1. Award description

- The competition jury will select the winning team in each one of the 4 existing tracks (track finalist), from which one will also be distinguished as the grand finalist at the Grand finale event to be held in November 2011.

- Each track finalist will be automatically eligible to a financial support amounting to €100,000.00 (one hundred thousand euro). The grand finalist project will be eligible to a financial support consisting twice the aforementioned value, or €200,000.00 (two hundred thousand euro), in the same terms, set forth.

2. Award terms & conditions

a) The financial support will be granted solely for the development and commercialization of the winning projects consisting of a technology based product and / or service. This applies to existing companies or new ones created for that matter, set forth by the entrepreneurs.

b) The Caixa Empreender+ Awards consists of:

• a monetary cash prize of 4,900.00€ (four thousand, nine hundred euro) to be used exclusively to incorporate the equity capital of new firms or increase the capital of existing firms, and

• 100.00€ (one hundred euro) for the subscription of a new share on behalf of Caixa Capital (note that this is the minimum authorised capital for a Private Limited Company under Portuguese law);

• A shareholder loan of 95,000.00€ (ninety five thousand euro).

• Upon request of the winning teams, for a period of 5 years following the initial financial support, the winning teams may apply for additional support in the same terms and amounts. Such possibility is available on fulfilling the project goals and milestones that were set in the revised and agreed Go-to-Market plan, between the parties. Such new loans will be subject to meeting new goals (qualitative and / or quantitative) to be defined and agreed between the parties on a case by case basis.

• The grand finalist project will be awarded twice these amounts.

• If all conditions are met and exercised, the total financial award granted to all participants can potentially amount to €1,000,000 (one million euro).

c) The successful entrepreneurs shall consider a repayment of any shareholder loans granted within a period of 5 to 10 years upon concession, depending on the nature of project (stage of technological development, time to market, etc). The shareholder loan will bear interest at a rate of Euribor 6 months + 2% per annum applicable during the initial loan period of 5 years and Euribor 6 months + 4% per annum during the subsequent 5 years.

d) In the event of any additional financing rounds, with access to the market, Caixa Capital will have a preferential right to subscribe up to a maximum of 20%, with a discount of 15% relatively to any other subscribing investors. Such right is limited to a maximum of €1,500,000 (one and a half million euros).

f) Caixa Capital will have the option of disposing its shareholding to the entrepreneurs at a symbolic value, at any moment, which shall be exercisable in case the venture has not produced the goals and milestones previously agreed upon.

g) Prior to granting the Award, Caixa Capital and finalist teams will set and agree: 

1.  

   1. A disbursement schedule for attributing the award amount, in accordance with a pre-established development/investment plan.

   2. Milestones for doubling the Award according to the aforementioned conditions.