Lean Startup Challenge #1
The $750 Problem Validation Challenge
If you are one of the three students chosen by your school to participate in the Lean Startup Challenges, use the form below to enter your 25 problem validation interviews.
Those who meet the requirements below by the deadline are then eligible to be reimbursed for up to $750 in expenses related to the creation and running of digital marketing that is designed to collect contact information of potential customers so they can be interviewed for the $1,500 Customer Discovery Challenge.
There is an extra $250 cash to the first 10 students who complete the 25 problem discovery interviews by the deadline of 11:59 p.m. MDT on the first Sunday of June.
You will be notified if you are one of the first 10 participants to register their 25 interviews.
Only funds spent between the day after you met the requirements to qualify for the Problem Validation Challenge and 11:59 p.m. (MDT) on the Sunday before the Innovation Rodeo are eligible for reimbursement
What will be reimbursed?
- Up to $750 you spend developing and promoting a landing page for you to interview potential customers for the Lean Challenge #2 – the $1,500 Customer Discovery Challenge
- Up to $500 of this $750 can be spent on Facebook or similar digital marketing that drives potential customers to an ‘approved’ landing page that shows your idea and collects the information of those interested in learning more about your product or service (see an example of a suitable landing page here)
- ‘Approved’ landing pages are landing pages shown to Craig Elias that he agrees via email are suitable for validating your idea and collecting the name and contact information of people actually interested in your idea.
- Of the $750, any funds spent getting someone to do something for you will be reimbursed at the rate of 10% (e.g. if you pay a photographer $500 to take some pictures, we only reimburse $50. If you spend $500 to rent photography equipment and take the pictures yourself, we will reimburse you for the full $500). Other examples of getting someone else to do things for you include, but are not limited to:
- Paying for someone to make a training video for you
- Paying for someone to design and maintain a website for you
- Only funds spent between the day after you met the requirements to qualify for the Problem Validation Challenge and 11:59 p.m. (MDT) on the Sunday before the Innovation Rodeo are eligible for reimbursement