You can now apply for the Open Up Challenge. The application window closes 31 May 2017.
How to apply
To help prepare, please read the following pages:
A PDF version of the applications guidelines is available here. The content is the same as everything on the website.
We are using F6S as our application platform. You and your organisation will need F6S profiles. F6S is a semi-public platform for companies and founders, but we can keep your profiles invisible.
If you’re not already familiar with F6S, contact Harry Atkinson and he’ll set up your profiles in five minutes:
- click here to open a chat
- email him on email@example.com
Are you applying as part of a legally constituted organisation (public limited company, private limited company, limited liability partnership, or other)?
Great, then this is the application form for you: Application Form – Organisations.
Are you applying as part of a team that is not legally constituted, or as an individual?
Great, then this is the application form for you: Application Form – Teams & Individuals.
Please read this section carefully to check that you and your proposal are eligible to enter the Challenge.
What you plan to build
We’re looking for entries that can provide game-changing benefits to UK small businesses.
All entries should plan to use open banking data accessed via APIs to achieve this.
In terms of functionality, all entries must also at a minimum facilitate intelligent, tailored comparison of core financial products including loans, business current accounts and overdrafts. Specifically:
- In Stage 1 entries must, at a minimum, facilitate comparison of one of the following products: Business Current Accounts, standard tariff overdrafts and unsecured small business loan products up to a value of £25,000. (Each of these products falls within the scope of the UK open banking standard.)
- In Stage 2 entries will need to facilitate comparison of at least all of the following categories of product: Business Current Accounts, standard tariff overdrafts and unsecured small business loan products up to a value of £25,000.
- Comparison should extend beyond cost to other factors that may matter to small businesses – for example customer service, product features and others.
We are not prescriptive about how entrants fulfil these criteria and welcome innovative approaches. Entrants may ensure their solutions facilitate comparison through demonstrating integration or partnerships with third party services.
We envisage that many entrants will build products that offer a wider range of services to small businesses than comparison alone.
The Open Up Challenge is open to individuals, teams, companies, organisations, partnerships and non-profits. Entrants are not required to be legally constituted to apply for and participate in Stage 1 of the Challenge. Entrants must be legally constituted to apply for Stage 2. Individuals need to be 18 or over in order to take part in the Challenge.
The Open Up Challenge is open to teams from anywhere in the world; however teams must be able to demonstrate that their solutions are designed to benefit the UK’s small businesses and proposed services should be suitable for launch within the UK market and its regulatory framework.
Here’s what the judging panel will be looking for in Stage 1: Innovation.
Please note that the judging panel will emphasise different aspects of these criteria between Stage 1: Innovation and Stage 2: Market Ready, reflecting the different focus of the two stages.
Benefits for UK small businesses
- We’re looking for entries that support small businesses to make intelligent and informed decisions by giving them better data and data analytics. We’ll be impressed by ideas that help small businesses get real-time, easily digestible financial information and forecasts in ways that work for their business, and help them to take action as a result. We are looking for entries that are designed to reduce the hassle and time required for small businesses to get the best products given their unique circumstances.
- We’re looking for products that provide data to the user that is unbiased, trustworthy, transparent and reliable – helping small businesses to understand what they are signing up for, including the lifetime costs of one service or another.
- We’ll also be impressed by ideas that help small businesses create value for users through integrating with other tools, services and platforms used regularly by small businesses such as accounting software.
- We’ll be looking for evidence that you understand your customer and their pain points, and can explain how your solution not only addresses their needs but will engage customers successfully.
- We’re interested not only in the direct benefit for small business users of your service, but also the impact that your solution could have over time on market dynamics. For example, would your solution, delivered at scale, tend to increase or reduce competition and choice for small businesses? Does your solution facilitate other customer-focused innovations?
- We’re looking for entries that create new kinds of value for small businesses, or address customer pain points in new ways. You’ll need to explain how your idea is radically better than what’s already out there.
- We’ll be impressed by entries that are based on an underlying technological breakthrough to solve real problems for small business users.
- We’re looking for entries that users will love. We’ll be impressed by a description of your product that doesn’t just explain to us that SMEs should use your product, but demonstrates that your UX, design and product vision will result in an experience that delights small business users.
- If your product relies on sophisticated data analytics, we’ll want to understand how you will ensure the integrity of the analysis, what are the critical assumptions, and how you will communicate outputs to your customers.
- We’ll look for entries that demonstrate why the tech stack for your product is appropriate and scaleable.
- We’ll need to be reassured that entries that have a robust approach to security, and why your approach to security, privacy, and data protection will inspire confidence in customers.
Team / Track Record
- We’re looking for capable teams with a strong existing commitment to this space or transferable skills. We’ll be impressed by entries that can demonstrate their track record and the requisite skills and experience to build the proposition, take it to market, and scale it. We’ll also be impressed by any work you have done so far that supports your entry.
- We’re looking for teams that are focused on their entry. We’ll be impressed by teams that can can demonstrate going the furthest within the time, money and resources of the prize. We’re looking for clear and realistic understanding of your financing and resourcing requirements as part of this.
- We’re looking for teams that have identified any significant legal and/or regulatory hurdles to developing or scaling the proposition, and whether the team is capable of and committed to navigating these hurdles.
Market / Business Model
- We’re looking for products that tackle a large and relevant market. This could be the whole small business market or significant subset of it. We’ll generally prefer solutions that are not targeted at the customers of a specific bank.
- We’re looking to see that you understand your competition and can articulate why you’ll succeed.
- We’ll be impressed by entries that convince us of their strategy to acquire and retain users.
- We’ll also be impressed by entries that can articulate a credible business model for their product and can map out a path to commercial sustainability.
Due Diligence and Conflicts of Interest
We will carry out due diligence (including background and media checks) on shortlisted entrants. Any associations or history which may threaten the integrity and reputation of the Challenge (such as criminal activity,an ongoing lawsuit or administrator’s investigation) must be declared to Nesta for consideration during the application process and may be considered grounds for exclusion from the Challenge.
Conflicts of interest
As part of the application process entrants must complete a conflicts of interest declaration to identify actual and potential conflicts of interest.
Potential sources of conflict include relationships (including financial relationships) with organisations or individuals involved in the funding or delivery of the Challenge. Investment from, investment in, or a significant commercial relationship with any of the following will need to be declared by applicants:
- Funding banks
- Individuals and organisations involved in delivery of the Challenge
- Prize Committee members
- Judging panel members
Employees of the following groups may not apply to or participate in the Challenge:
- Nesta employees
- Employees of Challenge funding banks
- Members of the Prize Committee or judging panel and their immediate families
Subject to the above Nesta will make the final decision as to whether actual or potential conflicts and information provided through due diligence constitute grounds for exclusion from the Challenge.
Terms & Conditions
The T&Cs are available here. Please ensure you have read them before applying.