N100

Description

The N100 Startup Competition was developed by Northumberland CFDC in partnership with our Regional Innovation Centre, Spark Centre.

Through three Rounds (The Pitch, Business Planning and Negotiation) N100 startups compete for $100,000 in investment to support key milestones in the development of the company, such as: prototyping, testing and validation.

The process (from March to July, 2014) is designed to accelerate high growth potential startups and to position them for follow-on angel investment and venture capital.

N100 is also an attraction strategy. While startups currently located anywhere are eligible to compete, ultimately they must establish operations in Northumberland in order to be eligible for the $100,000 investment. There they will join a vibrant and growing startup scene in metro-adjacent Northumberland, Ontario.

To compete, you must have an idea that involves a plan to commercialize a new product or service. Second, you should have a business concept with:

-large addressable markets
-growth potential/scalability
-competitive advantage
-an excellent, credible team who will roll up their sleeves and make things happen
-the potential to impact job creation, economic development and future prosperity in Northumberland

Website

http://n100.ca/

Competition Organizer

Northumberland Community Futures Development Corporation and Spark Centre

*International Event*

*Available in all states*

Submission Date

3-14-2014

Business Plan Submission Date

3-14-2014

Awards Date

7-31-2014

Total Prize Cash (US Dollars)

$100,000

Competition Category
  • Graduate - Local U.S.
  • Graduate - All U.S.
  • Undergraduate - Canada
  • Undergraduate - Local U.S.
  • Undergraduate - All U.S.
  • High School - Local U.S.
  • High School -All U.S.
  • Business - Canada
  • Business - Local U.S.
  • Business - All U.S.
  • Graduate - Canada
  • Social Entrepreneurship
  • Technology - Green
  • Technology - Other
  • Women or Minority-owned
  • Specialized Industries
  • Virtual/Online
  • Business - Global
  • Graduate - Global
  • Undergraduate - Global
  • High School - Global
Who's Eligible

There is no entry fee, and no matter where you are located right now, you are eligible for the N100 entrepreneurship competition. 

The intent of the Northumberland CFDC’s mandate is to drive business development and economic impact in Northumberland. Ideally, startup companies competing in N100 will base their operations in Northumberland (if they haven’t already). They will start and grow with us and with the support of our community partners in the broader entrepreneurial ecosystem (such as the Northumberland Manufacturers’ Association, Spark Centre, IdeaHub). At minimum, the expectation will be that N100 Entrants will outline what presence they intend to have in Northumberland. 

Each individual Entrant may enter one idea. The idea must involve a plan to commercialize a new product or service.

Entries must be accurate and complete.

Northumberland CFDC may request additional documentation and substantiation.

Entrants must disclose any institutional or non-institutional funding already received at the time of registration. Any source of funding that has an equity ownership component must be disclosed.

When registering for the N100 Startup Competition, the Entrant must warrant that they are not and will not be violating any contract or third party rights, including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity or privacy right. Additionally the Entrant must warrant that they are not currently the subject of litigation before a court, tribunal, government board or agency, or that there is a threat of such litigation. The Entrant must also warrant that there are no unexecuted judgment(s) registered against the Entrant and that the Entrant has not been petitioned into bankruptcy and there are no writs registered against the Entrant or any of its shareholders.

The Northumberland CFDC reserves the right to disqualify any entry that, in its sole judgment, violates the letter or the spirit of the N100 Startup Competition guidelines, processes and rules.

The decisions of Northumberland CFDC are final and binding.

The identities of the Entrants and the short description of the business disclosed in the registration, as well as any pitch delivered during any N100 event, are considered of public domain and can be used by the Northumberland CFDC for marketing and publicity purposes.

Before submitting entries, the Northumberland CFDC urges Entrants to confirm with appropriate advisers or legal counsel that any intellectual property described in their summary is protected; i.e., by appropriate intellectual property filings, notices, (patent, copyright, etc.). Concerning intellectual property, Northumberland CFDC advises Entrants to seek independent legal counsel.

Important Dates

All N100 Startup Competition applications submitted by Entrants must be received by no later than March 14th, 2014 at 5pm EDT.

Pitch Contest Date: April 30th, 2014.

The outcome of the 2014 N100 Startup Competition will be announced in July, 2014.

Competition Prizes

Rather than being awarded a “cash prize”, Entrants are competing for a $100,000 investment deal negotiated directly with Northumberland CFDC. Entrants must incorporate (or have previously incorporated) a company in order to be eligible for investment during Round 3: Negotiation. The investment deal will normally take on the following form:

Amount: $100,000
Type: Convertible debenture
Interest: 7-9%
Discount: 15-20%
Conversion: At the option of Northumberland CFDC after future significant financing event
Warrants: Yes, 2.5-5%, 10-20% premium

The investment will normally be in the amount of $100,000 and will take the form of a convertible debenture paying interest at anywhere from 7 to 9% interest per annum (negotiable within these parameters). The principal and any accrued interest owed pursuant to the debenture will be convertible into shares of the Company at the sole option of Northumberland CFDC. The conversion rate will be calculated based on the price per share paid in the event of an equity financing or fair market value of the Company in the event of a debt financing and the price per share shall be discounted by 15 to 20 % (negotiable within these parameters). Northumberland CFDC shall also receive warrants convertible into shares of the Company equal to 2.5 to 5 % (negotiable within these parameters) of the issued and outstanding shares of the Company at the time of the investment by Northumberland CFDC which may be exercised at a price equal to the price per share of the Company at the time of investment plus a 10% to 20% premium (negotiable within these parameters)

Northumberland CFDC may require additional documentation and substantiation of the Entrant’s original application, investment proposal, business plan or other submissions.

Northumberland CFDC does not guarantee any amount of investment to Entrants in the N100 Startup Competition.

The outcome of the 2014 N100 Startup Competition will be announced in July, 2014.