New for 2013In 2012, eight teams competed in a contest for prizes. This year, organizers are eliminating prizes. Instead, eight to 12 teams of about 60 entrepreneurs will work collaboratively to earn grants and investments.In addition to Chattanooga’s gigabit Internet infrastructure, all teams have access to prototypes and technologies from sponsors like ng Connect that will allow startups to ship their products or service quicker and gain customer feedback earlier than last year’s teams.Top teams will join a “roadshow” to help gain exposure for them, the program and Chattanooga. This exposure will lead to more capital raised and greater potential customer acquisition.Applications2012: 72 student and 70 startup applications2013: Organizers anticipate more than 100 in the entrepreneur category and more than 100 applications in the specialist categoryPrize structure2012: Contest winners split $160,000 in prizes2013: Each team can earn up to $100,000 in investments depending on performance, plus Alcatel-Lucent will grant research and development awards to teams with promising projects.Sponsors• ng Connect is the “founding” partner this year.• Lamp Post Group• Alcatel-Lucent• Mozilla• US Ignite• More to come
Wake up in a college dormitory at 8 a.m., grab a quick breakfast and stumble into an office full of young, bold entrepreneurs. Work until dinner and return for a late-night coding session until about 1 a.m., then collapse into bed.
Repeat the cycle seven days a week for an entire summer in exchange for a shot at fame, glory and millions of dollars.
If the idea of a few months of hard work for potentially huge rewards sounds enticing, it might be worthwhile to submit an application for Chattanooga’s 2013 GigTank.
Designed to propel business ideas from thought bubble to profitable enterprise, the program is one of a growing number of incubators, accelerators and lubricators popping up across the United States.