How the 2013 Fish 2.0 worked
The 2013 Fish 2.0 Competition offered finalist competitors up to $75,000 in cash prizes, semi-finalists a prize of $2,500, and all finals participants access to investors interested in the fishing and aquaculture sector.
The competition was open to all wild capture based fisheries businesses and also to any aquaculture business based on seafood from closed containment recirculating systems (full or partial) or from in-ocean tank systems. All competitors advancing beyond Phase 1 received free one-on-one time with experienced advisors to help them refine and package their ideas. Entries were judged on their business quality, presentations and investment potential. Additional points in the competition were awarded for business ideas that offer improvements in local economic and/or environment sustainability. These qualities could be built into the competitor's business plan during the course of the competition and were not required to enter.
The competition took place in several phases. Competitors receive feedback from investors and judges at each phase before spending additional time on their business idea. The phased approach breaks down the work load over the 9 month competition period for participants and offers competitors assurance that their efforts are worthwhile before they spend additional time on their entry.
In each phase, competitors:
- Created an online entry to provide details about the venture.
- Received scores from judges to determine if they advance to the next phase.
- Were assigned an advisor to help develop the entry as needed (Phases 2, 3, 4). They had a chance to approve the advisor and to ensure that there are no conflicts of interest.
Final Event: networking and prizes
The final phase concluded with an in-person, 2-day event on Nov. 12-13, 2013, at Stanford University, in Palo Alto, California. This provided:
- 10 Finalists with an opportunity to pitch their business ideas to a panel of experienced judges offering real time feedback for each. This also exposed the business idea to a broad audience of investors. Finalists had multiple opportunities to meet potential investors.
- 10 Semi-finalists had an opportunity to learn from their peers and to meet investors and advisors who can help them move forward with their ideas.
- Multiple networking opportunities for all with investors, advisors, business leaders and sponsors of the competition.
- Information and learning sessions for both competitors and investors.
- An awards ceremony announcing the cash awards for the top three proposals and for the top semi-finalist.