Submit your startup today for the 2024 Skysong Innovations Startup Challenge
The Skysong Innovations Startup Challenge is a pitch event designed to encourage the advancement of recently formed ASU startup companies.
Each year, up to six startups (including one grand prize winner of $50,000) will be selected by a panel of judges for seed investments from a total investment pool of up to $175,000.
The 2023 Challenge is open to startups formed to commercialize ASU innovations with option or license agreements executed with Skysong Innovations between July 1, 2023 and June 30, 2024. The deadline to enter the Challenge is June 30, 2024.
Please see below for more information, including eligibility requirements, and to apply for the competition.
Who is eligible to enter the challenge?
Startup companies formed to commercialize an ASU-owned invention with an option or license (signed between July 1, 2023 and June 30, 2024) for the invention prior to the application deadline. Startup companies are only eligible to participate in the challenge once.
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 include a separate equity component apart from the contest investment).
- Complete investment documents (direct equity investment or convertible note with maturity at two years) and related modifications to corporate documents. 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 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
