As part of this year's Digital Freedom Festival, leading startup accelerator 500 Startups (USA) is inviting pre-seed startups to apply to the pitch competition.
"The winner will receive knowledge, indirect financing and support tools valued at more than 100,000 USD," a release says.
LSM asked for more details of the prize amount and structure and was told that according to 500 Startups:
We invest in all companies that take part in the Accelerator Program. The investment is structured as a convertible security. Companies receive an investment of $150,000 for around 6% of their company (subject to dilution at the time of conversion of our convertible security). We charge $37,500 per company to participate, but these fees can be deducted from our investment amount so you don’t have to pay out of pocket. As mentioned above, our gross investment is $150,000. Once program fees are deducted, you would receive $112,500. These program fees help to cover basic costs of running the Seed Program, paying outside speakers and should be viewed like tuition.
Interested parties will have to get clicking however s the deadline for entries is November 10.
Digital Freedom Festival Co-Founder Dagnija Lejina said: “Riga is the only place in Europe where the influential 500 Startups accelerator is holding a startup selection. It's the “golden ticket” for startups from our region. You won't have to make the long trip to Silicon Valley to present your idea, Silicon Valley will come to Riga, so that you can show yourself to the world!”
Companies that will make it through the first round will participate in the 500 Startups mentoring program on November 26th, however the best 3-5 companies will have the opportunity to present their idea on November 29th to local and international investors, media and other Digital Freedom Festival guests, gaining visibility and new contacts. The competition winner will get a ticket to the final selection round for the next batch in the Silicon Valley accelerator.
Participation in this competition will give an opportunity to improve your idea and presentation skills, gaining a product evaluation from industry representatives and experts, and access to global level contacts and investors, the organizers say.
Last year's 500 Startups competition winners were Funderful from Latvia and Finnish company SkenarioLabs.