No, let me clarify. You DO NOT need to BUY ANYTHING up front. The process is as follows:

1. Apply to be one of the 9-15 startups presenting on Day 1. The number of slots depends on the number of applications we receive.

2. A group of 5 people will be deciding whether you will or will not be invited to present at SuperConf by Jan 1st.

3. If you are selected to present, you are responsible for your travel costs.

4. You present at SuperConf for a winner-takes-all Grand Prize of $17k in cash & prizes (currently working on making this number bigger).

Note: The winner is decided by a combination of the audience & the panelists listed on the site.

I hope I was able to clearly address all of your concerns.