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      /  Activities / BIT Siberia / F.A.Q. 

F.A.Q.

Questions:

 

1.    Why participate in “BIT Siberia”?

 

“BIT” is brought to help gifted people with interesting ideas or developments learn to formalize these ideas and find investors who would be ready to invest in the developments.

 

For participants of “BIT Siberia” it is a prime opportunity to:

·         acquire knowledge on how to prepare a project for presentation to an investor, even if they do not have any innovative idea;

·         learn how to draft a business-plan for a project;

·         learn how to effectively present their project to an investor and persuade him/her that it is your project that deserves investing in;

·         gain experience in teamwork on an innovative project;

·         get better understanding of attractiveness of their projects and formalize;

·         receive finances for business development in case of wining;

·         promote the idea;

·         find an investor or a high-tech company which would be ready to support your development;

·         in one way or another – to promote themselves.

 

 

2.    Why does “FiBr” organize the “BIT Siberia” competition?

 

The mission of our company is to develop an innovation ecosystem of Tomsk which would interconnect parties to the innovation process and thus give them an opportunity to effectuate their business-purposes. This would ensure a high percentage of successful market entering by the companies we support. Their success is our success. Therefore, we do everything we can to carry out our mission. For this reason we see “BIT Siberia” as

·         an instrument for creating an innovation ecosystem of Tomsk, since the competition gathers up developers and investors, representatives of universities, science parks, business incubators, high-tech companies etc;

·         a model help the innovation ecosystem work better;

·         an opportunity to find an interesting project for investment;

·         a chance to demonstrate the main business of the company.

 

In addition, as a socially responsible company we are interested in innovation-driven development of our region and our country and we make a contribution in it by our activities.

 

 

3.    Why are investors and major companies interested in “BIT Siberia”? 

Investors and representatives of major companies gladly participate in “BIT Siberia” because the competition gives them a chance to see a number of interesting innovative ideas and projects, meet their authors and do it on the spot. They can select a project to invest in, and, if they choose to, share their knowledge and experience with the developers during the educational program, instruct them how to build communication with an investor to make him interested and receive investment. They also render assistance at the next stage of project development – its implementation. This is not a pure charity. It is advantageous for investors and companies that there appear as many as possible innovative ideas which can be turned into successful business-projects.

 An example from the IT filed: a company enters the market with new, highly demanded software. The product works using other software produced by a different company. By using the new product, a customer uses the software of the other company as well, i.e. both products are successfully promoted at the same time. That is why “the other companies” are very interested in appearance of products which are in some way or another connected with them. And the most important is that they do their best to help new companies progress.      

 

4.    BIT Siberiawas held for the first time a year ago. Did its participants manage to use the opportunities you describe? 

“BIT Siberia 2008” surely offered its participants all of the abovementioned opportunities, and those who took conscientious approach, managed to gain much.

1.    A very important result is the knowledge each participant got from the leading specialists in innovations commercialization. They were offered assistance and professional advice at every stage of project preparation.

2.    In addition, guided by these specialists, the participants have drafted sound business-plans which can be used outside the competition to search for financing and to materialize their projects.

3.    Have gained the experience of all stages of project presentation to an investor: from slides preparation to public speech planning.

4.    The winner and runners-up were awarded with funds for business development.

5.    The winner-team participated in the final of the Russia-wide “BIT” competition in Moscow, and then in the international business-plan challenge “IBTEC” in the University of Berkley (California, USA), and in the international conference for projects “Silicon Valley Open Door” (SVOD). But the participation itself is not the most important part. It’s more important that the participant have a chance to promote themselves to major venture funds of Russia and the world and get a first-hand understanding of how to do it electively, successfully and correctly. The leader of the winner-team has been holding up to 18 meetings with investors and companies every day. He got into many issues of legal and financial activities and got the understanding of the process of creating a company with minimum loss of time, money and effort.

 

 

5.    Why do sponsors choose to allocate funds for “BIT Siberia”?

 

Of course the sponsors pursue their own objectives. First of all, they gain promotion among the target audience. In the second place, those of our sponsors who are investors can find an innovative project to invest in. In the third place, our sponsors recognize the importance of “BIT Siberia” for the innovation-driven development of Tomsk and the whole Russia and, being socially responsible, support it.

 

 

6.    Why do authorities and representatives of scientific community support “BIT Siberia”?

 

They see the benefit the participants can get from the competition, and the benefit they can bring to the region.

 



   
Activities
   BIT Siberia
      Competition structure
      Timetable
      Innovators Lyceum
      Iron entrepreneur
      Finalists
      Sponsors & partners
      Jury
      F.A.Q.
      BIT Siberia 2008
         Timetable
         Jury
      BIT Siberia 2009
         Timetable
         Jury
      BIT Siberia 2010
         Jury
      BIT Siberia 2011
         Jury
      Ideas
         BIT Siberia 2008
         BIT Siberia 2009
         BIT Siberia 2011
   Marchmont Conference
   Strategy Partners
   Tech Tour





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