Who is eligible to enter the contest?
It is open to everybody, especially to the education community (students, professors, researchers ...), to the business world (start-ups, small & medium size enterprises…) and to philanthropic organizations (social entrepreneurs, NGOs).
What about this €1M prize?
A total of €1,000,000 prize money will reward one or more projects. In practical terms, this funding shall be used for expenditures related to the project (i.e product development costs, wages, marketing expenses).
If there are several recipients, the prize will be split among recipients?
The numbers of selected projects is not fixed in advance and will be determined by the jury, depending on the quality of the projects. It is expected that interesting projects will emerge, from varied origins and of varying maturity levels. The funding will be at least €15,000 per category and may reach nearly €1,000,000, as the jury may decide to allocate an extremely large sum to a single project it deems exceptional.
Do I have to complete my application in one session?
The application can be done in stages, as long as it is not submitted. However, an application will be considered if and only if all of the information requested is provided by the candidate via the registration form.
Can I apply with two projects ?
Unfortunately you can’t. The rule is 1 project =1 entity/person = 1 email. However, if the related entity is large and includes multiple teams willing to participate in the Famae Challenge, we may grant exemptions.
What are the criteria for project selection and what do you mean by innovative projects?
There are four criteria : innovation, impact, feasibility, quality of the team. We have a broad definition of innovation, covering high tech, low tech and social innovation.
Do the projects have to reach a certain stage of development for funding?
No, projects can be funded at any stage of development.
Will my data be kept private and confidential?
The data provided by the candidates are strictly confidential and will be kept private. However, some of the required data may become public, such as the name of the project and a short description (a few words).
What is the « Famae help & support » you mention?
In addition to the prize money, the selected project(s) will receive ongoing support from the members of FAMAE, its partners and the members of the jury towards the development and growth of their project. FAMAE will provide access to its extensive business network of contacts and help you on all matters you may find necessary, be they legal / trade and financial aspects, or product development / suppliers' sourcing / product manufacturing. The selected project(s) will benefit from several hundred years of accumulated experience!
If I am a laureate, how will you help me?
If you are one of the selected projects, Famae will help you in two ways: free & full support from experienced people, and funding. The funding is used to pay your project-related expenses such as product development costs, wages or distribution costs.
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