Frequently Asked Questions
About InnovAction Challenge
1. What is the InnovAction Challenge?
The InnovAction Challenge is a regional innovation competition and support program aimed at empowering young social and economic entrepreneurs to respond to the emerging needs of grassroots communities in Latin America and the Caribbean as a result of the COVID-19 pandemic. See the categories here.
2. Who impulses InnovAction?
The InnovAction Challenge was created by the Young Americas Business Trust (YABT), in cooperation with the Inter-American Foundation (IAF) and Summits of the Americas Secretariat (SAS) of the Organization of American States (OAS), with the goal of empowering young entrepreneurs, especially those from marginalized communities, to respond to the emerging needs of grassroots communities as a result of the COVID-19 pandemic.
3. What are the phases of the competition?
The competition will be divided in three (3) rounds: 1-Eligibility Round, 2- Semi-Finals Round, 3-Finals Round. For more details on each round, please visit this link.
Participation in the Challenge
4. Who can participate in the InnovAction Challenge?
The InnovAction Challenge has a special focus on young entrepreneurs. Nevertheless, everyone who is interested in participating is encouraged to register, considering the target population.
5. What countries are eligible to participate?
Registered team members must be citizens or legal residents of Latin American and Caribbean countries that are active voting members of the OAS, and must be legally authorized to start and operate a business in their country.
6. How many members can one team have?
Teams must have a minimum of one (1) member and a maximum of ten (10) members. More information here.
7. What are the necessary materials to participate in the Competition?
Click here to see all requirements and instructions to participate.
8. How can I register?
To register, you must click on this link, go to the “Create account” form, fill all required fields, choose the category you would like to participate in, and click “Create account”. You will receive an email with a link to validate your account creation and further instructions to complete your registration.
9. Can one initiative/project be eligible for two categories at once?
No, the team must select the category that they consider most accordingly fits their project, objective, and focus, then register for it. In the case that the YABT team realizes that the project belongs to another category, a representative of the organization will reach out to the registered team leader to inform them of the change.
10. When is the deadline for registration?
The deadline for registration is February 28, 2021. Nonetheless, it is encouraged that teams register as soon as possible so that they can take full advantage of the BOOTCamp program.
11. Are there guide formats to follow for uploading the Competition Materials?
Yes, you may consult guide formats for all the Competition Materials here.
12. When registering my initiative/project, do I lose any copyright privileges?
No, Copyright for the project or project plan presented during the competition will remain exclusive property of the team that proposes it. More information here.
13. How does communication between the participating team and YABT work?
A steady communication channel will be open by way of email, through email@example.com. All information regarding your participation will be sent to the email address provided in the registration. Teams are responsible for ensuring that the email is functional and that the content is read on a regular basis.
14. Is it necessary to have an internet connection during the competition process?
Since much of the InnovAction Challenge occurs online, consistent access to the Internet during InnovAction is recommended to ensure full participation.
Benefits for all Teams
15. What are the benefits of participating in the InnovAction Challenge?
Upon registration, participants will have access to a wide network of entrepreneurship, training and support of international experts through the BOOTCamp platform, global visibility, market openings, investing opportunities, seed capital, among other things.
16. What is the BOOTCamp?
The BOOTCamp is a free center of resources for young entrepreneurs that offers tools to develop business plans, financial viability, marketing strategies, planning, administration, finances and much more.The sessions are conducted by international experts who will address these and other topics to support you in developing skills and strategies for your project. Get access to the BOOTCamp here.
17. What if I can´t connect live to a BOOTCamp session?
Recordings of the BOOTCamp sessions will be available, though it is heavily encouraged that participants be present live so that they can ask questions and fully interact with the panelists.
18. Who is in charge of evaluating the projects?
YABT, IAF and SAS will have a designated group of judges called the Qualifying Jury Committee for the Semi-Final and Final phases of the competition who, based on the evaluation criteria established will rate the projects.
19. What is the evaluation criteria for the Challenge?
Consult the evaluation criteria for the Challenge here.
20. Are there any restrictions on participating as a mentor?
There is no restriction regarding age, nationality, experience, or education of the Mentors. Mentors may not participate in or contribute directly to InnovAction.
21. Will mentors be able to register?
Mentoring a team is optional. Each team can identify and work directly with one or more mentors, without any age, experience, nationality, or education restrictions. We recommend that all teams that have a mentor should mention and include them in their project plans. More information here
About the Finals
22. Where will the Finals take place?
The Finals of the InnovAction Challenge and the rest of the categories of the Talent and Innovation Competition of the Americas (TIC Americas) are planned to be held in virtual format, and therefore the participants are required to confirm their interest and availability to attend in the format presented.
23. Wil there be any training for the Finalist Teams prior to the Finals?
Yes, there will be a testing of the online platform with the Finalist Teams, in order for all participants to be comfortable and knowledgeable with the tools used during the Virtual Finals.This session will provide additional guidance and preparation for learning and using the online platform environment.
24. Who will be able to attend?
The event will be livestreamed and open to the general public.
25. How many teams will compete in the Finals?
Of all registered teams, a total of 20 teams will advance to the Finals, 5 per category.
26. How many members of the finalist team will be in charge of presenting the project to the Judges Panel?
Two members of the team will be in charge of presenting the project before the Judges Panel of the Finals Round. However, all team members will be able to participate in the rest of the activities of the Finals: Plenary sessions, conferences, ceremonies, etc.
27. How many team members can present the Pitch at the Demo Day?
Only one (1) team member will be in charge of the Pitch during the TIC Americas 2021 Finals Demo Day.
28. What are the awards for Finalists?
All teams that reach the Finals Round of the InnovAction Challenge will be awarded a benefits package that includes: training sessions with tailored content in preparation for the Finals, feedback from the Semi-Finals Round jury to improve their project, as well as an international certificate issued by the YABT/OAS, IAF and the SAS, where teams will be recognized as finalists and Alumni of the TIC Americas program.
29. What are the awards for the winning team?
The winning teams will benefit from an award package valued at $15,000 dollars which includes a cash prize of $5,000 dollars in seed capital and other business services. As well as an international certificate special for winners, follow-up business services, and feedback from the Finals jury.
30. For what purpose can I use the seed capital?
The cash prize of US $5,000 is destined to function as seed capital for the winning project, hence, it must be used to grow and develop the project.
For any additional information about the program, please contact: firstname.lastname@example.org
For any technical questions about the platform, please contact: email@example.com