By participating in the NewFood Startup 2020 (“Contest”) and submitting an entry, each applicant (“you”) (and his/her parent or legal guardian on his/her behalf if he/her is a minor) confirms that the applicants have read these Terms and Conditions, and agree to be legally bound by these Terms and Conditions. Internet access and a valid email address and telephone number are required to participate. For the purposes of these Terms and Conditions, the term “applicants” includes all of the members of groups that participate in the Contest.
Submission period begins: 31 August 2020
Submission period closes: 25 September 2020
Written submissions reviewed: from 26 September 2020 to 1st October 2020
Applicants selected for telephone interview and notified: 1st October 2020
Potential grant recipients selected after telephone interviews: 12 October 2020
The following companies are eligible to enter this Competition: individuals and companies in Indonesia that are doing their part to reduce the impact of climate change by creating a shift to plant-based eating. This could be an entrepreneur creating a switch from meat to plant or dairy to plant milk, or a food tech wanting to offer innovative plant-based food to consumers.
Persons who are employees or representatives of NewFood Startup 2020 are not eligible to enter the Competition.
Projects must be located in Indonesia and benefit Indonesians. They can be existing, or brand new – but it must fulfil the criteria for entry.
Applicants must submit the following:
Complete online application.
Applicants must designate a representative who will be responsible for submitting the project on behalf of the company, and presenting the pitch. The representative will also be responsible for signing the contract, for accepting and administering the grant (funding and/or products), and for submitting the progress report.
All applicants require proof of identity and/or eligibility for entry into the Contest.
Grant of Investment
It is up to the sole discretion of the NewFood Startup 2020 Organising Team to determine which applicants receive a grant and which applicants do not, based on the judging criteria set out herein.
It is up to the sole discretion of NewFood Startup 2020 to determine what each grant will consist of as well as when and how it will be distributed by NewFood Startup 2020 to the recipient (i.e. depending on the project selected).
The selected companies are each eligible to receive:
A grant being given in form of funding at least US$5,000 and up to US$10,000 from Floats Foods in exchange of 10% equity.
A grant being given in service at least US$5,000 and up to US$ 10,000 from Ultra in exchange of 10% equity.
on the condition that they meet the conditions set out herein and otherwise comply with these Terms and Conditions. NewFoods Startup 2020 reserve the right to award additional grants to applicants, subject to our sole discretion and these Terms and Conditions.
Each grant must be accepted as awarded and is not transferable, assignable and/or convertible to cash. No substitutions are permitted, except at NewFood Startup 2020 sole and absolute discretion. What is not expressly included in the grant description stated above is excluded, and it is the sole and absolute responsibility of the grant recipient. NewFood Startup 2020 reserves the right at any time to place reasonable restrictions on the availability or use of a grant or any component thereof, in addition to those restrictions set out herein.
In order to objectively assess submitted projects, a panel of 4 judges consisting of 2 from Ultra and 2 from Float Foods will use a template scorecard to review entries. Specifically, the panel members will score each project against six (6) key criteria, each given equal weight – with a score of 0, 1, 2 or 3 being assigned against each – which means a maximum potential score of 18.
The judging panel will select up to ten entries with the highest total score to pass to the second round. The second round will consist of pitch presentations, scheduled at the time indicated by NewFood Startup 2020.
The panel will use the same scorecard to assess entries during the first round of review (written submissions) and then again to review the entries based on the presentations and information provided in the second round. The applicants with the highest scores during the final round will be selected as recipients of the grants.
If (a) the selected applicant or applicant representative does not respond to NewFood Startup 2020 within one (1) week of notification; (b) there is a return of any email notification as undeliverable; (c) the selected applicant or applicant representative fails to return or returns incomplete or improperly executed the contract or other Contest-related documents requested by NewFood Startup 2020 within the specified time; (d) the selected applicant cannot accept (or is unwilling to accept) the grant, as awarded, for any reason; and/or (e) the selected applicant is otherwise in violation of these Terms and Conditions (all as determined by NewFood Startup 2020 in its sole and absolute discretion); then the selected applicant may, in the sole and absolute discretion of NewFood Startup 2020 will be disqualified (and, if disqualified, will forfeit all rights to the grant) and NewFood Startup 2020 reserves the right, in its sole and absolute discretion and time permitting, to select an alternate applicant in accordance with these Terms and Conditions.
The grant recipient and or the applicant representative on behalf of the winning company must sign and return to NewFood Startup 2020 the contract and return within one (1) week of notification.
All applicants agree to release, to hold harmless and to indemnify the NEWFOOD Startup 2020 from and against any and all claims, actions, damages, losses, debts, costs, expenses and liabilities of any kind, known or unknown, arising from, or in connection with NewFood Startup 2020 Project, this Contest, your submission, your project, and any activities related to the foregoing, as well as your acceptance, use and misuse of the grant (including funding and/or products)
The grant winner must submit a progress report every quarter to update NEWFOOD Startup 2020 on the progress towards what has been accomplished.
In the event of any discrepancy or inconsistency between these Terms and Conditions and disclosures or other statements contained in any Contest-related materials, these Terms and Conditions shall prevail, govern and control to the fullest extent permitted by applicable law.
To the fullest extent permitted by applicable law, all issues and questions concerning the construction, validity, interpretation and enforceability of these Terms and Conditions or the rights and obligations of applicants, NewFood Startup 2020th’s Own or any of the other the Released Parties in connection with the Contest will be governed by, and construed in accordance with, the laws of Singapore. The parties hereby consent to the exclusive jurisdiction of the courts of Singapore.