Questions & Answers
Q: How long has Práctico Innovation been around?
A: We are a self-funded private company formed in Rhode Island in 2013.
Q: Who owns the ideas we submit?
A: Your idea belongs to YOU!! We will not share your business idea with anyone outside of our company. Those ideas which show the greatest promise, we will work to help you sell to your customers through our introductions.
Q: What does it cost to submit or enter into the showcase?
A: There is NO cost to submit an idea or attend our September showcase!
Q: What does Práctico Innovation get from the ideas and businesses it invests in?
A: We ask for no equity initially from the ideas and businesses we invest in. We look to introduce you to clients who are interested in your products and services and assist in growing your revenues. As we help you grow and develop your business, we will look to invest additional capital along with other Investors to help you receive additional investments.
Q: How do I present my business idea at the showcase?
A: At the Showcase, the judges will ask you 4 questions about your business idea and you will only have 3 minutes to answer. The judges will provide both written and verbal feedback. The 4 questions can be found on this website.
Q: How many Winners are there and what do I win?
A: The strongest ideas are rewarded with no set number of winners. We have awarded and invested in 11 winning businesses in three years.
Q: Are winners required to attend the workshops?
A: Yes. These are custom workshops that will focus on business idea validation, bottoms up research and prototype creation – yes you will build out your idea!! We believe this prepares you to successfully earn money from Customers and raise money from Investors.
Q: What happens if I enter the Showcase but don’t win and receive an investment?
A: Every business idea entrant will receive an evaluation of their idea to assist them to continue to work on and grow. Additional development support will be provided by our Community partners.