Rules

This manual is your comprehensive guide to navigate the intricate web of challenges, deadlines, and creative bursts that define hackathons.

About

soonami Venturethon is a 10-day sprint for projects/startups in the Web3 or AI space. It offers up to $25k to winning teams and $125k for teams that match Soonami's investment criteria. Venturethon also serves as a vetting process for soonami’s Entrepreneur in Residence Program. soonami’s mission is to enable startups to create, build, and scale by applying the best of Web 3.0 or AI solutions. It believes in a remote-first world that fosters inclusiveness of founders across the globe. Its approach is to build a software-based platform for co-founders and ideas, giving them the opportunity to accelerate with skills, technologies, and investment.

Official Rules

- Participation in this Venturethon does not require any purchase or payment.
- Submitting an entry implies your acceptance of these Venturethon guidelines, which constitute an agreement between you (and each member of your team), and the Venturethon sponsors
- We embrace diversity and promote equality in race, gender, age, and beyond
- Participants are responsible for providing their own equipment, including laptops, software, and any other necessary tools for development. The organizers may provide access to specific resources or tools, as communicated prior to or during the hackathon.
- Participants must create original work during the hackathon. Plagiarism or unauthorized use of others' work is strictly prohibited. Participants should disclose any open-source or third-party components used in their projects.
- Participants must comply with all applicable laws and regulations during the hackathon. Projects or activities that violate any laws or regulations are not permitted.
- Participants must regularly check communications from the organizers for updates, announcements, and any changes to the hackathon schedule or rules. Discord is the main communication platform.
- You will be disqualified in case of misleading and unprofessional behaviour. We love transparency, collaboration, and respect above professionalism and great results. We aim for the best team to work with; thus, any kind of bad reputation may affect your event participation.

Dates and Time

‍Team Building & Preparation

‍28 April: Introduction to Venturethon
29 April: Ideas Feedback Session
30 April: Team Building
30 April: Speed Dating
‍2 May: Official Kickoff

‍Remote Product Building + Submissions

‍2 May – 11 May: Building Week + Daily Check-ins
11 May: Submission Day

‍Demo Week
‍
‍15 May: Test Pitches
16 May: Demo Day (Official presentations to judges, investors, and partners.)

‍Introduction To Cohort Week

‍20 May: First Meetup with Cohort + sharing of the first assignment
23 May: Accountability Meeting – Traction Updates

‍Goal Setting Week

‍27 May: Discussion of First Assignment Submissions
30 May: Accountability Meeting – Traction Updates

‍Traction Week

‍3 June: Product and MVP Workshop
6 June: Accountability Meeting – Traction Updates

‍Marketing Week
‍
‍10 June: Marketing Workshop
13 June: Accountability Meeting – Traction Updates

‍Funding Week
‍
‍17 June: Different funding methods Workshop
20 June: Accountability Meeting – Traction Updates

‍Pitching Practice Phase 1
‍
‍24 June: Pitching Workshop

‍Legal & Incorporation Week
‍
‍1 July: Legal Q&A Session
4 July: Accountability Meeting

‍Pitching Practice Phase 2
‍
‍8 July: Pitching Session
11 July: Feedback on Pitches Session

‍Individual Calls with Final Teams
‍
‍15 July – 19 July: One-on-one calls with final teams for personalized feedback and strategy refinement

‍Demo Day
‍
‍22 July: Showcase of final pitches and product demos to investors and stakeholders

Eligibility

Participation in the Venturethon is open to individuals and teams who are interested in developing projects related to Web3 and AI, regardless of their level of experience. We welcome both individuals and teams with varying levels of expertise in these fields, as long as they share a common interest in exploring and building innovative solutions. Whether you're a seasoned developer or just starting out, if you have a passion for technology and a desire to contribute to the Web3 and AI space, you are eligible to participate in the Venturethon.

The Venturethon is not open to:
- Individuals who are residents of, or Organizations domiciled in, jurisdictions where participating or receiving a prize is prohibited by European Union law or local regulations
- Any other individual or organization whose participation in the Venturethon would, in the sole discretion of the Sponsor and/or Administrator, create a real or perceived conflict of interest.

How to Enter

Entrants may enter by visiting https://app.foundance.org/events/(“Venturethon Website”) and following the below steps:
- Register for the Venturethon on the Venturethon Website by clicking the “Apply to Join” button.
- To complete registration, sign up to create a free Foundance account, or log in with an existing Foundance account. This will enable you to create your Submission.
- Complete and enter all the required fields on the Submission page of the Venturethon Website (each a “Submission”) during the Submission Period.

