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Terms and Conditions

Startup Phase 2014:

The competition is open to any South African based technology startup that in some way or the other relies on custom software development.

The competition starts on 15 September 2014 and closes at midnight on 26 October 2014.

Finalists will be announced by 31 October 2014. Finalists will be contacted on the email address used in the competition entry.

All finalists are required to fund their own travel and accommodation if required.

The finalists will be required to attend a mentor session on 7 November 2014 at the Byte Orbit offices in Durbanville, Cape Town. The mentoring sessions will be in aid of the pitch that will occur the following day. Well known local and international entrepreneurs will mentor the finalists. As a finalist your attendance is mandatory.

The finalists will be required to pitch to the judging panel on 8 November 2014 at the Byte Orbit offices.

The winners will be announced on the evening of 8 November 2014 during a cocktail event.

Each finalist will be assigned a time slot for their pitch and should a finalist miss his / her time slot the finalist may be disqualified from the competition. It is advised to be present 15 - 30 minutes ahead of your pitching time.

All decisions are final and no correspondence will be entered into regarding disputes on the decisions.

The winning startup will be required to enter into an agreement whereby Byte Orbit will own not more than 15% equity in the winning startup. The winning startup will be given an excellent opportunity to work with the Byte Orbit team to develop their business. Byte Orbit will in turn have a vested interest in the winning startup so that Byte Orbit’s 11 years of industry experience and other value adds can be leveraged in order to give the startup its best shot at success.

Although Byte Orbit has secured the prizes from the competition sponsors, Byte Orbit accepts no liability or responsibility for any non-delivery by a competition sponsor.

Byte Orbit or any other judging parties involved will not sign a NDA (non-disclosure agreement) as we are approached with several concepts on a daily basis that might be similar to yours. Please remember that the execution of the idea is everything and without that your idea is still just a concept.

Entrants are allowed to enter into both the Startup Phase Competition as well as the Concept Phase Competition.

Entrants are allowed to enter as many Concepts and/or Startups as they please.

Byte Orbit employees or close related partner companies are not eligible to enter the event.

The winning Startup will receive R150 000 worth of development that will be managed and provided by Byte Orbit. The schedule of the development timeslots will be worked out by Byte Orbit in conjunction with the winning Startup.

Furthermore the winning Startup will receive PR to the value of R100 000. This will be managed by Byte Orbit and a designated schedule will be organized which will outline the types of exposure and the ROI.

The runner-up in the startup division will receive a cash prize of R50 000 (Fifty thousand rands).

Concept Phase 2014:

The competition is open to any person with a concept, who currently is living or studying in South Africa.

The concept must be focused on developing a software product that has an innovative financial component.

It is mandatory for participants to complete the required fields marked with an asterisk on the entry form. If the participant neglects to complete the required fields their entry will not be accepted.

The competition starts on 15 September 2014 and closes at midnight on 26 October 2014.

Finalists will be announced by 31 October 2014. Finalists will be contacted on the email address used in the competition entry.

All finalists are required to fund their own travel and accommodation if required.

The finalists will be required to attend a mentor session on 7 November 2014 at the Byte Orbit offices in Durbanville, Cape Town. The mentoring sessions will be in aid of the pitch that will occur the following day. Well known local and international entrepreneurs will mentor the finalists. As a finalist your attendance is mandatory.

The finalists will be required to pitch to the judging panel on 8 November 2014 at the Byte Orbit offices.

The winners will be announced on the evening of 8 November 2014 during a cocktail event.

Each finalist will be assigned a time slot for their pitch and should a finalist miss his / her time slot the finalist may be disqualified from the competition. It is advised to be present 15 - 30 minutes ahead of your pitching time.

All decisions are final and no correspondence will be entered into regarding disputes on the decisions.

The winning concept agrees that all intellectual property of the concept will be transferred over to Byte Orbit upon winning the R100 000. After completion of the competition Byte Orbit and their partnering companies may decide to engage the winner of the concept to work with them to develop the concept.

Although Byte Orbit has secured the prizes from the competition sponsors, Byte Orbit accepts no liability or responsibility for any non-delivery by a competition sponsor.

Byte Orbit or any other judging parties involved will not sign a NDA (non-disclosure agreement) as we are approached with several concepts on a daily basis that might be similar to yours. Please remember that the execution of the idea is everything and without that your idea is still just a concept.

Entrants are allowed to enter into both the Startup Phase Competition as well as the Concept Phase Competition.

Entrants are allowed to enter as many Concepts and/or Startups as they please.

Byte Orbit employees or close related partner companies are not eligible to enter the event.

The total sum of R100 000 will be paid into the winning concept’s designated bank account.

This year there are two runner-up prizes.
The first runner-up will receive a cash prize of R35 000.
The second runner-up will receive a cash prize of R25 000.

All funds will be transferred via EFT. Due to the necessary legal paperwork this could take upto 60 days to fulfil.
Byte Orbit accepts no liability if the banking details provided are incorrect.