1. ORGANIZATION OF THE ‘WAF ICT CHALLENGE” PRIZE
STRATA INNOVATION AND GROWTH SLU, (hereinafter “STRATA”) with website www.strata.team and with headquarters at Av. Labradores 1, Tres Cantos, Madrid, Spain, is the entity organizing the WAF ICT Challenge (also called the “Program”) which description is contained in these terms and conditions.
STRATA may rely on external support and/or one or more of its subsidiaries for the correct operation of the Program in any of its phases.
Participation in the Program will imply full acceptance and compliance with these rules.
Specific questions that participants may have regarding the Program may be sent at any time to the following e-mail address: firstname.lastname@example.org
2. PURPOSE OF THE PROGRAM.
WAF ICT Challenge is an open call in which STEM (Science, Technology, Engineering and Maths) students of any University as well as young start-ups founded by STEM students, may participate subject to the provisions of rule 3 below.
The purpose of the Program is to select the best business proposals and innovative technical solutions aligned with the Program requirements.
In order to be considered, any submitted proposal must involve a disruptive innovation or a specific technological improvement and be, at least potentially, viable from a technical and economic point of view.
Likewise, proposals must be related to one of the following areas or challenges established by the Program:
- Artificial Intelligence, Machine Learning
- Natural language processing
- Hyper-automation, Robotic Process Automation (RPA)
- Edge computing, IoT
- Digital twins, Augmented Reality, Virtual Reality, Mixed reality
- Multichannel human-machine interfaces and sensing technologies
- 3D printing
- Wearables, sensory and cognitive augmentation, biometrics
- Big data, distributed cloud
3. REQUIREMENTS FOR PARTICIPATION AND SUBMISSION OF PROPOSALS
Participation in the Program will be open to:
- STEM postgraduate students
- STEM PhD students
- STEM Doctorates
- Startups founded by the previous groups in 2018 or later
Participants must have developed a PoC (Proof of Concept) or Prototype using the previously mentioned technologies of a potential future product with a commercial ambition.
Participation in the Program may be by teams (at least 2), and or by companies as expressed in the proposal itself, in any case indicating a team representative before WAF team, who shall be the contact person before the company.
REQUIREMENTS FOR THE PRESENTATION OF PROPOSALS
Proposals must include at least the references requested on the form accessible from the Program website.
Participants may also provide any additional information they consider relevant for the complete evaluation of the proposals in the eligible formats and file types according to the instructions contained in the form.
Only proposals and information received through the Program website will be accepted, and only for the period specified in rule 4 below.
Applications must be submitted in English.
Any registration form that is incomplete or contains inaccuracies will not be taken into account and will result in the disqualification of the participant or team of participants automatically.
STATEMENTS BY PARTICIPANTS
By submitting their proposals, participants guarantee STRATA:
- That the proposals submitted are original and/or that the participants have full ownership or free disposal of any elements incorporated in the proposal. Applicants will be solely responsible for any possible infringement of any third party rights, and STRATA will not be held liable in this regard.
- That they have the consent of those third parties whose personal data are included in the proposals.
- That the information provided in the proposals does not contain confidential information or industrial or commercial secrets of the applicants and/or third parties.
- That they have full legal capacity to take part in the Programme and that their participation does not infringe any rule of any kind.
- That they will assume any taxes that may arise from their mere participation, as well as from the eventual obtaining of any of the economic contributions provided for in these bases or that they may receive from the STRATA Group in relation to their participation in the Program.
- That they accept that STRATA Group will not be liable for any damage, loss, cost, harm and/or claims that participants may incur or suffer as a result of submitting their proposals to the Programme.
4. DEADLINES FOR REGISTRATION AND DEVELOPMENT OF THE PROGRAM.
Registration and submission of proposals period will start on June, 15nd 2020 and end on September, 22nd 2020 at midnight, Central European Time (CET).
Period for the analysis and pre-selection of business proposals and innovative technical solutions (Phase 1) will extend between September, 22nd 2020 and November, 1st 2020. The pre-selected proposals will be announced on the website http://www.wearefounders.com between December, 1st and 15th 2020.
