A Startup Competition in Investment Forum format will be held on 31st October 2019 as the central core of the BIME PRO Start Up! powered by Lawesome, with a group of eight (8) finalist companies presenting their projects, six (6) of which will be selected by BIME PRO among all candidates, under the rules set out in these conditions, before a Jury and a panel of Investors selected by the members of the event’s Jury.
There will be a scoring system, the broad lines of which are described in these conditions, and the Jury will rate each of the projects according to that system, ultimately awarding a prize to the winning startup as described in these Clauses.
18 startups will also be selected to participate in the Startup Village exhibition, which will be held on 30thand 31stOctober and 1stNovember at BEC! within the BIME PRO conference. All selected startups will have a stand and two passes for BIME PRO, where they will be able to showcase their project in front of all those attending the event.
2- Who can register to take part in the BIME Startup Competition?
BIME Startup Competition is designed for companies who meet the following criteria:
- Propose an innovative business, with a required and prevailing technological component (preferably software or something related to digital business, although projects with a high content of hardware will also be admitted), with high potential for growth and a disruptive and interesting value proposal for potential investors (Business Angels or Venture Capital).
- Have the ability to impact, influence, improve or participate in, at least collaterally, the music industry in its broadest sense.
- Are in an early stage of their maturity, understanding that a maximum of three years have passed since their incorporation.
- Have at least one MVP (Minimum Viable Product) in the market, at least in private beta phase.
- Have clients and users, even if they are free and/or betatesters.
Companies need not necessarily be domiciled in Spain, but the official languages for presentations, except for certain exceptions that will be notified well in advance, will be Spanish or English.
3-Deadline and presentation process
Project presentations will begin on 11thJune 2019 and will end on 12hSeptember 2019, which will be the deadline. If any information and/or documentation need be submitted to supplement the project, the organization may grant registered Startups an additional period of three (3) calendar days beyond the deadline to complete said information.
Companies interested in submitting their project must register in the website (www.bime.net) and accept these terms and conditions when they register. Once they have done so, participants thereby accept these terms and conditions, declaring that they know and accept them, and agree to respect them.
As part of the registration process, participants will be requested certain information and/or documentation, which they will supply and/or send for their correct registration. Specifically, participants will at least be asked to fill out a form, attach an executive summary (onepager, teaser or similar documents) with a maximum length of two pages and, whenever available, an elevator pitch (oral presentation in a digital medium) with a maximum length of three minutes in audiovisual format. Once the registration process is complete, a copy of the executive summary will also be sent to email@example.com.
If any documentation or information necessary for the registration process is missing, the organization will contact the participant to complete or correct registration within the established deadlines.
4- Selection Process
After documentation has been received, within a maximum of twelve (12) calendar days counted from the date of the deadline to submit applications, the Jury will analyze the projects and select the six (6) finalists proposed by BIME PRO.
The six (6) projects with the highest scores will be appointed as finalists by BIME PRO, while the remaining applicants will remain, in order according to their score, as substitutes if any of the selected projects refuses to participate in the Startup Competition.
Within a maximum period of five (5) calendar days from the specified deadline for applications, a maximum of 16 participants will be selected to attend the Startup Village, while the remaining candidates will remain, in order according to their score, as substitutes if any of the selected projects refuses to participate in the Startup Village.
Selected projects will be notified via email and telephone of their right to participate in the Startup Village and/or the Startup Competition as soon as the Jury has made its decision. In said notification, the organization reserves the right to request additional information, such as a Business Plan.
Projects will be asked to submit the presentation they will use at the event at least five (5) days in advance of the date of the Startup Competition.
If any of the companies selected decides not to participate, to avoid harming the other projects that submitted their application, all selected participants agree to notify their decision not to participate at least ten (10) calendar days in advance of the date of the event, so that the organization may select their respective substitutes.
Selection for participation in the competition will not entail a cost and/or expense of any kind for the company, and the organization will not require remuneration, commission or payment of any kind.
5- Advantages for finalists of the Startups Competition and participation of non-finalists
Apart from participating in the Startup Competition, the six (6) companies selected by BIME PRO will have the following rights:
- To participate in the Speed Meeting sessions to be held with Investors and important players in the music industry, as part of the Startup Summit. The organization will give sufficient notice regarding which investors and industry players will participate in the Speed Meetings.
- They will have three (3) complete passes for BIME Pro.
5- Advantages for companies selected for the Startup Village
Apart from participating in the Startup Village and making use of the stands provided by the organization, the maximum 16 companies selected for BIME PRO Startup Village will have the following rights:
- They may participate in the Speed Meeting sessions held with Investors and important players in the music industry, as part of BIME PRO Startups. The organization will give sufficient notice regarding which investors and industry players will participate in the Speed Meetings.
- They will have two (2) complete passes for BIME Pro.