Project Guidelines

What to Develop:
Participants are required to develop a project utilizing any ecosystems/technologies for soonami tracks and specific ones as outlined by particular sponsorship categories if applicable.

Project Tracks/Categories:
‍New Ventures:This category is designed for newly formed teams and innovative ideas that have emerged only during this Venturethon. Whether you have a groundbreaking idea or just started building your team, this category welcomes all new ventures focused on Web3 and AI topics.

‍On the fast Track: This category is designed for existing ventures in the AI or Web3 space. If you've been working on your idea for some time but are looking for funding or are looking to build more through a sprint; or are recruiting for a new role and want to meet global talent - then this is the track for you. It's a great experience for a team that wants to learn how to pitch to investors.

‍Entrepreneur in Residence (EIR): This track is for those who've been shortlisted for soonami's EIR position. This track doesn't have a bounty but a $2k/team/month stipend for three months. Also, a web3 or AI startup idea is mandatory in this track - right from the beginning.

‍Additional Tracks: 3rd Party Tracks

ii. Platforms: A submitted Project must operate on the specified platform outlined in the Submission Requirements.

iii. Fresh Creation: Projects must be newly created by the participant after the start of the Venturethon Submission Period (does not Apply for “On the Fast Track”)

iv. Third-Party Integrations: If the Project integrates any third-party SDKs, APIs, and/or data, participants must have authorization to use them.

v. Testing: Participants must provide unrestricted access to the Project for testing, evaluation, and use by the Sponsor, Administrator, and Judges until the Judging Period concludes.For Projects involving software running on proprietary or third-party hardware not widely available to the public (excluding smartphones, tablets, or desktop computers), the Sponsor and/or Administrator may, at their discretion, request physical access to the Project hardware. Projects must include testing instructions for evaluation.

Language Requirements

All submission materials must be in English. In the event that materials are not in English, the Entrant must provide an English translation of the demonstration video, text description, testing instructions, and all other submitted materials.

Submission Criteria

Deadline

The Venturethon will have a specified timeframe for project development. Participants must submit their projects within the given deadline. Late submissions may not be accepted.

2. Name of the project

A unique and catchy name for your project. This can be AI-generated on Foundance.

2. Logo

A visually appealing logo that represents your project. This can be AI-generated on Foundance.

3. Description (150 words)

A concise and precise description of your project, outlining its purpose, features, and benefits.

4. GitHub Link Basic Documentation

A link to your project's GitHub repository with essential documentation, including installation instructions in the README file.

5. Pitch Deck + Pitching Video (3 minutes)

A pitch deck presentation that overviews your project, its goals, USP, a clear roadmap and how it addresses the hackathon track you have chosen.A 3-minute video presentation where you or your team members pitch the project, explaining its key aspects.

6. URL Link to Website (with Live Demo if possible)

A link to a website showcasing your project. Ideally, the website should have a working Minimum Viable Product (MVP) that judges can interact with.
Optionally, the website can be password-protected, and the password should be sent via email to hackathon@soonami.io

7. Live Demo Video (up to 2 minutes, optional)

An optional video demonstrating how the MVP works, highlighting its key functionalities.

8. Team Members/Project Roles

At least two co-founders are assigned as team members with specified project roles.
Profiles of team members on Foundance, a platform for showcasing team members and their roles.

9. Discord Handle of At Least One Co-founder

The Discord handle/contact information of at least one co-founder for communication during the hackathon.

3 Minutes survey of your experience

Please note that fulfilling criterion #6 is ideal, but if it's not possible, #7 is compulsory. However, not
delivering #6 might reduce your overall score, depending on the jury's assessment of your project.

10. Discord Massage post submission

Please send a message in the #generalchat channel of discord after submission in the below format:
SUBMISSION COMPLETE:
PROJECT NAME :
My hackathon experience was .....

Compliance with Laws and Regulations

Participants must comply with all applicable laws and regulations during the hackathon. Projects or activities that violate any laws or regulations are not permitted.

Communication and Updates

Participants must regularly check communications from the organizers for updates, announcements, and any changes to the hackathon schedule or rules. Discord is the main communication platform. We will email you with the most important information, if you already have registered here.

Event Support

The Foundance team will be available to help for any kind of issues , to ensure a light and pleased experience. They will be available every day of the event from 8:00 till 16:00 CET.

