The competition brings investment opportunities to the table with prizes worth between $30,000 and $500,000.
May 11, 2021, | AtoZ Markets – The 4th edition of AIBC Pitch is back with 100 companies based in the converging sectors of AI, Blockchain, Quantum Tech, FinTech, Big Data and IoT. The Draper-Aladdin AIBC Startup Pitch will take place at the AIBC UAE - Dubai summit on the 25th of May, 2021 - startups can apply until the 13th of May.
Startups seeking investment are in for a treat at this year's startup pitch competition. For the first time ever, the Draper-Aladdin AIBC Startup Pitch is offering a generous prize pool for young companies keen to get a leg up in the competitive business world.
Up for grabs is the opportunity for the winner to nab a sizable reward, with $30,000 to $500,000 on the table and a shot to attend the Meet the Drapers competition. Startups will need to impress on stage as the final handout will depend on Tim Draper’s expert assessment of the pitch.
Tim Draper (pictured top left) offered some sage advice for startups about to make their pitch, saying:
“Failure hurts but failing is a part of the free market. It is part of economic renewal. The nature of my business , and venture capital in itself requires me to accept failure. By my estimates, I have failed about 600 times to date. A willingness to fail allows me to take bigger risks with my investments, which on the whole has generated more extraordinary returns than if I had not been willing to fail. Nevertheless I have experienced a few enormous failures that were hard to walk away from and equally hard to learn from.”
Aladdin Ismail (pictured bottom right) also shared his thoughts, saying,
“Being an entrepreneur is a lonely journey but when like-minded people get together for a goal, the sky is the start and never the limit”
The investment instruments will be through SAFE or CAFEì. Simple Agreement for Future Equity (SAFE) investments provide rights to the investor for future equity in the company- except without determining a specific price per share at the time of the initial investment.
If the investment goes through a Continuous Agreement for Future Equity (CAFE), the company will put itself up on Fairmint, through which the investors will become the first buyer. Fairmint is a fundraiser platform created to give more control to founders, more liquidity to investors, and more access to stakeholders.
Should the startup decide not to use Fairmint, the valuation will be set at $3 million post-money.
Terms and conditions apply - find out more by visiting the AIBC website.
Meet the Drapers, now in its 4th season allows contestants to get the chance to be funded by the viewers through their crowdfunding campaign during the season. The top 3 crowdfunded companies, alongside the 3 semi-finalist winners move onto the finals to win investment from Tim Draper. The winner receives half a million dollars from Tim Draper. Additionally, all contestants gain crowdfunding investment from the viewers. The series features Bill Draper, Tim Draper, Polly Draper, and a guest on the judging panel.
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Following a very successful run at the spring edition of AIBC Summit Malta, we’re going all out for May 2021. Over 100 startups will be selected to showcase their products and initiatives throughout the event.
Startups based in AI, Blockchain, Quantum Tech, Big Data, and IoT will each have a small booth at AIBC Summit UAE surrounded by top investors and mentors, being invited to lavish networking dinners as well as benefiting from online exposure.
However, the Startup Pitch is only open to startups and the judges’ top ten will make it to the pitch stage during the final leg of the Summit. Expect the competition to be fierce with so many investors to impress! Increase your chance of being one of the top 100 by providing a 3-minute video-introduction upon participation!