this all sounds ridiculously convoluted
But it really isn't that hard, and there is explicit logic in every step. If you are even remotely serious as an entrepreneur, you should be able to get 4 diamond endorsements with a handful of emails/phone calls - each of them with an expert in your industry who has an opportunity to publicly support you without spending a dime. That process encourages startups to network/pitch and is intended to create or strengthen bonds with helpful resources. These resources are not isolated to MA by the way.
Likewise, if you are even remotely serious about your startup, you should be able to get your friends/network to rate your company profile 5 stars very easily. This encourages you to promote your startup and seek support from your community. Easy stuff. No cost. Something you should be doing anyway.
Keep in mind, the endorsements and team ratings are worth only 10% of the judging score each. We had teams enter and win last year with zero endorsement points and zero ratings. (I don't recommend that as a strategy, but it's possible).
The application form itself is very basic: 10 questions, with short character limits. All standard stuff.
I dont think 'serious' entrepreneurship involves calling people and getting them to agree to give you a point in some scheme when it is of no cost to them.
How about putting your energy into getting users or finishing your product, is that an endorsement that 'serious entrepreneurs' should be pursuing?
I also don't understand why you are asking for an application fee, especially considering how expensive it can be for bootstrap businesses and international startups. You are, afterall, looking for companies to fund - putting a financial barrier to applying will only reduce the field. I am also not comfortable with companies who pay to apply and then who don't make it blowing that fee.
Your title is also misleading. It isn't $1M, it is up to 100k. Just be straight up.
The intentions here are good, but the model is totally backward
What makes my friends competent to judge my business? This is complicated and silly. If you want to drive traffic to your site and want publicity, just say it. It is a fair bargain for the deal. But to say 20% of a startups evaluation is based on such flimsy metrics is silly.
The public ratings system encourages teams to ask for a small favor from people in their community (i.e. visit a site and rate my pitch).
The endorsements system encourages teams to ask for a small favor from known experts and network hubs in the community.
These are both devices designed to encourage networking, connectivity, pitching and collaboration. Many many teams from last year have indicated that they made critical connections via these processes, especially via the endorsements process, including meeting future investors, customers, service providers and team members.
These are easy steps but that doesn't mean they aren't valuable. They are starting points.
I'm thinking that since it's a worldwide challenge, lots of companies applying won't have any real connection with a lot of these companies. And what about companies not on your endorsement list, is there a way to get external endorsements included too? Thanks!