FAQ

Pitch Competition FAQ

General Questions

Why prize money for startups?

Traditional investment processes don’t always manage to spotlight all the remarkable business concepts out there. Prize competitions open up platforms for more underestimated entrepreneurs to showcase their ideas, triggering innovation and fostering conversation among participants, spectators and investors who may not usually intersect. The C-Tribe x Tech Pitch Competition is structured to serve a vast spectrum of stakeholders, extending beyond just the funding recipients. Many teams will be given the opportunity for peer assistance and mentorship to fine-tune their ventures. Additionally, all eligible startups will benefit from constructive feedback on their ideas.

How will C-Tribe ensure that the prize processes are inclusive and equitable?

Every phase of the C-Tribe x Tech Pitch Competition is crafted to bolster founding teams originating from demographics typically overlooked in the venture capital arena, specifically emphasizing support for Black founders across all genders and orientations. This includes forging connections with networks dedicated to inclusive entrepreneurship, attracting various application reviewers and mentors, and mitigating conventional bias triggers at every turn. C-Tribe requires all applicants AND stakeholders affiliated with the event to endorse a promise to foster diverse and inclusive companies. This ensures that these core values persist and have influence beyond the Prize money.

How much prize money can applicants receive?

Eligible early-stage businesses will compete for $7,000 CAD in prize money:
* 1st place: $3,000
* 2nd place: $2,000
* 3rd place: $1,000
* 4th place: $500
* 5th place $500
For more information on the prize eligibility, look at the sections titled “Application Eligibility” a in the FAQs below. C-Tribe preserves the ability to change and/or modify the prize amounts and its discretion and will communicate this as soon as reasonably possible.

Will the judging committee or reviewers have to sign an NDA?

The judging committee and reviewers will be requested to adhere to a code of conduct rooted in C-Tribe’s principles and values, ensuring respect for the submissions of all applicants. However, we won’t require the judging committee or the reviewers to sign a non-disclosure agreement (NDA). This decision stems partly from the inherent challenges of enforcing NDAs within the entrepreneurial sector and the sentiment that there is rarely a “completely unique idea.”

What is the composition of a strong business idea to submit?

Effective applications will clearly detail the following aspects of their business:
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* Problem Identification and Solution: Have you pinpointed a significant, unaddressed need and coupled it with an innovative solution? Can you share a perspective on future trends and illustrate how your venture may deviate towards a more promising trajectory to benefit a larger demographic? (*this could mean more convenient, sustainable, faster, etc.). For certain prizes, this should include a succinct description of the minimum viable product or functioning prototype.
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* Target Market and Unique Market Stance: Can you define your potential market and its size? How is your venture equipped to cater to this audience (and outperform potential competitors)?
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* Business Model and Customer Acquisition: What is your strategy for attracting new clients or users, distributing your product or service, and generating income? Can you share the current statistics regarding monthly growth and momentum (if you're in the pre-growth phase, what is your plan to assess and scale the business)?
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* Team Competency: Who is partnering with you to manifest your vision? What makes them a committed, innovative founding team with the necessary skills or experience to succeed?

What is a minimum viable product (MVP)?

As coined by Eric Reis, the author of Lean Startup, a Minimum Viable Product (MVP) is a rudimentary version of a novel product or service (for instance, a product sketch/design, wireframe, demo video, website, and/or landing page) that enables your team to gather validation from your customers with minimal effort.

Who is eligible to apply for the C-Tribe x Tech Pitch Competition?

Eligible teams must have at least one member of the founding team who identifies as Black/African and/or Caribbean.

Who can I contact for assistance?

Please email hello@ctribefestival.com, and we’ll get back to you in 24-48 hours.

Application Eligibility

Do I need a legal company formed to apply?

To be eligible for the C-Tribe x Tech Pitch Competition, entrepreneurs must be engaged in ventures that are legally constituted and recognized under the law. Global companies are eligible to apply.

What kind of businesses are eligible to apply?

The pitch competition is reserved for tech-enabled businesses: “businesses revolving around the manufacturing of electronics, creation of software, computers or products and services relating to information technology” (Source: Investopedia). We plan to open up into other areas in the future.

Can I apply for this pitch competition if I’m not a Canadian citizen and/or a Canadian company?

Yes, we encourage companies globally to apply. You must have a comparable legal entity similar to a US S-Corp, or Canadian Incorporation in your respective jurisdiction.

Can I submit more than one business idea?

Yes, but we recommend focusing on the business idea you think will have the most potential in the market. See FAQ “Composition of a compelling business idea” above.

Can non-profit organizations apply?

No. Companies operating for profit with a social impact are highly welcome to submit their applications. They will be assessed based on the same criteria applied to other enterprises.

In what language will applications be accepted?

Please submit your application in English.

What will happen if I submit my application after the deadline?

We will not accept any applications submitted after the deadlines. Please make sure you submit your application before the relevant deadline.

What happens if I raise more dilutive funding after I submit my application?

You will still be eligible if your venture does not exceed the current dilutive funding or revenue thresholds on Demo Day. If your venture does exceed those limits, you will no longer be eligible for the prize.

Can I participate on multiple teams in the same application cycle?

Each participant is allowed to be a member of up to two teams, with the exception of the team leader, who is restricted to leading a single team. Should a non-lead individual appear in three or more applications, C-Tribe will only consider the first two submissions. We also advise founding members to limit their submissions to a single application due to the time demands of steering a team throughout this process.

What is a “lead”?

A lead is defined as the CEO or President.
* If there is no CEO or President, the most senior role on the founding team will be the lead.
* If multiple members have similarly senior roles on the founding team, you will self-select your lead.
* If there are 2+ submissions by a single lead, then C-Tribe will keep the first submission.