"Many great ideas go unexecuted, and many great executioners are without ideas. One without the other is worthless."
-by Tim Blixseth
As the above quote goes, many great ideas go unexecuted without the support of capable executioners. VISA is launching a pilot program that includes three marketing challenges for tech startups. Visa wants to provide an opportunity for budding entrepreneurs to execute their ideas and achieve successes. As a reward for the best execution of ideas, Visa has partnered with Kite and will be awarding a certain amount for each challenge out of the total of $150k. The solutions are to be aligned to Visa’s brand positioning, “Wherever you want to be, VISA helps you get there.”
Here are the terms and conditions for the cash awards:
> $50,000 to be rewarded to each company selected as an award recipient. This amount is to be used toward real-world production of their solution.
> $25,000 will be awarded to the award recipient at the outset.
> The remaining $25,000 will be awarded in phases, based solely on the completion and execution of real-world solution milestones if achieved by the award recipient.
The 3 Everywhere Initiatives are:
1) Reaching Millennials:
VISA wants the start-ups to generate ideas that can help to inform Millennials, or Gen Y-ers, about financial options available for them to achieve their dreams. This challenge aims at being informative and to increasing reach.
2) Visa Checkout for Digital payments:
The challenge aims at informing the wider audience about the VISA Checkout option that's available for payments online. The marketing and advertising ideas of the startups will create awareness of the product and enable secure payments through the trusted card.
3) Attracting new customers:
This initiative is aimed at increasing the customer base of Visa and providing complete information about the services offered. With many payment options available in the market, consumers tend to not have a complete picture of all their payment options. This challenge aims at providing the complete information on all of VISA’s services so that customers can choose VISA as their payment option.
Aside from the $50k award, Visa will also provide additional support for the startups to scale up such as:
- Mentorship from Visa’s executives and an opportunity to meet and strategize with Visa’s Senior Vice President and Global Head of Digital and Marketing Transformation.
Visa facilitates startups to scale up their business by assisting them in where they want to be according to their vision.
- If the pilot program becomes successful, the startups will have an opportunity to continue receiving revenue through on-going contracts with Visa.
Applications for this program are due by April 30.