Official Guidelines 1. 2. 3. 4. 5. 6. 7. 8. 9. Goal Eligibility Categories Steps Judges and Criteria Prizes and Awards Professional Conduct Confidentiality and Intellectual Property Recommendations 1. Goal Why enter? The Eastern North Carolina Innovation and Business Plan Competition (ENC iBPC) (or “Competition” in this document) offers entrants the opportunity to win cash and in-kind donations for business and innovation development. It also offers contestants networking opportunities with mentors, service providers, angel investors, government resources and other advisors. Finalists will receive exposure to multiple funding sources and media exposure. Contestants will be exposed to the skills necessary to create a business plan and understand the commercialization process for innovations. 2. Eligibility The contest is open to residents and students in eastern NC: Resident of the eastern North Carolina community for minimum of one year in the following counties: Hertford, Gates, Camden, Currituck, Pasquotank, Chowan, Bertie, Edgecombe, Martin, Washington, Tyrrell, Dare, Hyde, Beaufort, Pitt, Greene, Lenoir, Jones, Craven, Pamlico, Carteret, Onslow, Duplin, Northampton, Halifax, Nash, Wilson, and Wayne. Residents or students may be asked to provide proof of geographical eligibility. All eastern North Carolina middle school, high school, college, and university students who are enrolled full time or part time during the fall semester 2014 in a school that is located in the geographical area described above as eastern NC, regardless of individual residency. Each entry must have one descriptive name and one assigned team leader. A team may include up to four individuals and one individual must meet the above eligibility and be actively involved in the entry. Entries may have more team members but only four will be listed in the entry. All contestants must meet and agree to the following to be eligible. A) Finalists must meet after Oct. 15th with a representative from the ENC Innovation and Business Plan Committee to prepare for oral presentations. B) Finalists must have one member give the oral presentation before judges (Noon to 4PM) on November 17 in Greenville, NC and be available to present again that evening at the ENC Entrepreneurship Summit, if invited. C) Finalists of the business plan competition agree to release the name and a short description of the business for press release. D) Innovation category finalists agree to the release of their names and a generic one sentence description of the product/service goal for publication. (*see #7 confidentiality for this category) An existing business and/or innovation is eligible ONLY IF it has been in existence less than three (3) years from August 23, 2014 and has received less than $25,000 in institutional funding and less than $25,000 in gross revenue since its inception. “Institutional Funding” includes any funding from angel investors, VCs, crowdfunding and/or accelerator/incubator programs. **The Entrepreneurial Initiative and the ENC Innovation and Business Plan Competition committee reserve the right to confirm the eligibility of a team and can disqualify any team at any time during the ENC Innovation and Business Plan Competition if it is believed that the team does not meet the eligibility requirements.** 3. Categories Innovations: **See 7. Confidentiality and Intellectual Property for details** Science Innovation: The mission of the Science category is to advance ideas and innovations in the sciences. Qualifying entries can include life science, health care, energy, biotechnology, marine science, medical devices, ag-science, etc. Licensing technologies from universities or research labs is encouraged. Product/Service Innovation: The mission of the Product/Service category is to build businesses that meet consumer and business needs in local communities, statewide, nationally and globally. Qualifying entries can include information technology, consumer products, business to business product/services, advanced manufacturing, etc. Non-profits and social ventures will fit into this category. Licensing technologies from universities or research labs is encouraged. Business Plans: Business Plan: The mission of the Business Plan category is to promote participants’ understanding and mastery of business plans. Winners of this award will show expert knowledge of business plans (through achievable goals, a clear plan of action, detailed analysis, management team description, etc.) as well as excellent form and writing in their entry. Licensing technologies from universities or research labs is encouraged. Not eligible to enter are tax shelters, franchises, licensing agreements for distribution in a different geographical area, and real estate syndications. **All submissions may be entered in an innovation category and the business plan category, but will be a finalist in only one. If the submission is a finalist in two categories, the business plan category will take priority. If you and/or your team are unsure of which category your business or innovation idea fits in, ENC - IBPC Submission Guidelines Final 082214 2 you are responsible to contact a representative of the Entrepreneurial Initiative for assistance. Any entries that do not choose a category or do not fit in the category chosen will be disqualified. The Entrepreneurial Initiative and the ENC Innovation and Business Plan Competition committee reserve the right to disqualify any submission they deem unqualified for the category (or categories) at any point in the competition. These questions must be addressed before September 5, 2014. ** 4. Steps Step 1: Entry Summary: August 23 the online entry opens and the deadline for entry is September 8 at 12:00 PM (Noon). A two page summary is submitted by answering the questions in the online entry form found at www.encbusinessplan.com. Information is available at the site, but entry is not open until August 23rd. Spacing and characters are limited, so please be concise. Semi-finalists are announced September 23rd. Step 2: Business Plan and Innovation: top ten (10) in each category will re-enter a more detailed template that must not exceed 10 written pages and the entry form will deadline on October 15 at 12:00 PM (Noon). This is an online entry form that will open October 2nd. Finalists will be announced October 31st. Step 3: Oral presentations: top five (5) in each category present before judges on November 17, 2014. Only top 3 business plan finalists will be asked to present at the ENC Entrepreneurship Summit in Greenville, NC. Awards will be given at the Summit from 5 to 6:30PM. 5. Judges and Criteria All decisions of the judging panel are final. Judges reserve the right to alter prize amounts. Judges will determine placement based upon the quality of both the business/market plan submitted and the presentation given. Elements that typically play a key role include, but are not limited to: market analysis financial feasibility risk assessment competitive strategy technology team experience presentation attractiveness originality creativity long-term sustainability on revenue and profitability writing form and structure ENC - IBPC Submission Guidelines Final 082214 3 Participants are not to approach judges or have anyone approach a judge on their behalf regarding the competition. Any attempt to do so is grounds for disqualification of the participant/team. All questions regarding judges and/or criteria are to be submitted to a representative of the Entrepreneurial Initiative. 