Mentorship and Guidance

soonami ecosystem is there to support you through this journey. You are able to reach to mentors as many time as you like during the event. You will find a dedicated channel on the Foundance discord where to get in touch with mentors and schedule meetings.

Pitching and Presentation

A professional pitching is required form the selected project during the announcement day. The projects’ names will be announced in the morning of the same day, just before the event, as we expect anyone to be ready to sell they idea as an unicorn!

Disputes

You will be disqualified in case of misleading and non polite behaviours. We love transparency, collaboration and respect above professionality and great results. We aim for the best team to work with, thus any kind of bad reputation may implicate your event participation.

Any disputes or disagreements arising from the Venturethon shall be resolved through mutual discussion and good faith negotiation between the parties involved. In the event that a resolution cannot be reached amicably, the parties agree to submit the dispute to mediation by a neutral third party mutually agreed upon by both parties. If mediation fails to resolve the dispute, the parties agree to submit to binding arbitration conducted in accordance with the rules of the German Arbitration Association. Each party shall bear its own costs associated with the dispute resolution process, unless otherwise agreed upon in writing. This dispute resolution mechanism shall be the exclusive means for resolving any disputes arising from or related to the Venturethon.

Publicity

By joining the Venturethon, Entrants agree to have their Submissions promoted and showcased by Soonami, as well as the use of their personal information for promotional activities. This includes, but is not limited to, the Entrant's name, image, voice, opinions, and location. Such content may be utilized in various media formats globally, without additional compensation or the right to review, unless legally restricted. Permissible usage encompasses advertising and promotional endeavors.

Intellectual Property Rights

Participants retain the intellectual property rights to their projects. The organizers may request participants to provide a summary or demonstration of their project after the Venturethon.

Resources and Tools

During the event you will be allowed to use external existing tools. We ask you a detailed list of the in use one, with real references of the project development.

Bounty payout

Check our Prize Pool page for prizes in each category. We payout the bounty amounts within 4 weeks of announcing the winners. You just have to share the required account details when our team gets in touch with you.

Jury

We have three leaders from soonami on the jury. For more details check out our jury page.

FAQs

We know you might have a lot of questions about submissions, IPs, etc. Check out our FAQs section. Scroll to the bottom of this page.

Mentors

We have an amazing set of mentors who are leaders in web3 and AI. To know more about them check our mentors page. You can interact with them on our Discord. They're there to guide you through the hackathon.

FAQ

All your questions answered

What is the soonami venturethon?

The soonami venturethon is a 10-day startup launchpad where teams from across the globe work on building their ideas in the web3, AI and tech space. Participants get support from soonami for forming teams and technical guidance. There are a set of industry experts who act as mentors to participants.

Individuals can devote as much time as their project requires per day. This will also depend on the skills and size of your team. Each team consists of developers, marketers, planners, entrepreneurs, or any other type of contributor that you wish. There are no 1-person teams. Entry is free, and registration is open to all.

The aim is to create real-world applications that appeal to customers. There is also an opportunity for winning projects to be funded. The soonami ecosystem offers funding of $125k. This is in addition to the upto $25k prize pool for the Venturethon. More details can be found on our ecosystem page

Who can participate?

The Venturethon is open to all. You can be a developer, entrepreneur, AI or Web3 enthusiast, student, marketer, designer - absolutely anybody who can contribute either technically or from a business perspective. However, this is aimed at serious individuals who want to contribute to something that could soon become a real-world project. Whether you have an idea and are looking for a team or are keen to work and are looking for teammates who have an idea, the venturethon is for you. Each team will need atleast one developer to build the tech side of the product.

What are the dates?

Venturethon edition 7 starts from 28 April. Check our schedule for more details.

What are the judging criteria?

1. Innovation
The foremost criterion is innovation. Participants are encouraged to create solutions that are innovative and unique, setting them apart from existing market solutions. This means offering a novel approach or technology that hasn't been frequently attempted. Additionally, we'll assess how AI or web3 or ‘AI &Web3’ integration is leveraged to solve problems.

2. Team
The team should consist of at least two co-founders and could be up to 5 members with diverse backgrounds. We will be looking at the diversity of skill sets within the team, including technical, business, and domain expertise that fit the project.

3. Technical Competence and Quality
The solution should demonstrate technical competence and quality. Please check for adequate documentation, especially on GitHub, to ensure third parties can understand and follow the code.

4. Market Potential and Business Model
The solution should have a well-defined target audience and potential for growth. The business model should be well-defined, showcasing the solution's value proposition, monetization strategies, and scalability.

