XCELERATE WELLINGTON 3.0
The Young Professionals of Wellington (YPOW) welcome you to Xcelerate Wellington 3.0. All business owners and entrepreneurs within the community are eligible to participate*. The XW 3.0 competition is hosted by YPOW, in partnership with our sponsors, and is designed to impact the local economy through the spirit of innovation and entrepreneurism.
Businesses participating in the competition have the opportunity to meet and network with experienced venture capital principals, early stage angel investors, successful entrepreneurs and senior business leaders who will serve as judges for the competition.
YPOW members will work with participants, and act as first round judges. The competition provides a unique experience and rare opportunity for the participant(s) to work with subject matter experts and an elite judging panel to receive valuable feedback on business concepts.
The program culminates in a LIVE Final Round Pitch competition. The live event is intended to provide a real world experience that simulates the process of entrepreneurs soliciting start-up or expansion funds from investors.
The success of the winning business reflects the judges’ determination as to whether the submitted materials communicate proof of concept, if the concept and plan is fatally flawed, fixable or perfect and whether it merits funding or further work.
*See Contest Rules / Eligibility for full details.
Through the creation of Xcelerate Wellington, the Young Professionals of Wellington aim to spur innovation in our business community by providing a competitive platform where local businesses can share their concepts and develop their success.
-Exposure to investors and mentors
-Valuable expert judge feedback
-Real world learning experience
-A chance to win cash and prizes totaling $10,000
The competition consists of a preliminary application round (executive summary, cash flow projection and pitch deck are required) and a LIVE final round (presentation of all above and Q&A before a live panel of judges). The advancing final round businesses will be posted on the xceleratewellington.com website.
Participants are expected to:
Have played a major role in developing the submitted business plan
Have key management roles in the new venture
Equity participation in the new venture
Have binding authority over the company/product/venture
Be a key presenter in the final round presentation
The competition is for local entrepreneurs and small businesses owners.
Each business and participant must meet the following requirements to compete in Xcelerate Wellington (the “Contest”):
-You have a registered business (must provide FEI/EIN and Division of Corporations Document Number (sunbiz.org))
-You are a legal resident of the State of Florida (we have the right to proof)
-You have fully completed the entire application form
Submit applications - Opening Jan 2018!
Announce Finalists - Early Spring 2018
Judge's Evaluation - MARCH 2018
The competition is intended to reflect and simulate the real-world process of entrepreneurs and business owners seeking funding. Judges will consider market opportunity, distinctive core competence, management capability, financial understanding, risk analysis, and investment potential. A scorecard will be used to judge all submitted business plans. The scorecard is consistent with what most venture capital or early stage/angel investors need to understand to make a determination to invest on a particular venture. The scorecard tool has three functions: scoring preliminary round, a tie breaker in the final round, and used to provide feedback to the participants in the judge feedback session. The scorecard has a total of 40 possible points. Each business plan is read by multiple judges, 35 points is multiplied by the number of judges assigned to determine total possible points. The top scoring businesses advance to the final round. Please keep in mind 5 points from each judge are automatically deducted for typographical errors, the impact is significant on final score averages. Do not submit with typographical errors.
The competition is supported by many local Wellington business leaders and community volunteers. All judges are to be considered volunteers; there are two types of judges: preliminary round judges and final round judges. The preliminary round judges will be made up of YPOW board members and industry experts. The preliminary round will determine which businesses advance to the live, final round.
The Final Round Judges will utilize the scorecard to grade business plan submissions during the live, Final Round Presentations. YPOW expects judges to score participants based on the risk and return assessment of the venture in the current economic climate. Participants are not expected to reveal desired deal terms; however they should be prepared to discuss this line of questioning though not to be judged on it.