1. What are the App Idea Awards?
The App Idea Awards are a competition where people compete to get their app idea made, without sacrificing any equity or carrying the expensive burden of financing.
2. Who is holding the App Idea Awards?
The App Idea Awards is a joint endeavor between the following partners: ROKO Labs, General Assembly, and Harvard Business School Alumni Angels of NY. Go to our Partners & Sponsors page for more information.
3. Who should apply?
Everyone! Well, anyone over the age of 18 with an app idea.
4. What sort of ideas are you looking for?
We're open to all ideas. But more specifically, we’re looking for good ideas. These are the type of ideas that you hear and can’t stop thinking about for days. These are also the type of ideas that are supported by a strong business models. So really we’re looking for good ideas that can make money and grow over time. Those are our favorite types of ideas.
5. What am I being judged on?
You’re being judged on the general strength of your app idea. This includes: your entrepreneurial vision, user flow and design, monetization strategy, and the team’s ability to execute the app’s proposed business plan. We like good ideas…but we prefer good ideas that can generate revenue and scale.
6. What is the grand prize?
The grand prize is $70,000 worth of design and development costs. This will ensure that your app actually gets made and that you won’t be running off to Vegas with your big check ;)
If you have just an idea, this will be enough to create an MVP (minimum viable product). If you have an MVP, this will allow you to create a souped-up version of your app with innovative functionality.
If you are a designer and need help developing the app - then the prize money will go to development costs. If you are a developer who needs help designing and marketing your app, then that money will go towards designing and marketing your app. Either way, we can make this worth your while.
7. Does my company have to give up any equity if we win?
No. We take no equity in your company after you win. Our satisfaction comes from helping build the next great app. Just don’t forget about us. Ok?
8. When and where is the final?
The final will be held on June 7th, 2017 at General Assembly in New York City.
9. Do I have to be a certain age to apply?
Yes. You, and all of the members of your team, have to be 18 years old to apply.
10. Can individuals apply?
Yes you can. Though, remember that you are being judged on your team’s ability to execute the app’s proposed business plan. If we feel as though that your app idea is too large an undertaking for one individual then that could hinder your chances. While we will accept applications from solo entrepreneurs we would highly suggest finding others to get on board before submitting. It’ll make your life a lot easier down the road, we promise.
11. Do I have to live in the United States to apply?
No, unless your country of origin has any travel restrictions to the United States. If you are chosen as a finalist, you will also have to cover all travel and housing costs so keep that in mind as well.
12. Can I submit multiple applications?
No, you can only send in one application. Also, no two teams should have overlapping members.
13. Can I submit an app idea that has already been created?
Yes, as long as your app is in an extremely early stage of development and has less than 5,000 monthly active users. Although we have no exact definition of “extremely early” (other than less than 5,000 users). If we take a look at your app and it see that it has reached more users, then we will deny your application. At a certain stage an idea isn’t an idea anymore - and remember, this is the App Idea Awards.
14. When does the application close?
The application closes at 11:59 EST on April 24th, 2017. If you’re reading this (and it’s April 25th, 2017) you’re too late.
15. How many teams will be picked for the finals?
There will be a total of 6 teams picked for the finals.
16. When will I find out if I'm a finalist?
All finalists will be informed of their selection on May 16th, 2017.
17. What will happen in between the finalists announcement and the finals event?
In this period, the finalists will be required to polish up their presentation and brush up on their presentation skills. We will have each team meet with mentors (either in person or via Skype, depending on your location) to ensure that each presentation is top quality.
18. Are there prizes for the teams that don't win?
As of now, we have no prizes lined up for the teams that do not win. But remember, we have a team of judges from some of the top private equity firms in the country. There will be other esteemed individuals at the event too. The connections you will make by applying and attending are a prize in itself.
19. Are the finals open to the public?
Yes, we will have tickets open available for the public. Sign up here for more information regarding when these will be released.