Have Questions About Project Entrepreneur’s Venture Competition? Get Answers Here!
We’re closing in on the last few days of the 2017/18 Venture Competition application process! Applications close in only two days on December 1. If you have questions about applying, read on, or set up an appointment to get one-on-one help from PE staff by phone during our office hours.
What is the Project Entrepreneur Venture Competition?
The top 200 applicants will be invited to attend the Project Entrepreneur (PE) Intensive in New York City April 13-14, 2018. PE Intensive is two days of in-depth workshops taught by the best women entrepreneurs and investors that give you tools to bring your business to scale. There’s also plenty of networking with 200 fellow female founders in attendance. A selected group of finalists will pitch at the Intensive for a $10,000 grant to grow their business and a spot in our 5-week accelerator program hosted at Rent the Runway HQ in NYC.
If you have last-minute questions about the Venture Competition or the application, don’t fret. Read on for answers to some of our most frequently-asked questions:
Am I eligible to apply if I am not a U.S. Citizen?
Yes, if you are a U.S. resident, your business is incorporated and operating in the U.S., and either you or your business must have a U.S. bank account.
My startup doesn’t have revenue. Am I far enough along to apply to the Venture Competition?
You are! We’re looking for early-stage companies. To qualify for Venture Competition, your startup must have at least have a prototype (wireframes accepted) or beta in place, but if you haven’t set up your corporate structure yet, you can still qualify for the Venture Competition and should apply!
I’m currently fundraising for my startup, and I’ve raised some funds through a friends-and-family round. Am I still eligible to participate?
Maybe. You aren’t eligible if you’ve secured over $100,000 in institutional funding from an accredited investor(s) before competition submissions close. Accreditation is a legal status that typically includes Venture Capital and Angel investors. Friends & Family investors may not be accredited investors. Additionally, crowdfunding and some equity crowdfunding sources are not accredited, and Government/Foundation grant funding is not considered institutional funding.
I see on the application that my startup needs to incorporate technology as a competitive advantage. What does this mean?
We view technology as a necessary component to achieve scale. We use a broad definition of technology – inclusive of apps, textiles, product design, business operations and beyond. How does your company use technology to change your industry? If your company would not typically be considered a “tech company,” highlight how you are using technology in your application. See below for some questions to consider:
- Are you using technology in your operations? If yes, how so?
- What makes your company different from others in your industry? Does tech play a role in that differentiation?
- Are you building a non-tech product that incorporates innovative design?
The accelerator program is hosted at Rent the Runway. Does that mean I have to be the founder of a fashion startup to apply to the Venture Competition?
You don’t need to be a fashion startup to apply to the Venture Competition. All industries are eligible to apply!
Still have more questions about Venture Competition or the application process? Head over to our FAQ page. You can also set up an appointment to get one-on-one help from PE staff by phone during our office hours.
Good luck! We can’t wait to see what you will build!