XXI questions I ask myself about the awards

Below you will find the answers to FAQs relating to participation in the EntrepreneurXXI Awards. Look for the answer to your question and if you can’t find it, don’t hesitate to contact us; we’ll be more than happy to help.

1. Who can apply?

Young innovative companies with their tax residence in Spain or Portugal who have started their activity on or after 1 January 2015 can apply for the EntrepreneurXXI Awards.

2. What prizes can I try for?

By presenting your candidacy you can try for these awards:

  • Company with the greatest growth potential in your sector, with a €25,000 prize and an international accompaniment programme. All the companies in the same sector from Spain and Portugal compete for this award. The following 6 sectors will be granted 6 prizes: Agro Tech, Tourism Tech, Fin&Insur Tech, Commerce Tech, Health Tech and Impact Tech.
  • Company with the greatest impact in your territory, with a €5,000 prize and an international development programme. All the companies in the same territory compete for this award, regardless of their sector. Nineteen prizes are awarded. One prize is awarded for each of the 17 Autonomous Communities in Spain and two are awarded in Portugal (one prize for the Northern/Central Region, and another for Lisbon/South and Islands).
  • Second place award for Innovation, granted by the Israeli Embassy in Spain, including a week-long accompaniment programme in Tel Aviv.

3. Can I win more than one prize in one edition?

You can win them all! The selection and jury processes of the different prizes awarded in one edition are completely independent. As such, one company could be the winner of the sector, territory and second place prizes.

4. If I already won in a previous edition, can I apply again?

A company cannot win the same prize two times, but it can try for the other prizes. So, for example, a company that won at the territorial level in a previous edition can apply again and try for the sector and second place prizes, although it would be discarded from the territorial prizes that it already won.

5. Who do I compete against?

All the companies which have presented their candidacy from Spain and Portugal from this sector compete in the prize for the best company from its sector. The 6 sectors that will receive prizes are: Agro Tech, Tourism Tech, Fin&Insur Tech, Commerce Tech, Health Tech and Impact Tech.

All of the companies which have presented their candidacy in each territory compete in the prize to the company with the greatest impact in its territory. Nineteen territories compete: the 17 Autonomous Communities of Spain and 2 zones of Portugal (North/Centre and Lisbon/South and Islands).

8. When is the period to present the candidacies?

The period starts on Tuesday, 30 October 2018 at 9:00 a.m. and ends on Wednesday, 12 December 2018 at 3:00 p.m. (all times are listed in GMT+1). The organisation reserves the right to extend the closing date. In this case, this will be notified on this website.

10. Can I modify the details of the candidacy?

Yes. Through the Candidate Access tab you can recover all the data provided and edit it whenever you want, until the closing date of the candidacies or until you finalise the presentation of your candidacy.

12. How are the winners chosen?

The first phase reviews the candidacies’ eligibility. The candidacies which do not meet the bases or which have not presented the required documentation are discarded from the process.

Then all the candidacies are scored. All the evaluators have evaluation tables which specify the criteria to be assessed and the scores to be assigned based on the criteria. The candidacies are reviewed by several evaluators. Once the candidacies have been evaluated, rankings are created by sectors and territories which are sent to the different selection bodies.

Each prize has an independent selection process. This means that 50 technical committees and juries are held to select the 25 territorial and sector winners. This phase requires the presentation and in-person defence of the candidacy before the committee or jury.

13. How is the transparency of the selection process guaranteed?

The formality, independence and transparency of the selection process is one of the most esteemed elements of these Awards, as such we take special care of this aspect. Some of the mechanisms that we have established are:

  • The evaluation is made based on clearly established criteria and scores in evaluation tables which all the evaluators use.
  • The committees and juries operate based on guidelines which establish, among other aspects: how to manage conflicts of interest, voting or draws.
  • We invite the winners from previous editions to the juries so that they can learn first hand how the selection process works and can verify its transparency.

