The eClub and Media Lab Foundation goal is to provide students with seed money to start working on a projects and commercialize them. The general rules are quite simple. eClub is planning to award the first three teams with a scholarship for the academic summer semester 2011/12. To start the business they will receive a monthly scholarship of between 5-15 thousands Kc. The eClub competition is designed for university teams and only students will be supported. We can afford to support maximum two students in each winning team. In addition to the scholarship eClub will try to get a mentor for winning teams. Mentors will help the teams to work on the proposed project, will help keeping focus and concentrate on the key aspects of the business. The second role of the mentor will be to monitor the progress of developing the idea. eClub will work with mentors and evaluate the progress. If the awarded team will stop or suspend the work on the project the schoolarship will be suspended.
For competing teams it is very important to understand the jury rules. They will evaluate the proposed projects based on the 5 P of an investment rules. For investors is very important the quality of a problem. They are looking for big scalable problems. They want to understand the size of potential market and the impact of the proposed idea. Very important is the team, the people and their passion for business, their experience and the commitment to turn the idea a prosperous business. Last but not least is the payment. The teams need to explain soundly how are they going to make money. After all this is the main idea of any business. The presentation needs to prove the basic idea and introduce the basic steps to make things happened.
I am looking forward to see all the teams and their presentations. eClub and Media Lab Foundation we are ready to do our best to help turning students ideas to success.
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