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2006 Competition Rules and Regulations

Contents

• Eligibility
• Judging Criteria
• Competition Procedures
• Confidentiality and Intellectual Property
• Competition Timeline
• Prizes

Rules last updated 11/29/05. 

Eligibility

Any individual or group with a fundable business concept is eligible to compete under the following requirements:

1. The business is a legitimate start-up with no venture capital financing

1. Individuals or team members that have received any form of venture capital financing for their Taylor University Business Plan or a likeness thereof may not participate in the competition
2. Note that teams with seed financing from non-venture capital sources totaling less than $75,000 may compete
3. Any team that receives seed financing from non-venture capital sources totaling more than $75,000 at any time during the competition will be disqualified
4. The amount and source of secured capital arrangements should be clearly identified in the executive summary

2. A top three place finisher from the previous year is not eligible to compete.
3. Business operations of the business concept is preferably intended for implementation along the I69 corridor generally identified as between northern Indianapolis and southern Ft. Wayne but at a minimum must be committed to the State of Indiana.
4. The proposed business concept should not be in violation of any intellectual property rights
5. Each entrant and/or team member must sign the Rules Verification Statement.

Judging Criteria

This is not a competition about the best formatted, technically compiled, or presented business plan, it is a competition focused on identifying the business concepts with the most potential for commercial success.  Consequently, contestants should be focused on delivering business plans and if selected, presentations that clearly identify the value their concept brings to society. Areas of evaluation include: innovation, immediate and long-term impact, and potential to generate college level jobs in Indiana.

Competition Procedures

Entrants submit their business concepts in a phased approach for evaluation by panels of judges composed of academic and business professionals.  Phase I requires the submission of the Registration Form and an Executive Overview by individual competitors or teams.  These initial submissions are evaluated and a short list of semi-finalists are invited to participate in Phase II. During Phase II competitors submit complete business plans for evaluation.  At the completion of Phase II, five entrants will be selected as finalists and invited to conduct a 10 to15-minute maximum presentation of the business idea to the judges followed by a maximum 15-minute period to field questions.

Phase I

Competitors are required to submit the Registration Form and a maximum 2-page summary of their business concept/innovation via email to bizplancomp@taylor.edu no later than midnight, 13 February 2006.  The Registration Form may be submitted prior to the Executive Overview.  The summary content and format is completely up to the competitor, but should generally address the following categories:

Opportunity
Vision
Market Potential
Distinct Competencies or Solutions
Return on Investment
Customer Value

Benefit to Local Community and/or Indiana

Ensure each page of the summary shows the individual or team name, date, and page number.

Judges evaluate each submission and selected entries are invited via email to participate in semi-final Phase II.

Phase II

Semi-finalists are required to submit complete business plans during this phase.  Plans are limited to 25 pages (typed, 12 pt font, and single spaced) of text.  This includes the executive summary and summary financial data.  Cover page, Table of Contents, charts, drawings, and photographs are not included in the page count.  Detailed spreadsheets and relevant appendices are encouraged but limited to 15 pages.  Each plan must included a cover page identifying the individual/team, contact information, the concept, and date. In total the plan should not exceed 40 pages.

Individual/team creativity, communication process, and prioritization are encouraged.  Click here for a Sample Business Plan Outline.  The outline contains suggested sections to assist those creating new business plans, but these are not necessarily required for the competition.

A softcopy of the final business plan in MS-Word or pdf format should be emailed to bizplancomp@taylor.edu.  Additionally seven (7) hardcopies of the business plan must be professionally bound (i.e., velo, spiral, tape) and delivered to:

Mr. Mick Bates
Director- Innovative Enterprises Program
Taylor University
Center for Research and Innovation
236 W. Reade Avenue
Upland, IN 46989

The email and hardcopy business plans must arrive on or before 6 April, 2006. The plans are evaluated and up to five (5) competitors will be designated finalists and invited to Phase III.

Phase III

On or about 12 May 2006 competitors are required to present their business concept to a panel of judges composed of business professionals and university faculty.  Each competitor will conduct a 10 to15-minute maximum presentation of the business idea to the judges followed by a maximum 15-minute period to field questions.  The presenter(s) must be a member of the entered team.

Confidentiality and Intellectual Property

To limit the liability of judges, organizers, sponsors, and any other individual involved with the event, all contestants must sign a disclaimer to participate in the competition.  Participants must ensure that they have taken the proper steps to protect their intellectual property, especially if it is deemed crucial to the evaluation of the business plan.

Individuals and teams entering the competition are responsible for protecting their intellectual property and/or other rights associated with their entries.  Clearly annotate any confidential work with "CONFIDENTIAL".  Be careful about disclosing any unprotected intellectual property in your entry.

All submitted materials, except the Registration Form will be returned or destroyed, which ever is preferred, within 30 days after the winners are announced.  The Taylor University Business Plan Competition organizers take no additional responsibility for protecting intellectual or other property rights of the entrants.

Competition Timeline

Below are the key competition dates:

Prizes

A judging panel consisting of professionals drawn from entrepreneurs, bankers, business consultants, legal experts, university faculty, and venture capitalists will select the three best business concepts from those submitted to the Taylor University Business Plan Competition.  Final prize amounts for 1st, 2nd, and 3rd place will be determined by the organizers prior to the Business Plan due date, April 6, 2006.  At a minimum, the following prizes will be awarded:

Cash prizes are dispersed upon confirmation of a legitimate business license and company bank account.