My read is that the "Startup Challenge", by Snowflake, is a scheme/scam devised to achieve a singular goal: Generate new and varied intellectual property quickly, and of the upmost quality, all generated for free, and the derived value only God knows, but hundreds of millions in value for perpetuity is probably a low-ball guess.
The operation is couched under the guise of a "contest".
The challenge begins with numerous "contestants" (free labor) chosen after a rigorous application process.
"Contestants" compete against one another in "challenges" (novel ip generation).
"Winners" of "challenges" win by creating what is deemed to be the "best" and/or most "creative" solution by a panel of "judges".
The panel of "judges" who choose the "winners" (those who made the valuable new IP) are venture capitalists handpicked by Snowflake.
The scheme is literally perhaps the most highly efficient, fastest producing, and most valuable wealth generator that will continue to provide value for all time, ever conceived. It is a perpetual wheel of fortune generation and all labor and intellectual tasks are perform free of any cost.
There is so much to unpack, but I'm trying hard to keep this post short.
Like in every contest, it eventually ends, and what is left standing is the "winner". In this case, in this "contest", this particular winner wins -- nothing.
The text speaks of the "winner" of the "challenge" having a sit-down dinner with Snowflake and investors. It also states that Snowflake is not paying for that dinner. And that's a light teaser from me about what's in that text.
Please, read for yourself, and let us know what you think.
P.S. Chamath, you seeing this?
nothing needs to be unpacked, it’s explicit.
first the startups compete for free, then the most successful one “gets” to receive investments.
this should reduce the risk for investors while providing lots of friendly optics for snowflake.
any assumption by a contestant that this competition is for the benefit of contestants is… an assumption made by a contestant. this release doesn’t seem to say anything about it being a good choice for contestants, just imply it heavily.
like shark tank, but less entertaining.
> the most successful one “gets” to receive investments.
Not exactly. The "winner" may be given the "opportunity" to receive investment. Typing quickly so don't have the doc in front of me but can post exact wording later.
Also, pay close attention to the language regarding the $4,500 "prize" granted to the "winner". It is not actual currency. It is "something" of equivalent value (which is not defined so could be ~$4,500 bushel of hay from a farm).
Also, quick commentart: $400 credit for the entire program? LOL.