14. What is evaluated?

The following criteria will be taken into account when evaluating candidates:

  • Team: Commitment, dedication, and risk assumed by the entrepreneurial team; adequacy of the experience / training of the team to the business needs; completeness of the team and capacity to attract talent; motivation; existence of Boards of Directors and experts’ profile, etc.
  • Business model: Value chain and monetisation of the business model; competition analysis; capacity to attract customers; commercial and marketing plan; potential and capacity for globalisation; capacity or probability of having the necessary resources to implement the business plan; internal and historical coherence of financial projections, etc.
  • Ambition: Size and growth projection of the accessible market; scalability; existing and expected competition; concentration of customers; ambition and strength of sales projections; expected gross margin; job creation, etc.
  • Innovation: Level of innovation of the product or service; adequate analysis of customer needs; competitive advantages and barriers to entry; positioning with respect to competition, etc.
  • History: revenue and/or financing achieved; results obtained with respect to the resources employed, etc.

For the Awards to the best company in its territory, in addition to the criteria above, the company’s link to and impact on the territory will be evaluated.

15. Who forms the juries?

The different Technical Committees and juries are formed by experts who specialise in analysing companies, investors, prestigious entrepreneurs, previous award winners, representatives of universities and business schools, organising and collaborator entities in the different territories, and representatives of the awarding entities.

16. When will the winning companies be known?

The winning companies will be made public in the award presentation ceremonies. During the first quarter of 2019, 19 awards presentation ceremonies will be held for the territories and one final ceremony will be held to present the sector awards.

17. How is the economic prize given?

The cash prizes are paid by bank transfer to a current account owned by the winning company. These prizes are subject to the corresponding withholdings.

18. Do the Awards cover other costs?

The organisation will cover the travel costs to Barcelona for one representative from each finalist company convened to the committees and juries of the sector prizes. The other travel costs associated to the territorial prizes are under the participants’ responsibility.

20. Who is behind the Awards?

The prizes are backed by CaixaBank and organised by DayOne, the service for tech companies and investors. The company that formally grants the prizes is Caixa EmprendedorXXI. The company that formally grants the awards is EntrepreneurXXI.

In Spain, the prizes are co-granted with the Empresa Nacional de Innovación (ENISA) and in Portugal with BPI Bank.

More than 130 Spanish and Portuguese entities also collaborate in the organisation.

The Social Impact Second Place Award is granted by the Israeli Embassy in Spain.

22. And finally… any winning advice?

Some points in the questionnaire are of utmost importance as far as assessment is concerned and approaching the question correctly can make all the difference at the scoring stage. We’ve picked out the most important ones for you:

  • Market size: This is all about evaluating the accessible market for the company. This means that it is necessary to clearly define both the area where the company operates and the market segment. The basis for the economic valuation of this market should be close to the income model. For example, for an app related to running, the market would not be the number of mobiles in the world but the number of mobiles in Europe (where the company works) x % of the population that regularly does sport x % that would be willing to pay to use an app of this type x the annual cost of the application in euros.
  • Milestones achieved: This involves demonstrating to the assessors where the company stands and what it has achieved. For example: In terms of the product: if it is in the development stage, if a minimum viable product has been completed, if you are already marketing the product, etc.; in terms of the team: if profiles have joined the company beyond the entrepreneurial team; in terms of sales: if a pilot product has been sold, if the first customers have bought the product, if there are any loyal and repeat customers, if you have reached agreements with partners, distributors, etc.; in terms of innovation: grants/awards obtained that show the level of innovation of the company, if you have reached any partnership agreements with a university, technology centre, strategic supplier, etc.
  • Main challenges: Under this point it is important to show that you know what your company’s main mid-term challenges/goals are, what will be key or influential to your growth and what resources will be essential for fulfilling your business plan. To do this, describe the profiles of the people to be hired and when they are to be incorporated; how much it will cost and how it will be financed, whether financial resources are necessary, how much, when and what for; where these resources will be looked for; if it is necessary to make investments, give details explaining the reasons behind the investments and what you think you will achieve from them, etc.
  • Competitive advantage: Show that you know the elements that give you a competitive advantage inside out. Describe what sets you apart from your competitors, what you are better or worse at; how you detected your weak points and why your product/service irons them out; how you plan to maintain these competitive advantages with the passing of time as your competitors try to incorporate this advantage into their product/service.