6- The Competition
The Startup Competition will be held on 31stOctober 2019 as part of the event BIME PRO Start up! Powered by Lawesome, within the BIME PRO Congress, and the event’s agenda will be published on the website sufficiently in advance, with the event being divided in four distinct parts:
- Keynotes and round tables b. Startup Competition c. Speedmeetings d. Startup Village
Each of the six (6) companies selected by BIME PRO will observe the following instructions when making their presentation:
- Presentations will have a maximum duration of six (6) minutes. b. The presentation will be accompanied by a presentation in visual format with at least twenty (20) slides. c. Each slide must necessarily include, at least, information regarding the following elements:
– Need covered or problem solved. – Value Proposal. – Business Model. – Market and Competition. – Promoter Team. – Milestones covered and future goals for the company. – 3-year Financial Projections. – Funding needs and current valuation of the project.
After the end of each presentation, the Jury will have a maximum of four (4) minutes to ask any questions it considers appropriate.
The order of presentations will be chosen randomly via a draw carried out by the organization, and will be unrelated to the scores obtained in the selection analysis.
7.- Scoring criteria.
The following will be the scoring criteria, all with equal importance:
- Business idea. Particularly valued will be how disruptive the idea is and the importance of the problem solved or need covered.
- Impact on the music industry. Special consideration will be given to “Killer Apps”, i.e. those products that can generate radical changes in processes, formats or business in the music industry.
- Business Model. Points will be given to projects that have a business model that is defined, real and market-proven, capable of creating income for the company.
- The capability to cope with significant rises in demand without provisionally increasing costs proportionately.
- Promoter Team. The team’s ability and balance will be valued, as well as their engagement and exclusive dedication to the project.
- Exit Visibility. Value will be given to the ability to identify potential buyers for the company in case of success.
- Each of the preceding criteria will be valued by the Jury, who will assign them a score from 1 to 5. Scores will be added, each of the criteria valued equally, to obtain a total final score for the project.
The company with the highest overall final score will win the competition.
The prize for the BIME PRO Startup Competition will be revealed by the organization at least thirty (30) working days before the competition is held.
All participants in the BIME Startup Competition declare they have sufficient dominion of the industrial property rights (logos, trade names, brands, etc.), software and/or content included in their proposals, and by accepting this Legal Notice they declare they do not infringe any intellectual property right, or any other right that any third party may hold, in Spain or abroad, over the project’s contents, releasing BIME PRO and the organizers, or any of the sponsors, of any responsibility regarding the use of said software and/or content. In any event, participants take exclusive responsibility for the consequences of damages or actions derived from the use of the content and/or software included in their proposals, as well as from its reproduction or distribution.
The intellectual and/or industrial property of the initiatives and business ideas presented at BIME PRO Start Up! will remain, whenever appropriate, the exclusive property of the participants who submitted them.
BIME PRO Startup Competition guarantees confidentiality regarding the ideas and/or projects presented by participants; the organizers may only distribute, at any time and by any medium, their general features and those of the participants, and–especially–of the winners.
By accepting these terms & conditions, participants of the BIME Startup Competition and especially the winners, expressly authorize BIME Pro, on its own accord or through third parties, without territorial limits or deadlines, to portray, reproduce, diffuse and use by any written, spoken and signed means, in any way, in any medium and in any format, their name, image and voice, and the general features and the name of the ideas or projects presented, respecting at all times the conditions set out in the Intellectual Property and Confidentiality sections of this document, and under the understanding that it is done for advertising, informative and/or promotional purposes related to the BIME Startup Competition or BIME PRO, and that participants will have no right to payment in return.
BIME PRO informs participants of the BIME Startup Competition that it respects current regulation regarding personal data protection, in compliance with Organic Law 15/1999, of 13 December on Personal Data Protection, as well as Royal Decree 1720/2007, of 21 December, approving its Regulation. BIME PRO declares that the data gathered via any of the data collection forms in the website (bime.net/pro), will be included in an automated personal data file for which BIME Pro is responsible. Users may exercise, at any time, their right to access, modify, cancel and oppose to the treatment of their personal data, by sending an email notification (firstname.lastname@example.org) or writing to the postal address:
Last Tour C/ Ventosa Bidea 46, 1oD 48013 Bilbao
In such notifications, they must include the participant’s first and last names—attaching a photocopy of valid ID—, their email address and, whenever appropriate, the name of the company they represent and for which they completed the different web forms.
Regarding the use of data included in the file, BIME PRO agrees to respect confidentiality and to use such data in accordance with the purpose of the file, which is to manage contact data for participants in BIME PRO and any other purposes established at the time of collecting the data, and to comply with its obligation to store such data and adopt all the necessary measures to prevent its alteration, loss, unauthorized treatment or access, in accordance with the conditions set out in the Safety Measures Document for automated personal data files, approved by Royal Decree 994/1999, of 11 June.
The participant gives his/her consent and expressly authorizes BIME PRO to transfer his/her data to the parties that promote, organize and sponsor BIME PRO Start up!. The data thus transferred to said parties will be included in the personal data files, and such companies will thereby be responsible for the files. Participants may contact them to exercise the rights granted by these regulations.
BIME PRO reserves the right to change these conditions at any time, including the prize and/or its possible cancellation before the scheduled date. BIME PRO will publish such changes through its website (bime.net/pro).
14-Legislation and Jurisdiction
These conditions are regulated by Spanish Law, and participants and organizers submit to the Courts and Tribunals of the city of Bilbao, expressly waiving their rights to any other jurisdiction, for the resolution of any dispute that may arise between them.