6. Prizes and Awards Science Innovation: First place receives $1,000 in funding to be used as the winner describes in entry Second place receives $500 in funding to be used as the winner describes in entry Product/Service Innovation: First place receives $1,000 in funding to be used as the winner describes in entry Second place receives $500 in funding to be used as the winner describes in entry. Business Plan: First place receives $1,500 in funding to be used as the winner describes in entry and $3,000 in services including legal, marketing, and accounting. Second place receives $500 in funding to be used as the winner describes in entry. *”winner” is defined as the person that enters the competition as the lead team member. They must provide “check payable to, SSN, address” to receive money (this is the sole responsibility of the entrant). The EI, ECU, and NCEast Alliance are not responsible for the money after it is disbursed to this individual. Any division or disbursement to a team member must be done outside of the competition. **To receive winnings, there is a request of good faith that the winner spends the money as described in their entry and agrees to a short written update of the company or project one month prior to the annual Summit.** 7. Professional Conduct “Professional Conduct” here refers to standards of personal and business behavior, ethical values, and guiding principles. Professional Conduct applies to the following: i. Plagiarism: any expropriation of another’s work and the presentation of it as one’s own constitutes plagiarism and is a serious violation. Outside of a violation of the competition’s rules, Plagiarism can also be a legal offense against the property rights and copyrights of the original owner, which could result in legal action against the entrant. ii. Sportsmanship: every entrant shall treat fellow entrants with respect, fairness, honesty, and courtesy. Entrants also shall not attempt any action that could be deemed as unethical or unfair ENC - IBPC Submission Guidelines Final 082214 4 in regards to competitors or judges (e.g. bribing judges, providing information that is not fully factual, acting maliciously towards anyone involved in the competition, etc.). iii. Conflict of Interest: entrants shall make the Competition regulators aware of any conflict of interest they may arise. 8. Confidentiality and Intellectual Property The ENC Innovation and Business Plan Competition and its constituents affirm that all confidentiality and intellectual property rights are the sole responsibility of the participant(s) and the Competition is not responsible for any loss of confidentiality due to the competition. It is expected that all participants will protect all intellectual property with patents, copyrights, and agreements with all team members and associates before entering the competition. Contestants are encouraged to NOT submit information that could be considered intellectual property and to label documents “CONFIDENTIAL and PROPRIETARY”. Legal advice from a reputable Intellectual Property attorney is highly recommended. In the Innovation Categories submitted concepts, ideas, and plans will not be published in whole or part by the ENC Innovation and Business Plan Competition or its constituents unless expressly released by the participant(s) to do so. All judges from the two Innovation Categories - Science and Product/Service will sign a confidentiality agreement and all entrants may request a copy of the form that has been signed. Please know that we honor the confidentiality of all participants and will attempt to treat your confidential information as we would our own, but we cannot guarantee protection. Participants retain ownership of intellectual property included in submitted materials. The ENC Innovation and Business Plan Competition judges retain no rights to the concepts and ideas put forth in submitted materials. In entering the competition, all participants represent and warrant that the submitted concept is original and does not infringe on the intellectual property rights of another. In the Business Plan Category the top three finalists will be asked to present at the Eastern NC Entrepreneurship Summit in Greenville, NC. This is a public event and will be broadcast to interested persons through media which may include radio, television and the Internet. Any data or information discussed or divulged in public sessions by entrants should be considered information that will likely enter the public realm. Careful consideration of information divulged and presented is the responsibility of the entrant and caution is preferred. 9. Recommendations Innovations will be assessed by four basic categories: Product/service/science description Customer and demand defined (expanded in re-entry to proven) Industry, market description, size and sales strategy Competition ENC - IBPC Submission Guidelines Final 082214 5 Business plan entries are assessed in all areas: Company overview Product/service/science description Customer and demand defined/proven Industry, market description, size and sales strategy Competition Management team (bios as they relate best to the venture, resume in appendix is okay) Financials (will be entered into an excel template provided) Capital Needs Please read “Timeline and Tips” at the www.encbusinessplan.com website for helpful information about the entering online. If you are not sure how to respond to sections on the entry form, a “Tutorial” is listed at the website too along with a list of “Resources”. While the contest is open to individuals, participants are STRONGLY encouraged to have teams of two or more that could be members of the future company’s leadership team. Students may find it beneficial to find individuals from different departments to form their team (e.g. a science or engineering major that could lend their qualifications, an English major to lend writing skills, and a business major to assist in market analysis, etc.). There is no limit on the number of team members. Individuals may participate on more than one team, whether as part of a group or alone. Teams may submit more than one business plan without limit. If it is unclear whether or not you and/or your team are eligible, your team leader may speak with a representative of the Entrepreneurial Initiative to determine eligibility. Responses to these questions are not available after September 5, 2014. Thank you for your interest in the Eastern NC Innovation and Business Plan Competition. There are over 17 sponsors of the Competition and Entrepreneurship Summit supporting your efforts in building innovation, business and wealth in the east. We welcome your feedback and suggestions. Again, thank you for participating! Best regards, Taylor Kern, Graduate Assistant ECU’s Entrepreneurial Initiative Marty E. Hackney, Director, ECU’s Entrepreneurial Initiative John Chaffee, President, NCEast Alliance ENC - IBPC Submission Guidelines Final 082214 6