The Inaugural South Carolina Blockchain Entrepreneurship Challenge$6,000 in cash prizes available
South Carolina Blockchain, PalmettoChain, Inc., and the McNair Institute for Entrepreneurism & Free Enterprise at the University of South Carolina are co-sponsoring 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.
W. Scott Stornetta
Chief Scientist, Yugen Partners; co-developer of early blockchain technology
Investment Associate at Aflac Global Ventures
South Carolina Council on Competitiveness, Director of Technology and Cybersecurity Initiatives
Global Blockchain Offering Leader, IBM Watson Health
Economics Professor, Clemson University and former Director of Center for Financial Innovation and Stability at Atlanta Federal Reserve
Co-founder and COO, Kaleido.io
Founder, Traveling Ink, Entrepreneur, Ecosystem builder, Branding Expert
Zurich-based international angel investor and attorney
Director, Venture South Charleston and Director of Business Development, Charlestowne Holdings, LLC
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:
Identify all of the team members, the team lead and name your idea.
One team member must be either a UofSC student (Student Bracket) or an SC resident (Public Bracket) to be eligible to win prize money.
Every team member should start by creating a free account in Startup Wind.
Business Model Canvas
This is a strategic tool that helps you to illustrate the value of your idea. It is like a high-level business plan consisting of 9 blocks. A detailed explanation of the blocks can be found on the Startup Wind blog.
You will define the resources that will be necessary to advance your project beyond the idea stage, in simple terms.
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.
Submissions will be evaluated on:
(1) how compelling the idea is;
(2) presentation of blockchain use-cases with South Carolinians in mind;
(3) how realistic the solution is to implement
In addition, mentorship by educators and entrepreneurs will be available to promising projects, even if they aren’t official prize winners. Potential mentors include:
Faculty Chair, McNair Institute for Entrepreneurism and Free Enterprise at the Darla Moore School of Business at the University of South Carolina
Dr. Gordon Jones
Visiting Professor teaching Blockchain course at University of South Carolina, Co-founder of PalmettoChain, Inc.
Katherine Swartz Hilton
Special Initiatives Coordinator, McNair Institute for Entrepreneurism and Free Enterprise at the University of South Carolina
Entrepreneur and Co-founder of South Carolina Blockchain, Inc.
co-founder PalmettoChain, Inc. and South Carolina Blockchain, Inc.
Chief Information Officer, South Carolina Blockchain, Inc.
Eligibility for the South Carolina Blockchain Entrepreneurship Challenge
The competition is open to individuals and teams of any size.
- Individuals or teams must have one resident of South Carolina.; or
- Must have at least one eligible UofSC student (who is not necessarily a South Carolina resident)
- Teams must include a basic demonstration proof of concept utilizing either:
a) blockchain development tools introduced by competition organizers.; or
b) any other recognized blockchain platform of the team’s choice.
University of South Carolina Student Bracket
- Any teams comprised exclusively of enrolled undergraduate and graduate University of South Carolina students in good academic and judicial standing on all UofSC campuses are eligible.
- UofSC teams are also eligible for awards in the public bracket.
- More details from UofSC are available on their website.
“Our goal is to inspire entrepreneurs and innovators to apply blockchain technology to industries like supply chain, agriculture, real estate, transportation, law, and many more.”
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.
Watch a live demo of SIMBA Chain and see how you can use it in the challenge.
Watch a live demo of Kaleido and see how you can use it in the challenge.
Are You Up For The Challenge?
Attention entrepreneurs, innovators, and U of SC students:
Develop your next-generation solution to a present-day problem using blockchain technology and enter for a chance to win cash prizes.
competition entry subject to rules and restrictions
Important Details and Terms
- 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
- 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.
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.
Other judges include seasoned investors and entrepreneurs, with submissions evaluated on (1) how compelling the idea is; (2) presentation of blockchain use-cases with South Carolinians in mind; and (3) how realistic the solution is to implement.