La Red Innova opens call for startup competition with potential prize of US$148k

Wednesday, May 4, 2011

Technology conference La Red Innova has put out a call for entrepreneurs to participate in its Open Talent 2011 competition and potentially receive up to 100,000 euros (US$148,000) in financing, according to a release from La Red Innova.

For the third year in a row, La Red Innova will host the Open Talent competition for Spanish, Portuguese and Latin American startups at the upcoming conference in Madrid from June 15-16. Project submission is open until May 15.

The competition, organized with Grupo BBVA and in collaboration with the Endeavor foundation, seeks digital and technology-focused entrepreneurs. Open Talent looks for innovative candidates with high growth potential.

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Endeavor will select the 20 best initiatives, which will be presented at La Red Innova in Madrid before a panel of specialists and risk capital company representatives.

Five finalists will be selected and take part in an advisory program, where they will receive advice on how to grow business. They will also have the possibility to incubate their company in La Red Innova's offices in Madrid for six months, or online. The advisory program will also include the search for advisers, assistance in finding financing, networking in Spain and Latin America, project execution and brand management.

Of the five finalists, one project will receive up to 100,000 euros to develop a collaboration project with BBVA and/or share capital.

According to La Red Innova, projects will be evaluated based on their economic and societal impact, while also taking into consideration the popular vote carried out online.

During the previous two editions of Open Talent, a total of more than 700,000 projects have been presented and 300,000 votes submitted. Winners of 2010's competition were Uplaya from Spain in first, Factory Interactive Media of Colombia in second and from Argentina in third.

La Red Innova is a conference covering the themes of innovation, creativity and entrepreneurship. It holds three annual meetings, in Spain in June, Brazil in November and Uruguay in January.

Use this link for more information, in Spanish.