I attended the Gigabit Challenge finale yesterday and I was left with one word to describe the experience; underwhelmed.
That said, I feel the need to quantify that one word description. I framed my viewing of the final 18 pitches within the following context: The business must be financially viable, and the business would require the use of the incoming google fiber network. It was this fiber network requirement that was the downfall in my expectations. Several of the businesses pitched would make decent businesses, they just wouldn’t need the speed of google fiber to accomplish their tasks.
In all I felt that two, possibly three companies would even see a decent benefit from the increased bandwidth. Of these three companies one of them did win the grand prize awarded in the competition. In my opinion the competition judges did a fine job and certainly a top tier business plan won in the end.
What I do disagree with is the structure of the prizes. There were three prizes awarded among the final 18 competitors.
The Peoples Choice Award (or more appropriately; The How I Gamed The Online Voting Award) which was valued at $100,000 in services provided by Think Big Partners and their sponsors.
There was a second prize which I don’t know the name of, but I believe it was provided by Gramercy Venture Partners. This amounted to a $250,000 convertible bond investment and coaching for a Series A funding round. This was a prize awarded by the individual judge from that company and not the judging panel as a whole. As such it should have been named The OMG This Companies Business Plan Must Have Kicked Ass On Paper Because Their Pitch Sucked Ass Award.
The Grand Prize package was the same as the Peoples Choice Award but it also included a $20,000 cash prize. This award should have been renamed as the WTF, Those Other Guys Got A Shit-ton More Money Than We Did Award.
Perhaps it’s a perception issue and the bond award will not be as beneficial in the end, but damn it’s hard to look past the numbers.

I was directed to a nice post today written by Shawn Kincade. Over at his blog 