Pre-selected proposals will be defended between December, 16th and 23th, before a committee of STRATA executive staff and independent external experts.
Proposals herein selected will be announced on the WAF website between January, 3rd and 30th, as regulated in rule 6 below.
STRATA reserves the right to shorten, extend or in any way modify the above deadlines in accordance with the quantity and quality of the proposals received, in cases of force majeure or for any other reason, circumstances which, where appropriate, will be duly communicated through the website https://www.wearefounders.com/
5. PROCEDURE FOR THE SELECTION OF BUSINESS PROPOSALS AND STARTUP PROJECTS
The startup selection process will be carried out according to the two phases described below.
STRATA’ decisions will be final and no claims will be accepted at any stage regarding the selection of proposals made by STRATA.
STRATA may decide to leave the call open at any stage if it considers that the level of the submitted proposals do not meet the expectations and/or objectives of the Program.
PHASE 1: ANALYSIS AND PRE-SELECTION OF BUSINESS PROPOSALS AND INNOVATIVE TECHNICAL SOLUTIONS
Whenever STRATA considers necessary to have a greater degree of detail for the evaluation of any of the proposals received, STRATA may request telematic and/or face-to-face meetings with the participants or with the teams of participants, as appropriate, in any case subject to the deadlines indicated in rule 4 above.
STRATA and a team of independent external experts identified by the company will evaluate and pre-select the best proposals received, in accordance with the following dimensions:
- Technical development of the proposal.
- Analysis of the market and the business opportunity at the present time.
- Feasibility of the proposal.
- Experience and potential performance of the entrepreneurial team associated to the proposal.
- Analysis of risks and economic-regulatory impacts.
- Fit with STRATA’ strategic interest areas.
PHASE 2: SELECTION OF BUSINESS PROPOSALS OR INNOVATIVE TECHNICAL SOLUTIONS FOR AWARDS, AS WELL AS POTENTIAL DEVELOPMENT AND SUPPORT.
The proposals pre-selected in phase 1 will be defended by at least one representative of the team, preferably the designated contact person, before a committee composed of STRATA’ executive staff and a group of external independent experts appointed by the company.
The presentation of the pre-selected proposals will be carried out on-line in elevator pitch format which, unless other indications are given at the time, will not exceed 10 minutes, including a round of questions and answers.
The presented proposals will be evaluated according to the quality of the on-line face-to-face presentation made and the criteria detailed in phase 1, and the aforementioned committee will select from among these proposals the winner as well as potential runner-ups, in accordance with the provisions set forth in these rules.
6. SELECTION OF WINNING PROPOSALS AND AWARDING OF PRIZES.
STRATA will hold, on a date to be determined during December 2020, a final event in which the teams will present and defend in elevator pitch format all the projects resulting from the previous development phase.
The jury for this final phase formed of STRATA’ executive staff and external collaborators with extensive experience in entrepreneurship, will evaluate the projects presented at the aforementioned event and select the Program winners on site, with the decision being communicated at the same event.
Depending on the number and quality of the projects presented, STRATA may freely decide to award special prizes (runner-ups) in addition to the prizes indicated in rule 8.
The economic amount of the prizes that will be awarded to the winning project selected in the final act will be the following
- Prize category for the best proposal endowed with THREE THOUSAND EUROS (3,000 euros).
STRATA will order a bank transfer for the aforementioned amounts to the account of the winning legal entity. In case of teams, the representative of the proposal will designate a recently founded company (founded not earlier than 2018) in the next 3 months after the award has been communicated.
STRATA also reserves the right to offer certain support, at its discretion, to the other finalist projects.
The winning teams and, where appropriate, one or more of the finalists, may receive personalised support for further develop their projects in a dedicated work environment and in contact with other innovative initiatives within the framework of the WAF platform. This support may take the form of one or more of the following actions, which are also set out in these terms and conditions for illustrative purposes:
- Support and training of a network of mentors and support advisors.
- Commercial support to facilitate access to market.
- Validation or development of technical solutions in a real environment.
- Potential investment in the resulting company.
