Miami | March 9-11, 2010

PitchIt! Challenge Rules & FAQ

Sponsored By The Ethics and Excellence in Journalism Foundation

We’re looking for commercial and non-profit venture ideas and will award up to $50,000 in seed funding to the innovators who can bring the best ideas to life.

1. You come up with a compelling idea. We want to hear your dreams for new services, experiences, products and business models for media and technology – coupled with a potential for social impact and social benefit.

2. You submit an online application.

We have a simple, straight-forward application process. We care most about the quality of your idea (boldness and simplicity are two characteristics we’ve seen correlate with success), and the talent and commitment of you and your team. This is as much a bet on people as it is on the idea. If you have some initial design/software done, that’s great — we’d love to see it.

3. We’ll review each application, and decide on those ideas that should make it to the finalist round. We are committed to a quick turnaround – you’ll know within a couple of weeks of our application cutoff date if you’ve made it to the finals.

4. The online community offers its opinions. In partnership with Ashoka, we’ll put your idea to the community for feedback and input. These comments are a valued input in the process of selecting finalists.

5. We invite finalists to present at the We Media Miami conference. One commercial venture and one social/non-profit venture will be selected to receive up to $25k in seed funding.

6. All applicants are invited to register and attend the conference and display their idea in the PitchIt! gallery at the conference. Only the finalists will present their ideas to the judges and the audience at We Media. But anyone can display in the gallery. The gallery includes space for one person to display their idea. We’ll provide table space and Internet. You bring the idea, laptop or other display materials.

7. We’ll help to make sure your idea becomes a reality. Our model is to invest up to $25,000 to help you launch, develop a business plan or other elements. We’ll give you exposure to a world-class group of business and technology experts, and the entire We Media community, to help you take the necessary next steps. Using the seed investment we provide and the network of experts we help to connect you with, you should be in a stronger position to take your idea to the next stage.

FAQ

Q: How is Pitch It different from other venture capital or angel investor competitions?
We think the world can be made better through media – and that’s what we’re looking for in We Media PitchIt!. The We Media PitchIt! Challenge offers seed capital, international visibility, expert feedback and access to investors and other social entrepreneurs who want to launch new media and technology ventures. We’re focused on commercial and social entrepreneurs at their earliest stage – when they have a great idea and are looking to get going. Venture capital firms and other groups who provide significant financial support typically look for companies further along in their development. Our goal with PitchIt! is to make sure that truly innovative media and technology ideas can become a reality, and providing commercial and social entrepreneurs with the support they need, particularly at the earliest of stages.

Q: What type of businesses are you looking at?

The competition is open to commercial and not-for-profit entrepreneurs and organizations with dreams of new services, experiences, products and business models for media and technology – coupled with a potential for social impact and social benefit.
Q: How do I apply?

The application form for Pitch will be available here.

Q: What do I need to apply?

You need to complete the application, and have your core team identified. If you have a presentation, background documents or screen shots that help to explain your idea, that is helpful, but not required. We’re not looking for business plans at this stage, but rather a clear articulation of your core idea and some evidence that you have thought about how to make it happen. We expect most of our successful applicants will be two- or three-person teams, but we’re open to individuals as well as larger teams.

Q: Do I need to have prior start-up experience?

No, we are looking for passionate people with great ideas. We do want you to demonstrate some thought as to how your idea can become a reality – but you don’t have to have everything planned out to win, or get our attention. That said, we do consider evidence of your team’s ability to succeed.

Q: Are there any restrictions on who can apply?

You have to be at least 18 years old and commit to getting yourself to the We Media conference in Miami. We can assist with travel expenses (2 nights hotel and up to $300 toward airfare) and the conference registration fee for one member of your project team.

Q: When does PitchIt! start, and how long does it run for?

The application deadline is January 21, 2010. Finalists will be announced on February 1, 2010. All applicants are invited to display their ideas during the We Media conference in Miami, though only the finalists will get an opportunity to present.

Q: Do I need to be in Miami for the We Media conference?

Yes, you and your team should plan to be in Miami March 9 -11. If you are a finalist, you will be invited to present to a team of expert judges as well as the audience at We Media. All other applicants and conference participants will have an opportunity to display their ideas, network with the We Media attendees, and take advantage of the expert resources on hand for mentoring and planning discussions.

Q: How much do you invest in each company, and what are the terms?

One commercial project and one social venture will be offered a contract to pursue their projects. We won’t be handing out prize checks – on the basis of our judge’s recommendation we’ll sponsor the winning teams to work on their projects. iFOCOS will invest up to $25,000 for project expenses incurred by June 1, 2010. We’ll also expect something in return. The winning teams will be required to share knowledge, produce regular blog posts on their progress, challenges and learnings and participate in other activities with iFOCOS to help the global We Media Community learn from their experience.

Q: What’s expected of me?

This is your idea, your dream and your company. We expect you to be creative, and committed to seeing your idea become a reality. And we hope you’ll take full advantage of the resources and opportunities we provide, particularly the We Media Community.

Q: What can I expect from PitchIt!?

We want you to succeed – and we will do what we can to help make that happen.

Beyond helping you the with some initial seed funding, we will help you refine your vision, give you feedback on your idea, and help you as you develop the business plan and other elements necessary to make your venture a reality. You’ll hit roadblocks; we’ll aim to help you through them quickly. We’ve assembled a world-class group of advisors who’ve been where you are and succeeded.

IMPORTANT: PitchIt! doesn’t end at the We Media conference – it begins there. Whether you are a winner or not, you’ll have access to the entire We Media Community. We’ll continue to help as you move forward. There’s a lot that has to come together to turn a great idea into a great company – resources, talent, marketing, sales, partnerships, etc. We’ll be there to help as you take those important next steps. Remember, we succeed only if you succeed.