Think Big Partners Announces Rules and Details for the Gigabit Challenge
KANSAS CITY, MO—August 30, 2011—Think Big Partners, a Kansas City-based business incubator and early-stage startup accelerator is announcing the rules and details for the upcoming Gigabit Challenge. The global business plan competition is designed to find and support startup entrepreneurs, early-stage businesses and existing growth companies that will make use of Google's first-in-the-nation one-gigabit fiber network.
The Gigabit Challenge will award more than $200,000 in cash and services, with the Grand Prize valued at $100,000 for the winning entrepreneur. The Gigabit Challenge will begin accepting applications accompanied by a 3-5 page executive summary of the business on October 3, 2011. The initial round of the competition will conclude on October 31, 2011. At that time, all applications will be submitted to the initial judging panel and up to twenty-five (25) finalists will be announced by November 15, 2011. Those finalists will then have 30 days to submit a short form business plan. Plans will be limited to ten (10) pages with five (5) additional pages of supporting documentation, including financials, testimonials, drawings and any other information deemed relevant by the applicant.
All finalists must have their plans submitted by December 15, 2011. The judging panel will then review all plans, with the winners announced at a public event in Kansas City in mid- to late January of 2012. The announcement of the winners will coincide with the rollout of the Google fiber network which is expected to be available to consumers in early 2012.
In January of 2010, Google announced that it would develop a one-gigabit fiber network and asked local governments and organizations across the US to apply for the chance to be the first region to receive the network. After over 1,100 cities applied for the opportunity, Google announced that the network would launch in Kansas City in 2012. The Google fiber network in Kansas City will allow entrepreneurs to develop new business ideas with Internet speeds up to 100 times faster than the current state-of-the-art. The first-in-the-nation fiber network will also offer not only the chance for entrepreneurs to develop new-generation businesses, but for innovation and disruptive technology to surge throughout Kansas City and the world.
"In these challenging economic times, it is even more crucial to seek out and support growth companies that create more innovative jobs," said Tyler Prochnow, Senior Partner and co-founder of Think Big Partners. "We want the Gigabit Challenge to spawn new waves of innovation both in Kansas City and across the globe."
"As the first city chosen by Google to implement the fiber network, Kansas City has taken on a supporting role in Google's worldwide initiative," said Herb Sih, Managing Partner and co-founder of Think Big Partners. "In the past few years, Kansas City has received significant national recognition as a vibrant community for entrepreneurs, marshalling resources to take ideas and make them into viable businesses. Now, companies have the opportunity to innovate using technology like Google fiber so that they can create more new, technology-based to the challenges facing our world."
Judges for the Gigabit Challenge include entrepreneurs, early-stage investors, venture capitalists, funders, public and private sector organizations, community leaders and other experts who will examine each plan and select the winners.
For more information about The Gigabit Challenge or to express interest in becoming a sponsor or judge, please visit The Gigabit Challenge website or contact Ann DeAngelo at (816) 842-5244.