Frequently Asked Questions ~ Open Business Concept Competition
If you still have questions after reading this FAQ, email us.

» Who is eligible to apply?
Submissions are accepted from any entrepreneur in Virginia or western North Carolina. If your team is selected as a finalist, your team will present on April 7, 2010 at The Inn at Virginia Tech and Skelton Conference Center in front of a live judging panel and audience. The winning team will be announced the same day at the NCTC TechNite dinner at 7:00 p.m. in Latham Ballroom at The Inn.

» What kind of business idea can I submit?
Technology-based business ideas.

» Can I participate on more than one team?
Yes. A separate Intent to Compete registration must be submitted for each team/concept.

» Is there a fee to apply?
Yes, there is a nominal $50 application fee for each team/concept.

» Can I also submit my idea to the Student Business Concept Competition?
Only if you are a registered, full-time college student in Virginia or western North Carolina may you submit your ideas to the student competition.

» What is the maximum team size?
Teams may consist of up to three people. You may elect to work with other people in Virginia or western North Carolina.

» How developed does my business idea need to be?
Although this is a business concept competition, you will be expected to explain the customer need being met by the product or service, size of the market opportunity, competitive advantage, business model and value proposition (how will your company make money), and some financial projections and funding needs/sources.

» Who will be evaluating my idea?
The judges consist of business leaders, seasoned entrepreneurs, and/or investors.