An evaluation of their submission and feedback from an eclectic set of judges which gives an accurate assessment of the company and the product, plus comments/ideas from the reviewers. It also allows judges to get in touch with the companies if they find the ideas they review of interest to the companies they represent.
Up to 10 early-stage companies (Startups) and 5 later-stage companies (Innovators) will be invited to each Challenge Showcase, and enjoy:
- The opportunity to make a 10-minute pitch (including Q&A) to an invitation-only audience of 100-150 financial industry executives, investors and media during one of the day-long Challenge Showcase events.
- Online exposure to SWIFT’s 10,000 member organizations and introductions to members who express interest in meeting you.
- A day feedback/mentoring session with competition judges to refine your pitch.
- Invitations to a post-competition networking event to connect with investors, executives from participating institutions and Challenge sponsors.
- The opportunity to be selected as a Finalist.
Up to 9 early-stage companies (Startups) and 6 later-stage companies (Innovators) from across all three Challenges will enjoy:
- Two complimentary week passes to attend Innotribe @ Sibos in Boston (value of approx. €3200).
- Reimbursement for airfare and hotel expenses to attend Innotribe @ Sibos (early-stage finalists only).
- The opportunity to make a 10-minute demo pitch to an invitation-only audience of dozens of financial industry executives, investors and media.
- Marquee exposure to SWIFT’s 10,000 member organizations and introductions to members who express interest in meeting you.
- A day feedback/mentoring session with competition judges to refine your pitch.
- Invitations to a post-competition networking event to network with investors, executives from participating institutions and Challenge sponsors.
- Promotion via SWIFT marketing channels.
- One Startup and one Innovator will be selected as winners of the entire Challenge and enjoy exposure during a keynote session at Sibos and a one-on-one feature interview.
- The winning early-stage company selected as winner will share in $50K in cash awards.
- Challenge Sponsors and Partners may provide additional prizes or awards for semi-finalists, finalists or winners.
- Press, blogs & social media coverage
- Demo booth for the two winners within the Innotribe stand at Sibos.
Every year Sibos brings together influential leaders from financial institutions, market infrastructures, multinational corporations and technology partners to do business and shape the future of the financial industry. Facilitated and organised by SWIFT for the SWIFT community, Sibos is much more than a conference and exhibition. It is a unique forum to collaborate and take collective action in payments, securities, cash management and trade. With the power to draw over 8,000 participants from across the globe, Sibos is unparalleled in its reputation to reach the entire financial services industry.
All semi-finalists and finalists must demonstrate extraordinary potential to deliver significant sustaining or disruptive innovation to the global financial industry.
Eligibility Review: The competition administrators will review all applications to verify their eligibility prior to judging. The opinions of conference administrators in regards to applicant eligibility are final.
Selection of Semi-Finalists for Showcases: Multiple judges will evaluate and rank each applicant. Applicants should provide complete and clearly stated information in their pitch-decks as they will be scored harshly if there is no relevant information. Overall rankings and feedback (if any) will be provided to each applicant. Applicants will be evaluated in two separate pools – startups and innovators – for each individual showcase. Judges will evaluate each applicant according to their G/Score and the potential impact the company’s innovation can have for the financial institutions and corporations that are members of SWIFT’s community, and the financial industry in general.
Selection of Finalists for Innotribe @ Sibos: Finalists will be selected in two separate groups. A total of 9 Startups and 6 Innovators will be selected as Finalists: at each showcase the participants will vote for the most promising and important startup and innovator. The top 3 startups and top 2 innovators from each challenge will automatically go through as a finalist.
Winners at Innotribe @ Sibos will be those finalists deemed by the Innotribe @ Sibos participants to be the most promising and important companies.
Who is eligible to apply
The challenge is open to innovative technology and technology-enabled financial services companies from any geography and of any stage working in areas such as payments, securities, trading, social media tools, big data/data analytics, security, identity, b2b or b2b2c mobile, small business apps & services &/or IT infrastructure. Consulting and outsourcing firms are not eligible.
Eligible ‘Startup’ companies will be less than 3-years old and have no more than $1M in combined revenue and investment in the last 12 months.
Eligible ‘Innovator’ companies may be of any level of maturity, revenue or funding, but must be proposing products or services that are largely ‘under the radar’.
Companies from the alumni can reapply to the competition if they have a new product to present.
All applicants must also:
- Be able to clearly explain why banks or other organizations in the financial industry are ideal customers or partners.
- Have a demonstrable “beta” product (no concept or idea stage companies, products or services).
- Have the financial resources required to cover the costs as described below.
- Applicants may be physically located anywhere in the world. Applicants not selected as semi-finalists for a given Showcase may reapply to be evaluated for subsequent showcases.
How to apply
To apply, just click on the ‘Sign Up’ link located in the upper right of the home-page of http://innotribestartup.com. You’ll then have access to the application form, can see what info’s required, and edit your application at any time until you submit it. You will need to:
Complete the 1-page Company Overview questionnaire about your company, innovation, funding, competition and awards.
Upload a clear and detailed pitch-deck (.ppt or .pdf) about your company and innovation for our judges to evaluate.
This information will only be accessible to challenge administrators and judges.
Following their participation at the showcases, the companies selected as semi-finalists will also need to articulate how they envision leveraging relationships with SWIFT and/or SWIFT member institutions to accelerate their growth.
The Startup Challenge is being run as a not-for-profit project within SWIFT, which is a not-for-profit entity. Therefore both startups and innovators will incur some costs in exchange for the exposure and access to qualified potential customers, partners and investors they receive through their participation in the program.
There is no cost to apply to participate in the competition.
All companies selected as semi-finalists are responsible for covering their own travel and expenses associated with attending the showcase to which they are invited.
- Startups selected as finalists will receive a reimbursement for the travel and hotel expenses for one attendee to participate at Innotribe @ Sibos according to SWIFT expense policies. Any expenses beyond that reimbursement will be the responsibility of the finalist.
- Innovators selected as finalists are responsible for covering their own travel and expenses associated with attending Innotribe @ Sibos.
By submitting its application, each applicant agrees that SWIFT may share any information it submits as part of its application with competition judges and SWIFT members or partners. Each company further agrees that all information submitted during the application process for public disclosure may be freely published by SWIFT and its media partners. Neither the organizers nor judges will sign nor be bound by express or implied non-disclosure agreements.
By submitting their registration as a judge, individuals agree that SWIFT may share any information it submits with competition participants and SWIFT members or partners. Each company further agrees that all information submitted during the application process for public disclosure may be freely published by SWIFT and its’ media partners. Neither the organizers nor any participant of the challenge will sign nor be bound by express or implied non-disclosure agreements.
The challenge administrators reserve the right to adjust or revise the challenge eligibility and evaluation criteria or methodology, as they deem in their sole discretion, as necessary or appropriate to uphold the integrity of Innotribe and the challenge. The sole recourse any applicant shall have to such changes is to withdraw its application from the challenge.
The competition organizers may, at their sole discretion, take whatever action they deem appropriate to uphold the integrity and spirit of Innotribe and the competition, including the right to void votes, or recalculate votes, in the event of, but not limited to, multiple votes from the same user from different IP addresses, or votes considered fraudulent, technical failures, errors or problems occurring with the site and/or Internet services, failure of judges to perform their duties.
SWIFT may extend the application deadlines in its sole discretion.
All semi-finalists must present at the showcase they are invited to in order to remain eligible as a (semi-)finalist. By attending any of the showcases, participants agree for any content produced on site, such as photos, video material, quotes, to be used by SWIFT for further promoting the Startup Challenge.