Entrepreneurship World Cup Summit: Fostering Innovation-Driven Entrepreneurship

Session Description

Access to funding, investor connections and mentors are among the top needs of entrepreneurs worldwide. Countless pitch competitions attempt to address these challenges, but none are quite like the Entrepreneurship World Cup. The competition has become one of the largest and most diverse of its kind, as more than 400,000 entrepreneurs from 200 countries have entered since it launched in 2019.

At this Summit, national partners and others interested in the competition will share insights into their approaches in helping founders at all levels – from idea to scale-up – to succeed and grow. Delegates will also discuss how nations are leveraging competitions and accelerators to produce more innovation-driven entrepreneurship, and how EWC can support this goal.

Session Recap

This session was a vibrant and interactive roundtable discussion focused on enhancing the reach and impact of the Entrepreneurship World Cup (EWC) program. Hosted by Mark Marich, EVP and co-founder of GEN, the discussion brought together existing EWC partners, potential new partners, and individuals experienced in the startup ecosystem and pitch competitions. The goal was to generate ideas and share insights on how to more effectively engage partners and reach startups globally. The conversation delved into the current landscape of pitch competitions, the perception and awareness of EWC, strategies for refining the program's value proposition and messaging, and improving communication and partnership channels.

Outline
• Introduction to the Entrepreneurship World Cup (EWC): Overview of the program, its history since 2019, scale (15–20k applicants, $1.5M in prizes), process (250 virtual boot camp, 100 global finalists in Riyadh), and structure (all stages: idea, early, growth; sector prizes).
• Current Landscape, Awareness, and Perception: Discussion on how well-known EWC is in various regions, noting low awareness in some areas (UK, Florida) but high standing in others (Singapore, Southeast Asia). Explores potential reasons for low awareness, including the crowded pitch competition market in some regions (like Europe) and potential trust issues or mindset barriers.
• Value Proposition and Messaging: Focus on tailoring messaging beyond the monetary prizes to highlight key benefits like global exposure and connections. Suggestions include creating different messaging "trails" and criteria explanations for different startup stages (idea, early, growth). The free trip to Saudi Arabia for finalists was noted as a significant, sometimes under-marketed, incentive.
• Post-Competition Follow-up and Success Stories: Discussion emphasizing the importance of tracking and promoting the success of finalists, especially those who don't win, as they often achieve significant milestones post-EWC. The "90" non-winning finalists represent a valuable potential pipeline.
• Transparency and Clarity: Need for clearer communication of evaluation criteria and how startup stages/categories are measured, as current information is often buried on the website.
• Channels and Partnerships Effectiveness: How to be more effective in engaging new partners and supporting existing ones. Discussing the value proposition for national partners (ROI, diverse metrics).
• Communication Channels: Transitioning partner communication from Slack to WhatsApp, and the pros/cons of each platform regarding immediacy vs. history. The need for better communication with startups post-application.
• Engaging Universities: Exploring the possibility of integrating EWC into university curricula to provide students with entrepreneurial experience and potentially lower entry barriers for idea-stage founders.
• Application Process Accessibility: Making the application easier and more accessible, potentially allowing non-text formats like video pitches.
• Strategic Partnering with Other Competitions: Discussing the potential to partner with top national/regional pitch competitions (like 43 North) to create a funnel for high-quality, later-stage startups, balancing this with broader quantity goals.
• Soft Landing Opportunities: Highlighting the value of market entry opportunities, such as the chance to explore doing business in Saudi Arabia for finalists.

Notable Quotes
• "No awareness... This is good. This is promising because that means there's a lot of untapped potential that's out there."
• "If it it's everyone it's no one... if we are focused on pretty much early stage company and also late stage we could have different trails for them... because they are seeking for different things"
• "I think the best practices we have made in Colombia was to have the stakeholders that spread the information..."
• "...almost none of the marketing and even in conversations talks about the free trip to Saudi Arabia. That's a big thing..."
• "...there's not a clear value proposition for the national partner. What's my return on investment?"

Key Takeaways
• Address Awareness and Perception Gaps: Despite being a global competition running for over 5 years, EWC has low awareness in key markets. Efforts must focus on increasing visibility and explaining the competition's unique value proposition.
• Customize Messaging for Audiences: A one-size-fits-all approach isn't effective. EWC needs tailored messaging that speaks directly to the needs and aspirations of different startup stages (idea vs. growth), specific sectors (like space tech), and potential partners (governments vs. accelerators). Emphasizing experiential benefits like global connections, exposure, and the trip to Riyadh is crucial.
• Enhance Partner Support and Communication: Partners are critical for local reach, but need a clearer value proposition, better access to applicant data for local follow-up, and proactive sharing of evaluation criteria to help them prepare entrepreneurs.
• Leverage Success Stories and Support Non-Winners: Focusing messaging on the achievements of past participants, winners and non-winners alike, provides compelling use cases. Implementing better systems to support and connect the non-winning global finalists ("the 90") with further opportunities is a valuable area for growth.
• Reduce Barriers to Entry and Explore Strategic Funnels: Making the application process simpler and more accessible, potentially through university partnerships and diverse application formats, can attract a wider pool, particularly idea-stage entrepreneurs. Simultaneously, exploring partnerships with established top-tier pitch competitions could serve as a quality funnel for more developed startups.

Resources Mentioned
• Entrepreneurship World Cup (EWC) Website: entrepreneurshipworldcup.com
• WhatsApp: Used as the current communication platform for organizers and partners.
• Stephen Rodriguez's Email: stevenjenglobal.org (for partners to join the WhatsApp group).
• Slack: Previously used communication channel for organizers.
• Page 87: Referenced for content on past winners' current status. (Note: The specific title of this document was not mentioned in the source audio.)
• Deutsche Bank Under30s Ecosocial Entrepreneur Program: Mentioned as an example of accessible applications.
• 43 North (Buffalo, New York): Mentioned as an example of a large-scale pitch competition.
• GCE: Mentioned as a network of university entrepreneurship centers present at the conference.

Action Items
• Proactively Share Evaluation Criteria: Make the evaluation criteria more visible and accessible to both partners and applicants.
• Improve Partner Access to Applicant Data: Explore ways to provide national partners with better access to the data of applicants from their country to facilitate local support and follow-up.
• Develop Tailored Partner Value Propositions: Refine and communicate the specific benefits of partnering with EWC based on the diverse types of partner organizations.
• Explore University Curriculum Integration: Investigate developing materials or reviving a program like EWC Accelerates to support universities in integrating EWC participation into their entrepreneurship courses. A connection will be made with Scott Fox regarding assistance with this.
• Facilitate Connections: Connect Derek (representing New York/Buffalo) and Scott Fox (Southern California) to discuss potential regional engagement and collaboration opportunities, possibly involving competitions like 43 North.
• Ensure Partner Communication Access: Confirm all partners are aware of and connected to the current WhatsApp communication channel.
• Enhance Startup Communication: Implement better follow-up and communication strategies with startups after they apply so they feel informed and engaged.