One of the most common reasons for the failure of business ideas is lack of money. The team starts researching the market, finds out that it has an idea with great potential, throws itself into the development of the beta version of the product, but when it is almost at the end, the money runs out and everything goes to waste.
In startups that develop highly innovative solutions, be it in technology or in biochemistry, i.e. in scientific entrepreneurship, the investments are even higher, because usually such solutions come from research laboratories where they have matured for a decade or more. For the above reasons, the initial financial injections are all the more important. The so-called pre-seed capital helps the team to take the very first steps in the world of scientific entrepreneurship or market-oriented science.
ScienceJam participants will once again compete for prizes in the form of financial incentives this year, as we have provided a prize fund. This year, the prize fund for both categories totals €4,000 – €2000 for secondary school students and €2,000 for university students. We will distribute the prizes according to the following key:
- The winners in both categories each receive €1,000.
- The runners-up in both categories each receive €618.05.
- Third-placed teams in both categories each receive €381.98.
Why exactly such a distribution – well, that will be the prize question in the ScienceJam finals.
ScienceJam is financed partly from the funds of the European Union, the contact point EUROPE DIRECT Novo mesto, and partner assistance in the organization is provided by SPIRIT Slovenia: a public agency that provides the prize fund.