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Open Competition

Open Business Concept Competition
2:00 ~ 5:00 p.m., April 7, 2010

The objectives of the competition are to encourage prospective technology entrepreneurs in Virginia and western North Carolina, to test their business concepts, and enhance their understanding of requirements for a successful business venture.


Winner - Smart College Visit, Inc., founder and CEO Kelly Queijo

Other Finalists
The four other finalists selected to present at the Open Competition on April 7 at 2:00 p.m. included:

  1. Actifity.com: Fred Cook
  2. CollabKode (CK): Amjad Hussein
  3. Handshake 2.0: Anne Giles Clelland
  4. RRx: Robert Giles

PRIZES
The winning team gets their business accelerated at VT KnowledgeWorks, including:


Rules to the 2010 Open Competition

ELIGIBILITY
The competition is open to all entrepreneurs in the Commonwealth of Virginia and western North Carolina. Teams may consist of up to three people.

GUIDELINES & DEADLINES

1. February 12, 2010: Individuals or teams of up to three people must register by filling out an Intent to Compete form by midnight of February 12.
Submit an Intent to Compete form

2. February 19, 2010: You must submit a one-page summary of the business concept by following the one-page submission guidelines by midnight of February 19. These will be reviewed by a panel of faculty and local business leaders; and those chosen to participate in the competition will be announced February 23, 2010.
One-Page Summary Guidelines ~ Review before submission
Submit a one-page summary

3. March 8, 2010: The announced individuals or teams that were chosen to compete (on February 23) must submit a more detailed business concept document by following the submission guidelines. This is to be a three to five-page document and the top five finalists for the competition will be announced Monday, March 15, 2010. The business concept will be critiqued on the dimensions listed below.
Business Concept Guidelines ~ Review before submission
SubmitBusinessConcept

Business Concept Judging Criteria:


Maximum Score
Clear Description of Product or Service Idea
10
Concise Description of Underlying Technology
10
Expected Customer Base and Match of Product/Service Characteristics to Their Needs
20
Unique/Competitive Features Provided to Customers
20
Market Size Description (growth rate, etc)
10
Value Proposition: How will the company make money
20

Funding Needs and Potential Sources

10

Total

100



4. April 7, 2010: The five finalists will present their business concepts at the Entrepreneurship Summit before a panel of judges as well as angel capital and business leaders and others attending the Summit.
Presentation Guidelines ~ Review in preparation for presentation

Presentation Judging Criteria: Judges will rank the finalists; and awards will be presented at NCTC TechNite.


Maximum Score
Clear Description of Product or Service and its Features
10
Concise Description of Underlying Technology and Required Development for Product or Service
10
Expected Customer Base and Match of Product/Service Characteristics to Their Needs
20
Market Size Description (growth rate, etc)
10
Competitive Position in the Chosen Market
20
Value Proposition: How will the company make money
20

Funding Needs and Potential Sources

10

Total

100


HOW TO PREPARE

1. Meet the above mentioned deadlines.
2. Carefully review and follow instructions and formats for the

FREQUENTLY ASKED QUESTIONS




Contact
Company: VT KnowledgeWorks
Street: 1715 Pratt Drive, Suite 1000
Postal/City: Blacksburg, Virginia 24060
Email: info@vtknowledgeworks.com
Phone: 540-443-9100
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