The Inaugural South Carolina Blockchain Entrepreneurship Challenge

Up to $6,000 in prize money will be awarded.

Beyond the cash awards, other benefits of entry include: connect with industry leaders, get support in the rapid development of a high-level business plan and proof of concept, and gain access to mentoring opportunities.

Your Concept Reviewed by Industry Leaders

Idea canvases will be judged by blockchain industry leaders, W. Scott Stornetta, a co-founder of blockchain technology, and Shawnna Hoffman, a global blockchain offering leader for IBM Watson Health, plus other seasoned investors and entrepreneurs.

Ideas will be developed online in Startup Wind, so that teams can define how their project will create value.

Each submission will consist of the following 4 components:

Proof of Concept

Finally, you will create a workflow diagram, decision tree, smart contract description, or simple overview and/or code of product or service.

Online tools such as Kaleido & SIMBA Chain are available for the blockchain component of the POC.

In addition, mentorship by educators and entrepreneurs will be available to promising projects, even if they aren’t official prize winners. Potential mentors include:

Eligibility for the South Carolina Blockchain Entrepreneurship Challenge

The competition is open to individuals and teams of any size.

Watch Dirk Brown & Mark Driver Introduce the Challenge at ResilienceSC2020

Challenge entrants will have two platforms at their disposal for the development of their proof of concept.

Kaleido

Watch a live demo of Kaleido and see how you can use it in the challenge.

Important Details and Terms

Entries

• The deadline for entry is Wednesday, August 12, 2020, at 11 pm ET
• Entries will be made through the StartupWind platform in a private and secure cohort.
• To enter, visit our webpage and create an account.
• An entry includes five required parts: Team member(s’) contact information (and academic information if competing in student bracket), an idea concept card, a business model canvas, a proof-of-concept demonstration, and a budget. A template will be provided for the budget.
• Multiple entries per individual or team are allowed.
• There is no entry fee.
• Terms are posted in the competition.

Selection of winners

• Entries will be judged by a panel of experts including seasoned entrepreneurs, blockchain enthusiasts, investors, and staff from South Carolina Blockchain and the McNair Institute.
• Idea canvases and demos will be judged based on (1) how compelling the idea is; (2) the return on investment or impact per dollar; (3) how realistic the solution is to implement and scale, and (4) the level of detail and sophistication of the demonstration proof-of-concept
• Winners will be announced on August 19, 2020

Additional Terms

• Submissions will only be visible to judges, South Carolina Blockchain and McNair Institute staff, and StartupWind staff during the entry and selection phases of the competition.
• Winners agree to allow South Carolina Blockchain, Inc. PalmettoChain, Inc. and the McNair Institute for Entrepreneurism and Free Enterprise and the University of South Carolina to publicize winners’ idea summary statements, photographs, and project results beginning with the announcement of winners.
• All winners must abide by all federal, state, local, and University of South Carolina mandates.
• Prize money up to $6,000 will be awarded, with the amount of each prize to be determined by South Carolina Blockchain, Palmetto Chain, Inc., and McNair Institute for Entrepreneurism and Free Enterprise at the University of South Carolina. Awards will be based on several factors including an estimate of total funds needed to successfully complete the project, feasibility, scalability, return on investment, type of mitigation to be made, and the amount allocated toward personal expenditures. The size of the team is not a factor in determining the amount of prize money awarded.
• Payment of prize money will be issued in the form of a check or direct deposit after a W-9 is received. Payment will be made as quickly as possible, but due to limitations placed on staff during the COVID-19 pandemic, it is not possible to predict when payment will be issued.
• Prizes of $600.00 or more are taxable, and it is the winner’s responsibility to pay taxes on winnings received. An IRS Form 1099 will be sent to each winner as applicable.
• If a winning team has formed a legally recognized business, payment of prize money will be made to the business. The IRS Form 1099 will be sent to the business for payment of taxes as applicable. If the winning team has not formed a business, the team leader designated in the competition entry information will be sent the prize money and IRS Form 1099 as applicable.
• Student bracket winners will be required to provide an interim or final report to the McNair Institute by December 30, 2020, including action taken, impact made, use of funds, engagement with advisors, testimonials from winners, and those impacted by the project, and photographs of the project. A report template will be provided.

And finally, some additional legal and marketing releases

• By participating in this Blockchain Entrepreneurship Challenge co-hosted by South Carolina Blockchain, Inc. (“SCB”), each Participant grants SCB and its licensees, successors and assigns a non-exclusive, perpetual, non-cancelable, royalty free, fully paid up, worldwide right and license to edit, modify, adapt, translate, exhibit, publish, transmit, participate in the transfer of, reproduce, copy, create derivative works from, distribute, perform, display and otherwise use all and/or any part of such Participant’s names, likenesses, photographs, voices and images of all persons referenced and/or appearing in materials generated at the event, without limitation, anywhere in the world in any form (tangible or intangible, permanent or ephemeral, including, without limitation, audio, video, print, electronic, written, and photographic) and via any transmission medium (including, without limitation, television, radio, Internet, and print) now existing or that may exist in the future for advertising, trade, promotion, publicity and other related purposes without compensation and without notice to or consideration, review or approval from Participant.
• Each Participant further agrees to (i) be questioned or interviewed (whether in person or by other means such as email or phone), filmed and/or photographed and available for interviewing, filming, photography and for other public relations, marketing and promotional activities associated with the Blockchain Entrepreneurship Challenge, as reasonably requested and directed by SCB, (ii) allow SCB to make contact with the Participant (whether in person, by phone, email or otherwise) for the purpose of requesting further information from the Participant in relation to their participation or for any other purpose related to the Blockchain Entrepreneurship Challenge. Each Participant represents and warrants that neither its participation, nor SCB’s exercise of any of the rights granted to it under these Additional Terms will (a) infringe or violate any rights of any third party or entity, including, without limitation, those relating to patents, copyrights, trademarks, trade secrets, moral rights, mask works, defamation, privacy, publicity, false light, misappropriation, confidentiality, and/or any contractual or other rights recognizable under any applicable law, rule, regulation, ordinance, judgment or decree (collectively, “Law”), or (b) otherwise violate any applicable Law.