Financial support for Ideathon and Hackathon winners
The program of financial support for the winners of ideathons and hackathons is aimed at accelerating the development of startups at the early stage. Through this program, the ideas and technological solutions recognized as the best in the competitions are financially supported, with the aim of preparing them for the next stage - the process of creating a real product, entering the market and attracting investment.
What kind of financial support is available?
1. Grant (non-repayable)
- Ideaton winners: up to $5,000
- Hakaton winners: up to $10,000
- This amount does not have to be repaid, but must be used only for the development of the project.
2. Convertible loan (SAFE agreement)
- Amount: up to $20,000
- Condition: participation in an incubation or acceleration program
- This type of investment can later be converted into an investor share.
How is the project evaluated?
- Projects are evaluated based on the following criteria:
- Innovation (newness of the idea)
- Technological basis
- Market potential (to whom and how it will be sold)
- Scalability
- Team experience and capacity
- Reliability of the use of funds
- Each project is evaluated based on a rating and a decision is made.
How is the funding provided?
Grants are allocated in 2 stages:
1st stage (50%)
- Issued within 5 business days after signing the contract
2nd stage (50%)
- After KPI (target results) is met
- A report must be submitted (with checks, receipts)
⚠️ If:
- KPI is not met
- Funds are misused
then the second stage will not be provided and the contract may be terminated.
Important rules
- Funds must be used only for the project
- Each startup can receive this support only once
- Results (KPI) are predetermined and monitored
- Transparency and honesty are the main requirements