Go Code Colorado was built to be better: better than a hack-a-thon and better than a startup event. In addition to sparking innovation around open data, we want to deliver real value to Colorado businesses and create a vehicle for entrepreneurs and developers to take part in economic development for Colorado. When teams win Go Code Colorado, they gain more than the grand prize of $25,000.
First, our ten finalist teams are offered attendance at our Mentor Weekend—an invaluable opportunity to rub elbows and pick the brains of been-there-done-that entrepreneurs and developers. The Mentor Weekend is specially developed to provide teams the opportunity to gain the insight and skills they need to succeed and win Go Code Colorado.
Some of the most frequently asked questions participants ask us involve the contract terms for accepting the awards after they win Go Code Colorado. We want to be perfectly clear about life after the competition—life with some financial incentives to keep the apps and businesses running and having the State of Colorado as an invaluable first client.
- Each winning team signs a one-year agreement where the State of Colorado grants a license to the winning teams to use the intellectual property developed during the competition. In return, Go Code Colorado asks the winning teams to maintain the software and to provide analytics on how their software is used in return.
- Once the year is up, all the intellectual property and software is automatically assigned back to the winning team. If a winning team is able to raise financing or gross revenues of at least $50,000 before the year is up, the intellectual property will be assigned to the team at that time.
We think we’ve struck a good balance with a services agreement that honors the stakeholders who fund Go Code Colorado with one that requires reasonable deliverables, provides flexibility, and that positions a new business for growth.
As always, we welcome your questions and comments. Email us anytime.