9. INTELLECTUAL PROPERTY RIGHTS.
Each participant will be the author and holder of all rights, both intellectual and industrial property rights, as well as know-how and industrial or commercial secrets that are derived from, included in or used in the submitted proposals.
The participants guarantee that their participation does not involve any infringement of any intellectual or industrial property rights, or any other rights of third parties, in Spain or abroad, over the contents and elements included in the proposals, and that STRATA Group and the collaborators taking part in any phase of the Program are exempt from any liability relating to a potential infringement in the above sense, and the participants must ensure the corresponding indemnity of STRATA and its collaborators.
Participation in the Program implies that the participants are fully entitled to authorize STRATA to review and conduct the due analysis of the proposals by the company itself or by the evaluators and judges appointed by STRATA, although STRATA does not claim any ownership whatsoever over the information provided by the participants, over the intellectual or industrial property that each proposal may contain or over any other element included in the proposals.
With regard to the winning projects, or any other project of interest to STRATA, this company reserves for itself and for its subsidiaries and investees the right to offer a proposal for collaboration, which could even consist of taking a stake in the share capital of the company developing the project.
10. DATA PROTECTION, PUBLICITY AND IMAGE RIGHTS
Participation in the Program is voluntary and it will necessarily require the processing of personal data provided by participants.
Participants must express their acceptance of the data processing by STRATA before submitting the participation form. Participants must inform those whose personal data is provided in the participation form of the content of these databases and of the processing of their data.
Consequently, participants must have the express consent of these third parties before providing any of their data to STRATA. STRATA is exempt from any liability for lack of information or consent from such third parties for the processing of their data by STRATA.
Participation in the Program also implies that participants give their express authorisation, without any consideration, for STRATA to disseminate the progress of the proposals submitted, including the title attributed to them, as well as the name and/or denomination of the natural and legal persons participating in the Program and the personal data of the participants consisting of their name and surname, both for archive and historical purposes and in any internal and/or external media, whether or not in the context of any advertising or promotional campaign related to the WAF platform.
Consequently, participants must provide the specific biographical data and photographic content requested by STRATA for said communication, according to the previous paragraph.
The mere publication of the name of a participant, natural or legal person, and/or the existence of a specific proposal will not generate any economic right in favour of the corresponding participants.
For their part, the finalists may include their participation in the Program in the media they consider appropriate, but in any case with the prior written approval of STRATA.
11. CANCELLATION AND/OR MODIFICATION OF THE PROGRAM.
STRATA reserves the right, when justified, to cancel or postpone the WAF ICT challenge program.
These rules may be modified without prior notice during the course of the Program, in which case participants will be duly informed through the website http://www.wearefounders.com/.
STRATA will not accept any claims related to the occurrence of the circumstances described in this section.
13. LIMITATION OF STRATA’ LIABILITY.
STRATA is under no obligation to take any action in relation to the proposals beyond what is set out in these rules and, in any event, subject to its discretion as set out herein and without prejudice to any future formal agreement in relation to any particular proposal.
STRATA reserves the right to take legal action in the event of deception, infringement of any kind, fraud, wilful misconduct, gross negligence and/or bad faith, or attempt at any of these actions, by any of the participants, and STRATA shall have no liability of any kind with respect to other participants or with respect to any third party in any such event.
STRATA will not mediate or be responsible for any disagreements that may arise between participants, nor will it be responsible for any physical damage that participants may suffer outside of the establishments in which STRATA organises events to which any participant may attend.
STRATA is not obliged to keep any information provided by participants during the registration process or at any subsequent stage thereof as confidential, without prejudice to the provisions of current Spanish legislation on the protection of personal data.
From time to time, STRATA may consider offering participants, at any stage of the Program, the possibility of entering into a confidentiality agreement in order to share and obtain, as well as protect, further information and details about the content of some of the proposals.
15. LEGISLATION AND DISPUTE RESOLUTION.
The development of the WAF ICT program, as well as any relationship between participants and STRATA arising from the Program, will be subject to the applicable Spanish legislation in force.
Any dispute that may arise between the participants and STRATA that cannot be resolved amicably will be submitted to the competent courts of the city of Madrid.