The BASES Challenge season has officially sprung into action.
BASES Challenge is Stanford’s oldest and largest student startup competition. As an annual startup competition, Challenge awards funding to aspiring Stanford entrepreneurs. Students and alumni enter their business or social venture ideas to compete for $100,000 in prize money and developmental opportunities. The application process begins with an electronic written application and culminates in two rounds of live judging.
Naturally some might find this process intimidating, perhaps even unattainable. As sophomore Simar Mangat spoke at the event on Monday, he described being a Freshman last year with little formal knowledge of entrepreneurship, but simply found some friends, united over a fiery passion, and just went for it. His novice team actually went on to win Challenge.
And, it’s true. BASES hopes this opportunity is a learning process in itself—one that anybody and everybody can get immersed in with innumerable chances along the way to make industry connections, get your name out there, develop closer bonds with fellow student entrepreneurs, become inspired, and, of course, strive for that ultimate gold at the end of the rainbow that could truly kickstart your venture.
In parallel with BASES’ goal to lengthen the reach of the competition to a wider audience, a couple new initiatives have been launched this year. Perhaps the most exciting is the initiative, BASES Funds. In the words of BASES Co-President, Brandon Garcia,”BASES Fund is a new initiative we’re piloting with the objective of eliminating financial constraints from students’ endeavors to work on their own projects. The fund seeks to distribute grants to students doing legitimate work. All we ask for in exchange is regular updates to our blog to keep the wider community in the loop about the technologies being developed.” There is also a greater chance for social ventures to take home money with this year’s altered Challenge prize structure.
As the evening concluded, those at the Kickoff last night got to hear some frank advice from Michael Baum, CEO of Founder.org and entrepreneurial enthusiast who left the audience with 8 thought-provoking tips for any entrepreneur to keep in mind while starting a startup. He described the lifestyle of an entrepreneur as something like no other than a lifestyle that “ is so worth it in the end.” He encouraged everyone in the audience to leverage the innumerable resources Stanford University has to offer while we are still students here—from the Maker’s Lab to opportunities like BASES Challenge to meet industry professionals to, of course, the rich diversity of minds we have the opportunity to be surrounded by everyday. So, why not take a chance?
Garcia and Michael Longoria, Director of Challenge agree that “Kickoff brought together future participants, past winners, and industry professionals to share their excitement for the BASES Challenge competition. A great keynote by Michael Baum, awesome demos from incredible Challenge alumni, and a great audience contributed to a successful 2015 launch of Stanford’s largest and oldest venture competition.” And with that, here’s to another season of BASES Challenge pitches, creativity, uncertainty, memories, and passion.
As Mangat encourages, “you won’t get the chance to go through something like BASES Challenge again. The timing is never “perfect” so even if you’re on the fence…just go for it!”
Want more specifics about the prize structure? Find it here
Curious about BASES Fund. Apply here!
BASES Challenge Timeline
Jan 19: Applications go live
Mar 07: Applications due at 11:59pm
Apr 09 – Apr 10: Initial Judging Round
Apr 12 – May 1: Workshops + Office Hours
May 08: Finale Event
By Divya Saini