Editor’s note: This article was first published in August 2010. All dates and deadlines it mentions, from 24 August to 24 November 2010 and a shortlist by 15 December 2010, refer to 2010.
The time has come to run a contest for entrepreneurs. As every entrepreneur knows, the government occasionally organizes contests for entrepreneurs, with prizes ranging from 6,000 to 15,000 euros to help you get your business idea off the ground.
This time, we’ve brought together 5 private investors who will back one or more business ideas as an investment vehicle. Today we’re launching a contest so that any entrepreneur with a good idea can send it to us.
There are no prizes here, only business: any entrepreneur who can show that their idea or business project is profitable will receive the funding needed to launch it.
Contest requirements
- Be Spanish, Argentine, Ecuadorian or Mexican; other countries are not ruled out (depending on the idea).
- The project’s capital must not exceed 250,000 euros, although we would consider the type of business if it did.
Those are the only two requirements to take part. Age, gender and the like will not be taken into account. For the first time, you have the chance to develop your business idea without worrying about financing.
How to take part
Send us your business idea by email, clearly laid out. We’re not asking for a fully developed business plan, since we’re not a bank, but it should be clear where the business’s profits will come from and what return you expect to achieve.
Send us your professional experience and basic details such as your age, current occupation, country and province or state, and your experience in the sector your idea belongs to. Personal details aren’t needed at first; we would ask for them if your idea is selected among the top 10.
The submission period starts today, 24 August 2010, and ends on 24 November 2010. We’ll pick the 10 most striking business ideas, and by 15 December 3 of them will be chosen. We will then invest either in all three ideas or in just one. It all depends on what has been proposed by then.
Depending on the project’s viability, the investment will be made in one of two ways:
- As a capital partner: the investor becomes a partner in the business alongside the entrepreneur, and they make decisions on the project jointly.
- As private financing, with a repayment interest rate agreed in advance.
The financing terms are fully negotiable, and we’re open to considering other types of financing to suit the entrepreneur’s needs.
Make the most of this opportunity: a contest like this has never been run privately before, and the prize is the best part.
Good luck!
Further reading
- The mindset of an entrepreneur
- Differences between Hispanic and American entrepreneurs
- Common mistakes Spanish business owners make
- Why new businesses fail
- The advantages of starting a business in a crisis
This contest is not official, and the community of investors reserves the right to invest or not at all times, with no obligation to do so. The privacy of both investor and entrepreneur will be respected at all times. If a project is chosen, the name of the winner and future entrepreneur will be made public together with the investor’s.
Featured image: Hash Milhan, CC BY 2.0, via Flickr.
