Issue 1/2024, News

3W Challenge – competition for innovative projects in the 3W area

Posted on 10 January 202410 January 2024 by Zespół redakcyjny

10
Jan

Bank Gospodarstwa Krajowego (BGK), Idea 3W and The Heart are proud to announce the inaugural edition of the 3W Challenge, which targets researchers, entrepreneurs and technology companies. The 3W Challenge is a unique opportunity for projects in line with the 3W Idea – water, hydrogen, coal – and offers support for the development of cutting-edge technologies in the fields of industry, energy, medicine, agriculture and other economic sectors.

3W Challenge Objectives

The competition aims to support innovative research and development (R&D) projects and young startups that focus on the use of at least one of three key resources: water, hydrogen and coal. The 3W Challenge focuses on developing technologies that have the potential to have a revolutionary impact on various industries.

– We announced the 3W Challenge competition to support the development of research and development projects of Polish originators and developers of technologies in the 3W (water, hydrogen, coal) area,” says Aleksandra Surynowicz, Director of the Investment Department at Bank Gospodarstwa Krajowego. – By initiating venture-building activity, BGK is launching an additional, positive impetus for the development of new ventures in the area of new technologies and innovation. In this way, we want to increase the supply of projects that can gain further support from venture capital funds,” he adds.

As emphasized by Jedrzej Iwaszkiewicz, co-founder of The Heart, the key goal of building technology solutions in the Venture Building model is to minimize risk and accelerate the project implementation process, which at the same time enables rapid commercialization of the solution. These tenets are the foundation of the 3W Challenge.

3W Challenge Award

By entering the competition, participants have the chance to become one of three Laureates and win comprehensive support in the form of Venture Building services for their project, which includes:

Business Development of the Project – including preparation of a business model and construction of a financial and marketing plan.
Market Verification and Customer Alignment: Provide a market analysis of the demand for the solution and tailor the design to meet real customer needs.
Establishing Contact with Investors: The ability to establish contact with investors from the early stages of project development, this increases the chances of obtaining financing.

– The three selected 3W Challenge winners will be rewarded with the support of a dedicated team of startup building specialists. Together with them, the winners will go through a proven process of validating, building and finally launching an operational solution. Our projects will be developed in an ecosystem that will prepare them for fruitful collaboration with corporations and investment funds – says Jedrzej Iwaszkiewicz, co-founder of The Heart. Behind the award is also support in key areas that become essential when entering the market – assistance with sales activities, legal issues, marketing, HR support and building a strategy for scaling the product. For research teams of several people or fledgling startups, winning and partnering with The Heart is a unique opportunity to realize ambitious plans – he adds.

Schedule of the Competition

22.01.2024 – Completion of acceptance of applications and verification of projects
28-31.01.2024 – Invitation of selected projects to Demo Day in Warsaw
26.02.2024 – Demo Day, Jury deliberations and selection of 3 Contest Winners
27.02.- 8.03.2024 – Individual interviews with Laureates
8.03.2024 – Start of venture building process

The 3W Challenge initiative is substantively supported by the scientific and research ecosystem, corporations and investment funds.

– We are excited about the opportunity for strategic partnership in the 3W Challenge initiative. By bringing together the worlds of science and business in the areas of coal, water and hydrogen, this competition can identify teams developing breakthrough technologies that will not only meet today’s challenges, but also open new horizons for sustainable development and innovation, says Bartosz Pakulski, investment analyst at Vinci S.A. – We believe there is potential for further cooperation between our fund and the contestants, and the venture-building process offered as a prize will help properly prepare for turning an idea into a profitable business, he adds.