WRITTEN BY ALLISON WAY, SENIOR COPYWRITER & CHIEF EDITOR
The Gigabit Challenge, a global business plan competition looking for entrepreneurial ideas to disrupt on the Google Fiber network, has partnered with San Francisco-based Gramercy Private Equity to offer a special “Born Global” Prize to its contestants. The Gramercy “Born Global” Prize will take the form of a $250,000 convertible promissory note (CPN) investment from Gramercy directly into the winning contestant. The prize will be awarded at The Gigabit Challenge Finale on January 18, 2012, in Kansas City. The “Born Global” Prize will be awarded to the contestant whose business idea has the best prospects of being rapidly implemented across the globe and leverages the increasing global nature of technology and digital media markets.
“Gramercy Private Equity is very excited to partner with The Gigabit Challenge. We believe that this competition has the potential to push the envelope on applications for the next-generation Google Fiber platform,” stated Michael Gale, Managing Partner of Gramercy Private Equity. “We see this as a significant opportunity for ourselves and other investors. With our cross-border expertise, we plan to help the winner of the Gramercy ‘Born Global’ Prize to take their company global as rapidly as possible.”
Gramercy Private Equity will work with a group of The Gigabit Challenge judges that have particular expertise in global technology and business to select the winner of the Gramercy “Born Global” Prize.
“Think Big Partners and The Gigabit Challenge congratulate Gramercy Private Equity on their vision and leadership in establishing the Gramercy ‘Born Global’ Prize,” said Tyler Prochnow, co-founder of Think Big Partners, host of The Gigabit Challenge. “We welcome them as a partner and look forward to great results. We have been overwhelmed by the support The Gigabit Challenge has received in the four months since we announced the competition. We were especially happy to receive 113 entries in the Challenge as of the November 18, 2011 deadline. We have additional developments in progress and look forward to building on the leadership of Gramercy in the coming weeks.”
The semi-finalists will be announced by December 6, 2011 and will be invited to submit business plans due on December 9, 2011. The Finalists will be announced on December 16, 2011 will be invited to The Gigabit Challenge Finale, a final pitch event and awards ceremony, that will take place in Kansas City on January 18, 2012. For more information, please visit http://www.gigabitchallenge.com.
The Gigabit Challenge is actively seeking additional partners. If you are interested in discussing this opportunity, or have questions regarding entering the competition, please visit The Gigabit Challenge website or contact Think Big Partners at (816) 842-5244.
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