The "Startup Competition – Digital Innovations" is taking place for the second time this year. Startups can submit their innovative ideas until September 30, 2019. This time, there will also be a special prize for business ideas from the healthcare industry.
The ideas competition is organized twice a year by the Federal Ministry for Economic Affairs and Energy and is intended to promote German start-ups in the ICT (information and communication technology) sector.
Submitting an idea paper: here's how!
To participate, you must submit a no more than 15-page idea paper online describing your business idea, assessing the target market and competitors, and presenting initial approaches for marketing and sales. The project paper should also include a rough initial timeline for the start-up and an initial outline of a financial plan. A full business plan is not required. Optionally, you can also submit a short video explaining your business model in no more than 60 seconds. The application deadline is September 30, 2019.
The BMWi specifies the following points as evaluation criteria:
- Level of innovation of the start-up idea
- Market potential and competitiveness of the product or service
- Feasibility of the founding concept
- Qualifications and experience of the participants or the team
Two phases of the “Start-up Competition – Digital Innovations”
The competition is divided into two phases. In Phase 1, participating startups submit their project plans and, if applicable, videos online by September 30th. All applicants will then receive written feedback and information about their placement in the competition. The top 50 teams advance to Phase 2 of the competition and may resubmit their revised concept.
Special prize for health startups
In addition to up to six main prizes, each endowed with €32,000, and up to fifteen secondary prizes, each endowed with €7,000, the BMWi awards a special prize each year on a current topic on the digital agenda. This year's topic: "Health." The winning startup can look forward to €10,000 in prize money.
"Digital technologies play a central role in the healthcare industry: They range from the simulation of potential active ingredients in drug development to digital patient records and telemedicine for rural areas with poor infrastructure. Many of these developments are being driven by flexible startups that are not afraid to break new ground, even in this highly regulated market. For this reason, we have decided in this round to promote innovative ideas for the growing healthcare market,"
explained Wolfram Gross, project manager of the start-up competition.
