Does your team offer a blockchain-based solution or is actively looking to integrate it into an existing solution to transform business and society in Latin America? If the answer is yes to either of those questions, this competition is for you! FINNOSUMMIT Challenge: Blockchain Edition Powered by Algorand aims to discover, promote and empower the most talented tech teams in the region.
- Any size teams but ideally with a MVP or wireframes and workflow pipelines for their solution.
- Must be leveraging blockchain or be actively looking to integrate it into the solution in the future. It is not important which protocol the product is currently built on, although teams should be able to describe how their solution can leverage Algorand’s blockchain in the near future.
- Teams must be focused on the Latin American & Caribbean markets, although they can be from outside of this region. They must also have worked together on the project for at least 6 months and/or be formally registered as a company. Alternatively, teams whose members have a track record of working with startups or established firms and are committing to this project full time also qualify.
Services & solutions that should apply
The following are examples of services & solutions considered for the Challenge, including but not restricted to:
Payments & Remittances, Lending (B2B & B2C), Crowdfunding, Loyalty/Rewards, Enterprise Financial Management (EFM), Personal Financial Management (PFM), Wealth Management, Logistics, Supply Chain Management, Land Registry, Trading & Capital Markets, Projects With Strong Environmental Impact, Projects with Strong Social Impact, Insurance, Voting, Local and Closed-Loop Currencies, Digital Bank, Enterprise Technologies for Financial Institutions (ETFI), Scoring, Digital Identity and Authentication, Financial Education, Financial Inclusion for Underbanked and Unbanked, Vertical Banks, Risk Analysis, APIs, Internet of Things, Analytics Tools, Security, Fraud Detection and Anti Money Laundering, Big Data or Digital Commerce.
The winners of the competition will receive fiscal support and value-added services to ensure they grow and gain visibility in front of leading ecosystem players.
- Winner - $15,000 USD
- 2nd and 3rd Place - $7,500 USD each
- 4th and 5th Place - $5,000 USD each
- Teams in the Top 3 will also be eligible for a development award of up to $50,000 USD. Award set at the discretion of the Algorand Foundation depending on the complexity and significance of the project to the Algorand community.
- In addition, teams that receive monetary prizes will be eligible for potential investment of up to $50,000 USD from Borderless Capital (subject to further due diligence and terms).
- Each finalist will be assigned an expert from the Algorand ecosystem as a mentor where the teams can ask the mentor questions related to Algorand, as well as raise any concerns or provide any relevant project updates.
- Algorand Foundation will provide 2 hours of free consulting support to each finalist and have open office hours for other high quality applicants. There will be 3 separate office hours for product, marketing, and technical support held by an expert from the Algorand network.
- The opportunity to present their project at FINNOSUMMIT Hour, in front of the largest Fintech community in Latin America.
One of the 10 finalists that meets the social inclusion impact approach will be part of the IDB Group's network of global innovators and will receive:
- Support and technical assistance, through different programs and services promoted by the IDB for the development of ecosystems linked to blockchain. Support in obtaining funding for the acceleration of your project.
- Support in the dissemination and promotion to exchange knowledge, experience, best practices and with ample opportunities to participate in regional networking events related to the IDB Group and visibility of the project on the LACChain website..
- Technological support, receiving direct support from LACChain's technological team and 2 technological teams of the LACChain alliance.
11 JANApplications open
15 FEBApplications close
Finnovista has the right to adjust these timelines at any stage.
The top 10 teams will be invited as finalists to present in front of the largest Fintech community in Mexico and Latin America at FINNOSUMMIT Hour.
Finalists will also be assigned a mentor from the Algorand network to provide them with specialist expertise in areas such as technical development, product marketing, and capital raising.
How to apply
FINNOSUMMIT Challenge is the opportunity for teams to show how their blockchain-based solutions are transforming business and society in Latin America. If you’re one of these teams or a team looking to integrate blockchain into your existing solution, we want to hear from you!
Applications close at 11.59pm CST, February 15th. Don’t miss out!
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy. The Foundation is passionate and committed to bringing this vision to Latin America so that the entire continent is able to share in the benefits that an open, public, and permissionless blockchain can bring.