The objectives of the competition are to encourage prospective technology entrepreneurs to test their business concepts, and enhance their understanding of requirements for a successful business venture.
PRIZES
The winning team gets their business accelerated at VT
KnowledgeWorks, including:
- Admission to Founders’ Readiness Express
- Pre-Launch Strategic Package
- One-year membership to Presidents’ Council
- Obtains workspace in the JumpStart Community in the Virginia Tech Corporate Research Center for a year
Rules to the 2012 Open Competition
ELIGIBILITY
The competition is open to all entrepreneurs. Teams may consist of up to five people.
GUIDELINES & DEADLINES
1. February 10, 2012: Individual entrepreneurs or teams of up to five must register by purchasing an Intent to Compete form by February 10, 2012.
2. February 10, 2012: Entrepreneurs must submit a one-page summary of the business concept by following the one-page submission guidelines by February 10, 2012. These will be reviewed by a panel of faculty and local business leaders; and those chosen to participate in the competition will be announced relatively soon after.
One-Page Summary Guidelines ~ Review before submission
3. March 9, 2012: The announced teams that were chosen to compete must submit a more detailed business concept document by following the submission guidelines. This is to be a three to five-page document and up to five finalists will be announced relatively soon after. The business concept document will be critiqued on the dimensions listed below.
Business Concept Guidelines ~ Review before submission
Business Concept Criteria:
- Professionalism of submission or presentation
- Explanation of compelling customer need being met by the proposed product or service
- Size of the market opportunity (quantified)
- Competitive advantage of the company’s product or service in the marketplace
- Management team’s strengths, in terms of the core competencies needed for business success
- Proposed value proposition: how will value be created and captured by the business
- Business financial projections and the funding needed in its initial years
4. April 11, 2012: Up to five finalists will present their business concepts at the Entrepreneurship Challenge before a panel of judges as well as angel capital and business leaders and others attending the event.
Presentation Guidelines ~ Review in preparation for presentation
Presentation Judging Criteria: Judges will rank the finalists and awards will be presented at the Networking Reception and Student Awards Presentation.
- Professionalism of presentation
- Explanation of compelling customer need being met by the proposed product or service
- Size of the market opportunity (quantified)
- Competitive advantage of the company’s product or service in the marketplace
- Management team’s strengths, in terms of the core competencies needed for business success
- Proposed value proposition: how will value be created and captured by the business
- Business financial projections and the funding needed in its initial years
How to Prepare
1. Meet the above mentioned deadlines.
2. Carefully review and follow instructions and formats for the
3. Review the Frequently Asked Questions section.