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The 2X Challenge

Picture of Marcus Holmes
Marcus Holmes

The 2X Challenge is a new competition that pits teams against each other to increase the value of a startup.

The 2X Challenge bills itself as “the first entrepreneurial competition that consciously focuses on the execution of ideas, not on the ideas themselves.”

The concept is to stop focusing on how cool the idea is, and instead focus on getting cash through the door. Which is the key metric for any business, and something that a surprising number of startup entrepreneurs have a lot of problems with.

The rules are:

  • Each team is formed of 1, 2 or 3 competitors.
  • The competition has 7 “levels” over 11 weeks.
  • Each team starts with $50 per team member
  • Each level, each team must double the amount of money they have in the competition. If a team fails to double their money, they’re out.
  • The team can do anything legal to make more money, except employment.
  • Teams can change idea between levels, there is no need to build a consistent idea into a business.
  • No existing businesses can be used to make money – each team must start something new on the start date

This doesn’t sound like much, but $50 doubled 7 times is $6400, meaning that from level 6 to 7 each team needs to earn $3200. That isn’t bad revenue for a business in its first quarter.

Jason Conway, the brains behind the compeition
Jason Conway, one of the brains behind the competition

This sounds like a lot of fun, and a great way for SWPerth teams to keep their pressure on, though the emphasis in the competition is definitely not on building a business, but more on learning how to execute very quickly and adapt to challenges.

They’re also looking for mentors for the competition, so if you’re more interested in that then contact the team via the website.

Visit www.2xchallenge.com and head to the 2X Challenge Information Night at Spacecubed on Wednesday 15th of July at 6.00pm to find out more information and register your team.

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Picture of Marcus Holmes

Marcus Holmes

Gentleman Technologist and co-founder of Startup News. His vision has made //SN a sustainable media cheerleader for the startup community. Former CEO of Phnom Penh Post, he can be found somewhere in S.E. Asia coding away...
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