Terms of Service Agreement
1. By applying via the mena.foundersgames.org
website and submitting the application form you agree with the below terms and conditions and undertake responsibility to fully comply with all of them.
2. Founders Games is a startup competition produced by Webit Foundation (The Organizer, We, Us, Our). The competition is taking place up to two times per year. Each Founders Games competition gathers growth stage companies (Participant) from different areas of businesses looking for:
- exposure in front of investors
- funding for financing their growth and operations
- increased visibility in front of media, partners and potential clients from the Founders Games and Webit global communities.
3. The following document describes the terms of service agreement for using the services of Webit and the Founders Games, produced by The Organizer.
4. Terms of service are the legal agreements between the service provider (The Organiser) and the person/company that wants to use that service and applies online via the mena.foundersgames.org
(Participant). By participating in the Founders Games competition and using the offered service via the mena.foundersgames.org
website the PARTICIPANT agrees to abide by the terms of service.
II. RIGHT AND OBLIGATIONS OF THE PARTICIPANT
By applying via the Founders Games website and filling the application form the PARTICIPANT agrees to comply with the terms and conditions of the competition and to provide true and detailed information about the business and the company.
The Participant's rights and obligations include:
- the right to compete and win (upon selection) the equity award of the Founders Games of up to $6M (six million US dollars).
- to present in front of specially selected investors jury of experts in the specific Participant's business domain. The jury decides which participants continue to the next round of the 5 round competition leading to the finals of the Founders Games.
- to secure the founders and/or CEO/COO/CMO active participation in the pitches and the Q&A sessions in each of the rounds/events which the company is selected to present
- to join the online and in-person round specific events (upon selection by the jury) and connecting with investors, corporate partners and event’s attendees.
- to receive a grant consisting of free in-person/online events tickets, exhibition opportunity, access to matchmaking app and personal matchmaking (round specific) by the Founders Games team.
- to take part in Q&A sessions with the investors jury that will assist in their evaluation for proceeding further in the competition for the win of an investment award.
- to receive guidance and feedback from the expert jury that will help the participants in their future development and growth.
- to provide true, actual and updated information about the company, customers, competitors, milestones, funding rounds, valuation, pitch decks, logos as well as full access to company's data room.
- to provide detailed, honest and comprehensive answers to all questions from the Organizer and the Jury in due time during the Q&A sessions and the following due diligence process
- Obligation to provide the ORGANIZER (or an organisation designated by the Organizer) the indisputable right to invest up to 10% ( a max of USD 6'000'000) of the size of the of the investment round in the applicant's current (as of the application date), or immediate next investment round (in case there is no open round as of the date of application) under the exact same terms and conditions negotiated between the PARTICIPANT and the lead investor of the round. The Organizer shall take advantage of this right only if the PARTICIPANT is selected as a finalist of a specific season of the Founders Games and after a satisfactory result from the final due diligence process executed immediately after the announcement of the finalists.
- to keep the Organizer dully informed about the investment round timing, closing date, valuation and term and condition.
- The Participant declares that fully understands that in order to organise the Founders Games, to provide access to investors as well as the equity award of up to $6 million US Dollars, the Organizer invests significant resources. In this respect the Participant understand that participation of the company founder/s and leadership team, the provision of the requested company information (including the access to the company's data room) in due time and granting the indisputable investment right for the equity award are obligations which are legally binding for the Participant and the failure to comply will result in damages for the Organizer including direct financial damages as well as reputation damages.
III. RIGHTS AND OBLIGATIONS OF THE ORGANIZER.
The Organizer has the right to:
- secure and invest all needed resources in order to organise the 5 round selection process of the Founders Games including the online and the in-person events
- gather and coordinate a global jury of investors for the 5 round selection process
- produce the online and in-person events
- gather and process the information by the participating companies (PARTICIPANTs) and individual details provided in the application form for the means of the competition, i.e. data room, communication, selection process, evaluation from the investors jury, due diligence for the investment and marketing purposes with their consent.
- require credibility of the information provided by PARTICIPANT.
- receive any further information from the PARTICIPANT with regards to the investment decision ensuring clear protocols are followed.
- to execute its indisputable right (provided by the Participant) to invest as per own decision and depending on the investment round size from $500'000 (five hundred thousand US dollars) to $6M (six million US dollars) in the applicant's immediate next investment round under the exact same terms and conditions negotiated between the PARTICIPANT and the lead investor of the round. The Organizer shall take advantage of this right only if the PARTICIPANT is selected as a finalist of a specific season of the Founders Games and after a satisfactory result from the final due diligence process executed immediately after the announcement of the finalists.
IV. DISCLOSURE OF INFORMATION
1. The Organizer may disclose aggregated information about the users, and information that does not identify any individual, without restriction.
- To the investors who score the participants
- To our affiliates.
- To Webit Investment Network shareholders
- To contractors, service providers, and other third parties we use to support our business and/or who are bound by contractual obligations to keep personal data confidential and use it only for the purposes for which we disclose it to them.
- To fulfil the purpose for which you provide it.
- For any other purpose disclosed by us when you provide the information with your consent.
- For legal purposes: We also may share information that we collect from users, as needed, to enforce our rights, protect the rights, property or safety of others, or as needed to support external auditing, compliance and corporate governance functions. We will disclose Personal Data as we deem necessary to respond to a subpoena, regulation, binding order of a data protection agency, legal process, governmental request or other legal or regulatory process. We may also share Personal Information as required to pursue available remedies or limit damages we may sustain.
V. STORAGE OF PERSONAL DATA
VI. ACCESSING AND CORRECTING YOUR INFORMATION
1. If you wish to confirm that The Organizer is processing your personal data, or to have access to the personal data The Organizer may have about you, or have other questions, please contact us.
You may also request information through our about: the purpose of the processing; the categories of personal data concerned; who else outside The Organizer might have received the data from The Organizer; what the source of the information was (if you did not provide it directly to The Organizer); where the personal data is stored and how long it will be stored. You have a right to correct the record of your personal data maintained by The Organizer if it is inaccurate. You may also ask The Organizer for your personal data to be supplemented or updated. You may withdraw your consent for the processing of personal data or the further processing of personal data by The Organizer at any time after the end of the current season of the competition for which you have applied to participate. You may also request that the Organizer cease using your data for direct marketing purposes. You have a right to lodge a complaint with the appropriate data protection authority if you have concerns about how The Organizer processes your personal data. When technically feasible, The Organizer will—at your request—provide your personal data to you or transmit it directly to another controller. You have the right to receive your personal information in a structured and standard format.
Reasonable access to your personal data will be provided at no cost to The Organizer members, conference attendees and others upon request made to The Organizer if you contact us . If access cannot be provided within a reasonable time frame, or, for some reason, access is denied, The Organizer will provide an explanation as to why access has been denied. In such cases you also have the right to lodge a complaint with the supervisory authority: Commission for Personal Data Protection of the Republic of Bulgaria, www.cpdp.bg.
You may also contact us through our contact form to request access to, correct or delete any personal information that you have provided to us.
VII. QUESTIONS, CONCERNS OR COMPLAINTS
If you have any questions or concerns about this Privacy Notice, please contact us
Under the jurisdiction of the Arbitration Court Sofia, address: Sofia 1000, Triaditsa № 6, Bulgaria