Submit your startup today for the the 2021 Skysong Innovations Startup Challenge
In 2018, SI launched the Skysong Innovations Startup Challenge, a pilot startup acceleration program that is designed to support startup companies that license ASU technologies. Each year, up to six startups are selected (five Finalists and one Grand Prize Winner) will be selected by a panel of judges for seed investments from a total of up to $175,000. Submit your startup below.
Terms & Conditions
Who is eligible to enter the challenge?
Startup companies formed to commercialize an ASU-owned invention with a signed an option or license for the invention prior to the application deadline
What is required in order for winners to qualify for investment?
Finalists and Grand Prize Winner must…
- Execute either a license agreement or an option agreement with pre-negotiated license terms (which may [will] include a separate equity component apart from the contest investment) and a requirement to execute a license agreement within six months of investment
- Complete investment documents (direct equity investment or convertible note with maturity at six months) and related modifications to corporate documents and any previously-executed license as needed to reflect SI’s equity stake (e.g., operating agreement in the case of an LLC) within three months of the end of the challenge/award letter
- All agreements and other documents must be satisfactory to Skysong Innovations, in its sole discretion
How will valuation be determined for the purposes of the SISC investment?
Grand Prize Winner: Company set at pre-money valuation of $2MM or, if a convertible note is executed and, prior to the maturity of the note, the company enters into binding arm’s length financing arrangements with accredited investors for an investment of at least $500K, the bona fide valuation for purposes of the financing
Finalists: Companies set at pre-money valuation of $1MM or, if a convertible note is executed and, prior to the maturity of the note, the company enters into binding arm’s length financing arrangements with accredited investors for an investment of at least $500K, the bona fide valuation for purposes of the financing
If the financing valuation is used, Skysong Innovations will receive the same securities as the investors; otherwise, it will receive common stock or common LLC interests