Participants are required to create a fresh repository, use open-source code as needed, develop a project with broad applicability (scalability), and focus on crafting a completely new feature or functionality they haven't worked on previously for their hackathon project. These guidelines aim to encourage innovation and collaboration during the event.

Do I need to register?

Yes! Register on our platform Foundance before April 28

Is participation limited to new projects?

Established teams can compete under our second category ‘On The Fast Track’. You will get to showcase your advanced projects, gain valuable feedback, and connect with industry experts.

How do I join a team or find a team?

Visit Foundance and create a Role on your project page, you can also send a message in our Discord (https://discord.com/invite/aQkxhBEgRX)

What information do I need to submit for my project at the end of the Venturethon?

‍
1. Name of the project: A unique and catchy name for your project. This can be AI-generated on Foundance.

2. Logo: A visually appealing logo that represents your project. This can be AI-generated on Foundance.

3. Description (150 words): A concise and precise description of your project, outlining its purpose, features, and benefits.

4. GitHub Link Basic Documentation: A link to your project's GitHub repository with essential documentation, including installation instructions in the README file.

5. Pitch Deck + Pitching Video (3 minutes): A pitch deck presentation that overviews your project, its goals, USP, a clear roadmap and how it addresses the hackathon track you have chosen.A 3-minute video presentation where you or your team members pitch the project, explaining its key aspects.

6. URL Link to Website (with Live Demo if possible):A link to a website showcasing your project. Ideally, the website should have a working Minimum Viable Product (MVP) that judges can interact with.Optionally, the website can be password-protected, and the password should be sent via email to hackathon@soonami.io

7. Live Demo Video (up to 2 minutes, optional):An optional video demonstrating how the MVP works, highlighting its key functionalities.

8. Team Members/Project Roles: Profiles of ALL team members on Foundance need to be complete with email, discord, LinkedIn links and photographs. All members need to have a defined 'role' in the project. Any missing details of any team members will lead to disqualification.

9.Discord Handle of At Least One Co-founder:The Discord handle/contact information of at least one co-founder for communication during the hackathon.

10. 3 minutes survey of your experience

Please note that fulfilling criterion #6 is ideal, but if it's not possible, #7 is compulsory. However, not delivering #6 might reduce your overall score, depending on the jury's assessment of your project.

Once your submission is complete, announce it in our discord channel (general chat) with the project name.
Also, describe your hackathon experience with one line.
‍Example:
✅ SUBMISSION COMPLETE
🏆 PROJECT NAME :
💫 My hackathon experience was ___

What information does the pitch deck need to have?

-A brief introduction of yourself and your company’s vision in the Web3, AI, or tech space
-The problem you’re tackling
-Your solution that addresses the problem
-The size of the market, its potential for growth, and any emerging trends in the sector
-The role of your token, if you have one, and how it adds value to your ecosystem
-If it’s an existing project - any milestones reached, early adopters, on-chain metrics, partnerships, or other indicators of progress
-Your key competitors and your differentiators, especially in terms of technology, security, and community
-Your financial outlook and funding projections
-Your ask from investors or the community (e.g., funding amount, partnerships, staking, or other forms of support).

Are there any events I can attend that’ll help me understand how to crack the hackathon?

Kick-off events and workshops usually start three weeks before the hackathon. We organize meetings where our team takes you through what to expect. We also organize workshops and masterclasses on developer tools and efficient ways to build products. Check our schedule page.

Are all participants and projects eligible for the startup investment?

Yes, all projects are eligible for investment. But it is usually only the winning projects that are considered for the soonami accelerator at the end of the hackathon. Selected teams will be invited to pitch to our investment committee post-hackathon and will be eligible for $125 K funding. Please refer to the ecosystem page for more details.

What are the investment terms?

We invest $125k at 9% OR $25k for 3%, 100k for 6% in two tranches. If an external investor wants to invest into a soonami venture, soonami gets an option to invest 3% alongside at most favored nation terms.

Investment Criteria

Innovative Technology: The startup's technology effectively addresses a tangible user or customer problem in the realms of Web3 and AI.

Team: A team comprises a minimum of two co-founders with complementary skills.

Market Potential: The market potential for the startup's solution is substantial, presenting an opportunity to build several unicorns in the space.

Competitive Edge: The startup possesses a competitive edge or unique selling proposition in its technology.

Adaptability: The startup demonstrates the ability to adapt to changes and advancements in the rapidly evolving Web3 and AI landscape.

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