The Built on 5G Challenge is a nationwide search for the best products, services, and applications that will bring the true power of 5G to life.
The winners will be awarded up to $1 million, access to our 5G Lab, and an opportunity for Verizon to invest in your company in a future fundraising round.
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All the details.
For more information on the Built on 5G Challenge, take a look at the contest FAQs and Official Rules. Have a question that’s not answered here? Get in touch.
While the judging and criteria will vary slightly from round to round, a cohort of judges will generally assess each submission in the areas of:
- Your product, service, or application and the applicable Challenge Area
- How 5G / edge computing are being utilized
- Which of the 8 Currencies of 5G you will be taking advantage of and why
- Customer problem or pain point being solved
- Initial business case including customer segment you’re targeting
- Demonstration of working product, service, or application
- Demonstrate next steps
We will invite up to the top 25 submissions (as selected by our Judges based on the above assessment criteria) to submit additional supporting information and present in-person to our Judges!
Verizon will award one (1) 1st Prize Winner $1,000,000, one (1) 2nd Prize Winner $500,000, and (1) 3rd Prize Winner $250,000. Each of the cash prize winners will also receive an opportunity to participate in Verizon 5G Lab programming after the close of the Challenge. Verizon will also select seven (7) additional winners (sorry, no cash prize) that will get an opportunity to participate in the Verizon 5G Lab programming as well. We hope that the winners will use their prize money to develop and refine their product in a 5G environment as they grow their business and participate in 5G Lab programming.
In addition to the above prizes, Verizon wants to help develop these new industries and enable the success of these awesome teams. First, Second, and Third Prize winners will be required to grant Verizon a warrant to invest in their companies during their next preferred equity capital raise, where Verizon may acquire up to 10% equity (for the 1st Prize winner) or 5% equity (for 2nd and 3rd Prize winners) on a post-money valuation basis. For all of the details, please read the Official Rules here.
Submissions should describe ideas that provide unique solutions relying on 5G to create value in one or more of the following areas:
Industry: 5G-enabled solutions for businesses to act in real-time and create new value for their customers. For example, this might include utilization of 5G and related technologies that take advantage of low-latency computing to improve processes on a factory floor or assist customers in a retail environment.
Immersive Experiences: 5G-enabled and never-before-seen immersive consumer entertainment experiences. For example, this might include utilization of 5G and immersive technologies, such as virtual reality or augmented reality (AR/VR), to create new ways for consumers to experience media.
Moonshots: 5G-enabled, transformative solutions that solve big problems that transform the way we live, work, and play. For example, this might include new value being created in new industries that are created by using one or more of the currencies of 5G.
Sorry, for this Challenge, we are focusing on companies at or under the 200 team member mark. Please do feel free to reach out to us if you have a great 5G idea!
Yes. Teams may submit more than one application to the Challenge. Each application should address one of the key challenge areas (Industry, Immersive Experiences, Moonshots)
We expect submissions to reflect our goal of looking for the biggest and brightest ideas that will bring the true power of 5G to life. We are seeking products that can be demonstrated now (even if at an early stage), tested in the 5G environment, and matured in future partnership with Verizon or as part of our 5G Lab programming.
Winners will participate in the Built on 5G Challenge Entrepreneurial Support program that will begin in fall 2019 and run through the spring of 2020. Challenge winners will partner with Verizon 5G specialists to develop, test and refine their products in a 5G environment. Team access to Verizon’s 5G resources will be determined on a case-by-case basis.
The Official Rules, and other information about the Challenge can be found by clicking here.
At Verizon, we’ve worked across the organization, with our partners, and through our own 5G Lab Program to lay the foundation for what it means to be Built on 5G. We believe that an open and collaborative business model can help generate new ideas and create great social benefits that will have a significant impact on our future. Verizon, at its core, is committed to finding ways to advance technology and drive innovation, and the Built on 5G Challenge is an example of that commitment.
Submissions Open – April 15, 2019
Submissions Close – September 15, 2019
Finalists Announced – October 24, 2019
Winners Notified – November 4, 2019
Entrepreneurial Support Program Begins – November 11, 2019
Demo Showcase – January 8, 2020
The Built on 5G Challenge is only open to U.S. companies with 200 employees or fewer.
Please check the Official Rules to see if you qualify.
No, winners of previous 5G Challenges are not eligible for the Built on 5G Challenge.
Learn about 5G
The Built on 5G program is designed to inspire and support breakthrough innovations in every industry using Verizon 5G Ultra Wideband. Along with partners and collaborators, the Built on 5G program has the power to change everything.