FREQUENTLY ASKED QUESTIONS
The Wordeo Challenge is a competition to find the best technical talent in video and mobile. We want your vision and insight applied to the existing technical assets to create something with real business potential.
The winners will be offered the opportunity to become co-founders in a business backed by some of the UK’s leading entrepreneurs, businessmen and venture capital investors.
A prize fund of 15,000 GBP is on up for grabs. A first prize of 10,000 GBP and runners up prize of 5,000 GBP.
In addition to the cash prize, the winners will also be offered the chance to become co-founders of Wordeo with entrepreneur share options of up to 20% of the company that is currently valued at £2,000,000. The winners will be working with some of the UK’s most successful entrepreneurs, media execs and venture investors. It could be a life changing opportunity.
Following the Wordeo Challenge the winners will continue to work on their idea, taking it to market and in doing so, making use of the existing investor’s business networks and Wordeo’s existing technology.
Wordeo Ltd retains the right not to award any prize monies if it deems that the quality of entrants does not align with the goals of the competition.
In addition, the cash prizes will only be paid by electronic bank transfer to a single bank account. Teams of more than one individual must nominate an individual person and their bank account to receive the cash prize. Teams must comply with any relevant KYC or anti money laundering requirements of relevant banks.
- Entrants must be 18 years or older
- Entrants must be legally able to own shares in a UK company and legally able to receive electronic funds paid by electronic bank transfer to a single bank account in the name of a registered competitor.
- Entrants must be able to demonstrate to the satisfaction of Wordeo Ltd that they have the capacity, resource, skills and commitment necessary to develop their concept to market ready roll out MVP.
- Employees or former employees, agents, contractors or consultants of Wordeo Ltd or MiniBarLabs Ltd. and their immediate families, their associated companies and anyone else professionally connected with the competition are excluded from entry.
- The competition is free to enter and no purchase of any kind is necessary.
Entry into the competition is via a simple selection process. Entrants must complete a short registration form. You’ll be asked to provide some basic information including:
- Your name
- Your contact details
- A short 100-200 word bio that lists any other team members, points to any previous relevant work and displays your tech credentials.
From there we will get in touch to book a 1-2-1 or selection interview (in London or via Skype) with MiniBarLabs who are operating the competition on behalf of Wordeo. They will introduce the Wordeo Challenge and talk through your idea. This will be followed up with a slot at one of our briefing sessions.
The Challenge is divided into 5 stages over 12 weeks: Registration, Initial Idea Submission, Selection for First Pitch, First Pitch and Final Pitch. This is a process of elimination; the first round is lightweight meaning less time and investment from you however as we move towards the Final Pitch we progressively raise the bar. Only 5 teams will make it through to the end. This both ensures quality competitors and considerably higher odds of winning.
Stage 1: Registration and attending a briefing session
From: 23.02.17 To: 23.03.17
Please see above on ‘How do I enter?’
Stage 2: Idea Submission:
From: 23.03.17 To: 11.04.17
To be considered for the Wordeo Challenge, teams must have had a 1-2-1 with the organisers, attended a briefing session and have accessed the Wordeo Bitbucket. In addition by 6 April 2017 you must submit a business proposal in the form of a short presentation deck (PDF, .pptx) that:
- Introduces your team
- Presents the crux of your idea and how it solves a particular need
- Displays an awareness of the Wordeo assets and how you propose to build upon them
- Lists your credentials and capability to build on Wordeo tech and deliver a solid proof of concept.
To help you structure your deck have a look at the ‘Presentation Framework’ below. Please note that these are helpful guidelines only and so if you’d like to structure your pitch differently feel free to do so. The main objective is to present a convincing pitch.
What is the ‘market’ or target audience the idea is aimed at?
What customer need or friction does the idea solve?
What is the user experience?
What, if any, of the existing Wordeo Assets does the proposition make use of?
Who are the main stakeholders? Eg: Wordeo, consumers, brand advertisers, brand agencies, strategic partners.
What’s the primary source of content? What are the costs?
What level of in-house production or curation is there?
How does this build on existing Wordeo tech?
Describe the milestones, resources and expertise necessary to do this.
Which products will provide scale revenues, what is your revenue model?
Can you demonstrate the technical expertise and business capabilities of your team necessary to make the idea a success in the market place?
Stage 3: Shortlisting for first Pitch
The Competition judges will review qualifying entry submissions and announce a shortlist of up to 10 teams who will go forward to the First Pitch.
Stage 4: First Pitch
From: 12.04.17 To: 21.04.17
Teams selected for the First Pitch will then have one week to prepare a longer 5-10min presentation deck (PDF, .pptx) that they will deliver in person or via Skype to the judges on 21 April 2017. Tech and business support will be available throughout. The deck should address points similar to those listed in the ‘Presentation Framework’ above as well as:
- A displayed understanding of the technical feasibility.
- An assurance that the team assembled are capable of building a working prototype without having to outsource.
5 teams will be selected for the Final Pitch on the day.
Stage 5: Final Pitch
From: 24.04.17 To: 19.05.17
Finalists will have one month to prepare a final presentation deck and working prototype that they will deliver in person or via Skype to the judges on 19 May 2017.
In advance of this date they should have at least one follow up meeting with the organisers. Also any tech and business support required will be available throughout. The presentation should address all of the points in the ‘Framework’ above as well as:
- A working prototype
- The desired user experience should be visually displayed if not fully implemented in the working prototype.
- A plan to take the idea forward to Proof of Concept
Sir Keith Mills
Lord Mervyn Davies
More judges to be announced
Has the idea been communicated clearly? Does it solve a customer need (emotional as well as functional)? Is is easy to use?
How successfully does the idea make use of Wordeo’s existing assets
How engaging is the idea? Who is the competition and why is your solution better than theirs?
How practical and realistic is the business model? How big is the market opportunity or impact of the idea?
How easy or feasible is the idea to implement? What further work needs to be carried out to test and realise it cost-effectively?
Can you demonstrate the technical and business capabilities of your team necessary to make the idea a success in the market place.
You will own your Intellectual Property and Wordeo will own it’s Intellectual Property. The Terms and Conditions include a legally binding non disclosure and use agreement that protects your rights.
Wordeo Ltd. does not, unless agreed with a participant, claim any rights of ownership to any idea, information or content submitted as part of a proposal.
All participants retain ownership and copyright to their content, and by submitting a proposal, each participant represents and warrants to Wordeo Ltd. that:
- the participant is the owner of all the content and is authorized to submit the content to Wordeo Ltd..
- the participant understands that Wordeo Ltd. has no obligation, either expressed or implied, to develop a proposal unless otherwise agreed between Wordeo Ltd. and the participant.
Wordeo Ltd. will give participants access to its software code via Bitbucket so that teams can inspect the existing codebase and create forks to add functionalities to Wordeo.
The IP for the existing code rests with Wordeo Ltd.. Anything added that is new is owned by the participant. If the participant wins and both the participant and Wordeo Ltd. want to take the concept forward then both parties will negotiate a significant portion of stock options. At this point ownership of the IP will rest with the owners of Wordeo Ltd.
If the winners agree to develop their winning proposal as equity share option holders of Wordeo ltd, the intellectual property rights will transfer to Wordeo Ltd at that point.
As part of the Challenge we agree that we are going to share information with each other that is confidential to each of us / our businesses. The agreement is that each of us will keep the information provided by the other secret. We will only share confidential information amongst the MiniBarLabs team, the judging panel and Wordeo Ltd. The terms and conditions of the competition have a mutual confidentiality agreement included in them to give you comfort that your proposals are protected.