I’ve been meaning to write about the change in the Launchpad event at the Web 2.0 Summit. In previous years, this was a “demo” kind of event in which new companies would show their stuff for the first time. For this year’s event, the Launchpad has been revised to have a kind of “reality show” component. Any company, including one that has already been funded and whose products have been announced, can enter. (As John Battelle notes, there’s always the next round….) The twist:
- The Web 2.0 Launch Pad judging panel will be entirely made up of venture capitalists.
- Launchpad contestants will be competing for five to ten minutes on stage in front of the entire Web 2.0 Summit audience.
- Each company will be provided feedback on its presentation in real time, by both the VC judges and the audience.
From the little bit of reality TV I’ve seen, I hope the judges have a sense of humor as well as great insights. We’re looking for serious entries, not the famous 1/2 Baked ones, but a touch of fun in the judging can ease the stings of legitimate criticism as well as enliven the audience. It will be interesting to see how well this approach works. At the least, it should be a great opportunity for entrepreneurs in attendance to learn how VCs think, as well as for those presenting, and at best, a chance for the participating companies to show how quickly and how powerfully they can present their story.
Meanwhile, even companies who aren’t chosen to present on stage will have a chance to have their company pitch seen by the participating VCs. The VCs are sponsoring the event, so there’s no charge to submit your company or product for consideration.
Here are the terms and conditions:
All entries are free of charge and are kept strictly confidential, to be reviewed only by Launch Pad staff and VCs.
VCs may offer terms to those applicants they deem consistent with their investment approach and requirements, but there is no requirement to do so.
VCs can have multiple judges assigned to the review process, but are allowed only one panelist at the Launch Pad presentation.
Every VC has the right to review every applicant, but the obligation is to review only one-sixth of them. The applications will be sorted and administered by the Launch Pad producers and delivered to the VC judges.
If a term sheet is offered and accepted prior to the event, all parties agree not to announce until Web 2.0 Summit in October.
All VCs on the panel are equal – they are sponsors and are on stage on the panel discussing their decisions. No one is more advantaged (weighted) than another.
The entire process will be covered under a mutual NDA to protect all parties.
All participants agree to appear onstage during the Launch Pad session, to present their company as if pitching for funding.