LabCentral Ignite Golden Tickets, LabCentral, Inc.
Cambridge, MA, Official Rules
1. This program
LabCentral Ignite Golden Tickets are awarded by LabCentral, Inc. LabCentral, a 501(c)(3) corporation, offers fully-permitted laboratory and office space to early-stage companies. Through submission, no joint venture, partnership, employment, or fiduciary, relationship exists between the applicant and LabCentral Inc., LabCentral Ignite, or any of its sponsors.
Golden Tickets do not cover lab supplies or other startup fees associated with starting residency at LabCentral such as security deposits, decontamination fees, insurance, etc.
To be eligible to participate, the Applicant must:
Be an entity formed under the laws of the United States.
Not have raised more than $10 million United States dollars in equity financing or have a trailing twelve-month revenue of more than $3 million United States dollars as of the time of Application and the closing date for the Contest.
Submit a complete Application.
Represent and warrant that the Applicant agrees to these Rules.
Not be affiliated with or employed by LabCentral Inc. or any LabCentral Sponsors including as an employee, contractor, officer, director, or immediate family member.
Have a founder who self-identifies as a woman or person of color.
Have research focused on improving and solving problems for human health. Companies focused on solutions in animal health or agricultural biology are not eligible.
Including the text of the description of research must be Applicant’s original work; the Applicant must own all patent, copyright, and other rights in the research described or has a license to use such information or materials for its research; Applicant is not disclosing any confidential or trade secret information in the Application, including of Applicant or any third party; and Applicant has full power and all legal rights to submit the Application to the Contest in compliance with the Rules.
Not be a former recipient of an Ignite Golden Ticket.
3. Applications for the LabCentral Ignite Golden Ticket Contests
LabCentral Ignite is running two Golden Ticket contests this year- four golden tickets will be awarded to companies with a woman founder and four will be awarded to companies with a founder of color. Applicant may only submit one entry to the Contest during the contest period. If Applicant qualifies for both contest categories, the Applicant must select only one for which to apply.
The Application for the Contest can be found here and must be completed in full and include an accurate description of Applicant’s non-confidential research. All costs incurred by Applicants in submitting an application and/or presenting at the Pitch Event, if selected, are the sole responsibility of Applicants.
Applications, pitch decks, and presentations may only contain non-confidential information about Applicant’s research and business strategy. Applications may not contain material or information that violates or infringes a third party’s rights including but not limited to any privacy, publicity, trade secret, confidential, or intellectual property rights including but not limited to patent, copyright, or trademark.
4. Selection/Judging Criteria and Judges
The Judges for the Contest are the LabCentral Ignite Selection Committee, which may include representative(s) from LabCentral or LabCentral Ignite Sponsor companies who are qualified experts in their fields. Judges shall have the sole authority to make all decisions as to the Award Recipients. Applications will be judged using the following criteria:
LabCentral selects high-potential applicants consistent with our mission to create the next generation of powerhouse biotech companies.
The selection committee reviews applications and interviews companies to assure that they meet the standards for high-impact science, promising execution, and fit of their research within our labs.
There may be requests beyond the application for additional information during the application review process. This information will be considered in evaluating the potential of the applicant. Response is required to continue being considered for the contest.
Startups must show a willingness and capacity to operate within the LabCentral shared community and participate in the LabCentral Ignite Fellows program.
Startups should have pre-seed, seed-stage, grant, or angel funding in place, or a fundraising plan that shows the viability of the startup’s launch and early runway while in residence at LabCentral.
Judges will select a sub-set of the Applicants as Finalists. Finalists will be requested to present their concepts at the Final Selection event. All presentations will be non-confidential. For interested Finalists, an introduction to one person in the LabCentral network of mentors, sponsors, and partners will be made for one pre-pitch preparation coaching session.
LabCentral, Inc. has the right to disqualify any Applicant from eligibility, terminate Award Recipient’s use of the Award, and terminate Applicant’s participation in the Contest at any time, in its sole and final discretion. If, for any reason, the Contest is not capable of running as planned to include the unavailability of the Award for any reason, LabCentral Ignite reserves the right to cancel, suspend or modify the Contest at any time.
LabCentral Ignite will award up to eight individual six-foot laboratory bench spots, consisting of shared fully permitted and LabCentral’s standard equipped co-working lab space for biomedical research, at LabCentral (700 Main Street) in Cambridge, Massachusetts as well as access to the facility for one scientist for 12 months. Office space and other space for technical, business, and scientific contract research organization support services, and office support services are not part of the Award but may be available from LabCentral by a separate agreement.
Awardees are solely responsible for purchasing their own supplies for laboratory research through the LabCentral procurement system, providing proof of insurance and other required documentation to LabCentral prior to entry, and are responsible for the compensation of their own employees. All charges and expenses related to delivery, acceptance, and use of the Award are the responsibility of the Award Recipients. Awardees are also responsible for any security deposits or decontamination fees owed to LabCentral as part of the standard residency.
Awardees will receive a $10,000 non-dilutive cash prize. Terms and conditions of the $10,000 (USD) cash prize will be specified prior to the identification of finalists.
Lab space at LabCentral is allocated based on availability. Holders of Golden Tickets will be listed ahead of other companies waiting to get a bench at LabCentral. Therefore, Golden Ticket recipients should be ready to start at LabCentral upon receipt of the award. The value of the Golden Ticket award expires 13 months from the date a company is offered lab space to start at the facility.
6. Notification and Conditions of Award
LabCentral will notify the Award Recipient(s) following the Final Selection event and will make a further announcement on its website and through press and media outlets sometime thereafter.
For questions, please email firstname.lastname@example.org.