility model registration, the Company shall warrant that it holds the necessary intellectual property right(s) over the entry. The Company shall take sole responsibility for any adverse or infringement claim(s) thereon and shall hold IDEASPACE and all the participating companies and their respective trustees/directors, shareholders (if any), affiliates (if any), officers, employees, agents and representatives free from any damage and/or liability arising out of such adverse or infringement claim(s) including claim(s) for damages.

In the event of disqualification of the team during the incubation period, the Company shall retain ownership over the patent. If the Company has assigned the same to IdeaSpace, the latter shall reconvey ownership to the former.

IDEASPACE will in good faith, conduct a prior art search for the finalist teams. It shall be obligatory upon the winners to apply for IP protection within the first month of the incubation period. This IP will be owned by the company to be created and not by the individuals. IDEASPACE reserves the right to terminate or reject application of any entry at any stage of the competition should it appear that:

1) the entry is not patentable or cannot be registered as a utility model under R.A. 8293,
2) the entry is already covered by an existing patent/ utility model registration or any other IP protection belonging to another person and use of the same is without the authorization of the owner,
3) the entry is found to be contrary to law, morals, public order or public policy as may be determined in good faith by the Selection Committee/ Board of Judges, and/or rules and regulations, code of conduct, premises of host companies, any of the facilities of the participating companies; and
4) should the Company involved refuse to warrant that it holds the necessary intellectual property right(s) over the entry and to take sole responsibility for any adverse or infringement claim(s) thereon;
The termination or rejection of application based on the enumerated grounds shall be final.

Applicants agree to abide by the terms of these Official Terms, Conditions, Rules and by the decisions of IDEASPACE, its officers, and/or the judges, which are final and binding on all matters pertaining to this contest. By joining the contest, the Applicants agree to waive any right to claim ambiguity or error in these Official Mechanics. Except where prohibited by law, the winners consent to the use of their name and/or likeness by IDEASPACE for advertising and publicity purposes without compensation. The Foundation reserves the right to change or alter the terms and conditions of the competition and the incubation mechanics without need of notice.

Any attempt by an Applicant to undermine the legitimate operation of this contest is a violation of criminal and civil laws, and should such an attempt be made, IDEASPACE reserves the right to pursue any and all remedies available under the law.

Each applicant agrees that the Foundation and its trustees, parent company, agents, representatives, affiliates, and employees will have no liability whatsoever for any injuries, losses, or damages of any kind resulting from his/her participation in the contest and from the use of his/her entry. The Applicant hereby agrees to irrevocably indemnify and hold harmless, and reimburse the Foundation and its trustees, parent company, agents, representatives, affiliates, and employees from and against all liabilities, claims, actions, proceedings, loss, damage, costs or expenses suffered or incurred by IdeaSpace and its employees including but not limited to:

1) any accident, loss, damage or injury arising out of the Applicant’s attendance at, participation in, or training for the competition; and
2) any claim made by any third party due to or arising from or relating to the Applicant ‘s participation in the competition or the breach of any term of this Agreement by the Applicant;

By submitting our entry, we have read and fully understood the foregoing and agreed to be bound by said Terms and Conditions in its entirety.

source: http://ideaspace.ph/ideaspace/contest-and-mechanics/