Hatch Startup Challenge
Hatch Startup Challenge 2016 applications are now closed. Stay tuned for updates.
Find out who will be accepted into this year's Hatchery on April 28th at the Applied Research, Innovation and New Venture Student Showcase. Purchase your tickets here.
Official 2016 Hatch Startup Challenge Rules
Any student registered in a program or course at NAIT or who have graduated a NAIT program (proof of enrolment may be required).
The new business being proposed by the individual or team may already be existing (defined as existing as of the date of first customer acquired), but for less than 24 months, and must be an innovative business concept, as determined by the judges.
Submissions can be entered by an individual or group, but at least one member of the team must meet the criteria and be an equal or controlling member of the venture.
Challenge format and entry guidelines
Application submission – Phase One
Consists of an electronic version of a business canvas in Microsoft Word, Microsoft Excel, or Adobe PDF format. All submissions must be accompanied by the application form, which includes a non-proprietary description of the business idea reflected in the business canvas. Application includes how the idea meets the criteria and proposed use of funds (for startup costs directly related to the business, and to be approved between Alberta Innovates Technology Futures, the Startup, and NAIT).The application is a non-confidential, basic overview of who the Startup is, as well as what their business idea involves and how they meet the criteria as outlined in the guidelines. Prototypes can also be included in the submission, but are not required.
There will be three New Venture at NAIT Hatch Startup Challenge workshops that will support development of applications and business canvas. These workshops will be on March 16th, 22nd and 29th, 2016. Registration will be required. Each workshop will be the same.
Submissions will be screened according to the challenge criteria and successful applicants will move on to phase two of the challenge.
The phase one submission of challenge applications will be accepted in person to Saadia Syed W207D, electronically to email@example.com, or by mail to:
Hatch Startup Challenge
c/o Saadia Syed
W207, 11762-106 Street NW
Edmonton, Alberta, Canada
All applications must be received no later than 5:00 P.M. Mountain Time Thursday, March 31, 2016.
Applications submitted after the closing date will not be accepted for the challenge. NAIT is not responsible for lost or misdirected applications. By submitting an application to the Hatch Startup Challenge, all applicants named on the submission are in agreement with Challenge Rules and have followed application guidelines. It is presumed all applicants have read and fully understand all details and rules surrounding the challenge.
Pitch Prep – Phase Two
Only successful applicants from phase one will be invited to participate in phase two. Notifications will be sent via email by April 4, 2016. Applicants in phase two will work with the New Venture at NAIT team to vet risks and assumptions of the business concept and preparation of pitches for phase three. This will run from April 4 – April 15. Nonattendance could disqualify submission.
Panel – Phase Three
Successful applicants will be contacted and invited to give a ten minute pitch on their business canvas and their application to the panel of judges. This will be followed by a ten minute question and answer session with the panel. Presentations may include confidential detail and will be conducted under non-disclosure conditions if necessary. The panel will then select the successful applicants. There will be a cash pool of $30,000 CDN to be distributed among successful challenge applicants, to be put towards mentorship, startup programming and business office space for up to 8 months. Challenge winners will be announced on April 28th, at the NAIT Applied Research, Innovation and New Venture Student Showcase. All applicants must attend.
The winning applicant(s) of the Hatch Startup Challenge will be determined by a select panel of judges which will include representation from NAIT and the business/investment community. All information submitted as part of the selection process into the Hatch Startup Challenge will be released to the judging panel exclusively and only for the purposes of the challenge. The information submitted for entry of the challenge may be used for promotional purposes by NAIT. The winner may be requested to provide additional non-confidential detail for marketing and promotion purposes.
Submissions to the Hatch Startup Challenge will have their application form and business canvas judged on the quality of the idea and the following criteria:
- idea innovation (new and creative),
- alignment with one (or more) of NAIT’s five pillars,
- commercial and technical viability, marketability
- potential for economic impact in Alberta
Submissions must include all aspects of the criteria.
A cash pool of $30,000 CDN will be allocated among successful applicants as agreed by the judging panel. Cash to be held in trust for the winner(s) is to be used for costs directly related to moving the winning business idea forward to long-term success and sustainability. Prize money is made available through Alberta Innovates-Technology Futures (AITF). Use of funds must meet eligibility criteria as outlined by AITF. Eligible expenses include (but may not be limited to): Professional Assessment Services regarding all aspects of the business canvas; specialized services related to business development or in support of new technology development; prototype development; intellectual property assessment or protection services. Ineligible expenses may include: operating expenses, salary, travel/entertainment, etc. Detailed information regarding eligible/ineligible expenses will be provided upon winning the challenge.
The winner(s), as determined by the challenge, will participate in weekly mentorship and startup services, and have access to business office space for up to 8 months, up to December 31, 2016. Certain guidelines and responsibilities will be discussed upon acceptance of this prize in regards to long-term expectations and considerations. Lease must be signed with NAIT upon acceptance of space.
Limit of liability
By entering the Hatch Startup Challenge, participants agree to release, discharge and hold harmless NAIT, their legal representatives, their affiliates, subsidiaries, partners, agencies and their respective officers, directors, employees and agents, from any damages which may arise out of participation in this challenge, or out of the acceptance, use, misuse or possession of the prize. By participating, you agree to these Official Challenge Rules and to the decisions of the panel, which are final and binding in all respects.
Unused services will not be awarded
The challenge winner(s) will be required to work cooperatively with NAIT to facilitate the appropriate support throughout a maximum 8 month period. Failure to do so will void the prize. The prize includes a cash pool of $30,000 CDN that will be distributed among the successful challenge applicants, which is to be used for moving the business forward. If the winner(s) does not incur eligible expenses during the support period to utilize all designated support, the excess value will not be awarded to the winner.
No substitution of prizes
No substitution or transfer of the prize will be accommodated or permitted.
Acceptance of any prize or support constitutes permission for NAIT, its affiliates, sponsors, subsidiaries, advertising and promotional agencies, to use the winner's name and likenesses, as well as details submitted in the non-proprietary description, for advertising and promotional purposes without additional compensation. The winner further grants to NAIT, the right to use and publish their identity online, in print or any other media, in connection with the Hatch Startup Challenge or its affiliated programs.
By entering the Hatch Startup Challenge each participant agrees to release and hold harmless NAIT, their legal representatives, any prize providers, partners/community partners and all sponsors and each of their respective parents, subsidiaries, affiliates, directors, officers, employees and agents from any and all liability for any injuries, loss or damage of any kind arising from or in connection with the Hatch Startup Challenge or support services provided, including, but not limited to, advice given, studies authored or provided, referrals, products and/ or services developed and all other related materials. Restrictions, conditions and limitations apply. By entering, each participant further agrees that, in the event there is any conflict or other inconsistency between the Official Challenge Rules and any advertisements, promotional or marketing materials, emails or announcements relevant to the Hatch Startup Challenge, these Official Challenge Rules will govern.