Sponsors have the opportunity to design a challenge during the Building Phase of the Purple Prize requesting startups that will accomplish a specific outcome chosen by the sponsor.
For example, a sponsor may request that a team build a startup to address local smallholder farmers’ access to machinery; a team may then build a Minimal Viable Product (MVP, or concept) for an app such as an “Uber for tractors.”
Your organization can sponsor the Purple Prize in three ways, depending on level of support.
Level 1 Sponsor
Recognition. Sponsors of the prize at this level are advertised as sponsors on Purple Prize promotional materials and may provide marketing collateral at events such as brochures, signs, and product samples or demos.
$1,000 – 7,500
Level 2 Sponsor
Sponsored challenge. Sponsors of the prize at this level are able to design a “Sponsored Challenge” (see above for description). The Purple Prize team will work with the sponsor to design a challenge addressing a specific focus area such as (but not limited to) climate change or economic inequality. We will then launch a Request for Startups, calling on innovators to build tech in response to the sponsor’s challenge. Sponsors will have a role in setting up the benchmarks for startup success, have the opportunity to work directly with teams working on the Sponsored Challenge, and have the opportunity to speak at a Connections Phase and Building Phase event. Includes all Level 1 benefits.
$7,500 – 25,000
Level 3 Sponsor
Sponsored challenge + seed funding. In addition to receiving Level 1 and Level 2 benefits (above), sponsors at Level 3 will be able to incentivise startup teams participating in their Sponsored Challenge and further guarantee their success by providing seed funding. Seed funding will allow these teams to purchase the resources needed to prototype their software or hardware product.
Sponsors should commit funding prior to 2019 to provide adequate time for startups to prepare and submit applications to the Purple Prize. However, we recommend sponsors commit prior to February 2019 so that participants in the Connections Phase are able to conceptualize solutions for business planning and prototyping in the Building Phase.