3Challege is a mentor-led entrepreneurship tournament for innovative business ideas, organized by the biggest entrepreneurship club in Bulgaria – Start It Smart. The purpose of the competition is to show how one idea can evolve within 6 months from just an idea to a sustainable and working business.
The competition is divided by 3 stages – Idea, Seed and Grow. They are one-day-events that are held 3 months from one another.
STAGE I : Idea
Idea is the first stage of the competition for innovative ideas 3Challenge.
Young people up to 35 years old have the opportunity to register their own business idea on the website of the competition. The purpose of the competition is to show how one idea can evolve within a year from just an idea to sustainable and working business.
From all registered candidates, only 18 are chosen to participate in the day of the event and present their idea within a 90-second pitch in front of jury and audience in the Aula of Sofia University. 6 to 9 of those eighteen participants win 3Challenge – Idea and continue ahead in the competition.
- Team – do you have the necessary people/roles for the project?
- Problem – are customers aware of the problem your product/service solves and is it a pain for them?
- Solution – is it something that has never been done locally (in Bulgaria) or globally?
- Potential – how big is the target market and how scalable is the solution?
- Mentorship for 3 months by successful entrepreneurs and specialists in different areas who support the participants in realizing the projects with meeting, feedback and knowledge, evaluated at 50 000 BGN
- Hosting by SuperHosting.BG, evaluated at 1 053 BGN
- One year access to a CRM system by ERP.BG, evaluated at 8 100 BGN
- One year access to the Entrepreneurship Library of ABLE, evaluated at 600 BGN
- Access to Embrioo‘s platform, evaluated at 15 000 BGN
- Access to Meta Reading‘s Level 1 training, evaluated at 1 080 BGN
- Participation in seminars by Interactive Seminars, evaluated at 700 BGN
- Access to the second stage of the contest – Seed
This stage is targeting mainly young and active thinking people that have the willingness to start their own business.
STAGE II : Seed
Seed is the second stage of the competition for innovative business ideas 3Challenge. On that stage, the development of the 6 winners from Idea is being followed on the level of team and business model. Here we give opportunity for another 3 teams with more developed ideas to apply and to have a chance in the competition. 3 out of those 9 win 3Challenge – Seed and go to the final stage of the competition.
- Progress within those 3 months
- Formed Team – do you have ALL necessary people/roles for the project?
- Clear Vision – is your business innovative? Are you able to clearly stage your vision, mission and purpose based on a rigorous customer development process?
- Business Model – do you have a clear idea of how you are going to make money? Do you have the necessary sales infrastructure?
- Traction – do you have a validated MVP (prototype) based on tests/sales to REAL customers? (sales will be considered a big advantage!)
- Visiting mentoring meetings and events part of 3Challenge
- Mentorship for 3 months by successful entrepreneurs and specialists in different areas who support the participants in realizing the projects with meetings, feedback and knowledge, evaluated at 50 000 BGN
- Free events in the event space of betahaus | Sofia, evaluated at 2 400 BGN
- Accounting services by Saldo.bg, evaluated at 1 800 BGN
- Entrepreneurship courses by The Business Institute, evaluated at 2 700 BGN
- Participation in workshops and discussions part of the Masters Program in Innovation, Entrepreneurship and Finance in VUZF University, evaluated at 1 320 BGN
- Participation in seminars by Interactive Seminars, evaluated at 500 BGN
- Subscription to Capital and Capital Daily digital newspapers for 6 months, thanks to Economedia
- Access to the final stage – Grow
This stage is mainly directed at entrepreneurs and people working in companies.
STAGE III : Grow
Grow is the final stage of the competition for innovative business ideas 3Challenge. On that stage the 3 winners from Seed compete for winning the tournament 3Challenge!
Finished product, partnerships, collected investments and clients are the key factors to determine the winner.
- Progress within the last 3 months
- Key Partnerships – are the teams developing relevant and useful connections that can help them move forward at increased speed?
- Vision for Growth – is their business innovative? Do they have a clear vision of how their business will grow?
- Validated Business Model – has their business started making money? Attracted investments?
- Finished Viable Product – have they moved past betas and MVP towards a finished product customers need and like?
- Visiting mentoring meetings and events part of 3Challenge.
- Accounting services by Saldo.bg for 9 months for the winner, and for 3 months for 2-nd and 3-rd place each, evaluated at 3 000 BGN
- Participation in The Business Institute’s entrepreneurship courses, evaluated at 900 BGN
- Free event in the event space of betahaus | Sofia, evaluated at 800 BGN
- Team-desk discount by betahaus | Sofia for four months, evaluated at 880 BGN
- Subscription to Capital and Capital Daily digital newspapers for 12 months, plus invitations for two events from Economedia‘s event calendar, evaluated at 1000 BGN
- Access to Start It Smart’s entrepreneurship library for 6 months.
- Monetary prize for one of the finalists from ERP for 1000 BGN
This stage is an investment event and its purpose is to make the connection between investors, managers of big companies and start-up entrepreneurs.