Rules & Regulations
Download PDF for complete rules. Read very carefully prior to registration to ensure that all the requirements are met.
GOAL
The goal of this competition is to provide students with the education, skills, contacts, and motivation necessary to create a viable, start-up company in West Virginia. Two grand prize packages consisting of $10,000 cash, accounting, legal, and virtual or physical incubator space are awarded to the top team in each category:
Lifestyle and Innovation -These can be products or services that are part of daily life or new innovations. They can be the introduction of new products or services, or new methods or techniques on existing products or services.
Hospitality and Tourism -Products or services with relevance to hospitality, restaurants, hotels, tourism or related fields.
ELIGIBILITY
Any full-time college student attending a four-year, degree-granting West Virginia institution. (Open to all majors) Full time status will be verified.
Students participating in University approved co-op programs are considered to be full-time students for the purpose of this competition.
Students that graduate in December 2012 are eligible to compete, but MUST attend all mandatory functions related to the competition during the spring of 2013.
To be eligible for advancement in the Competition, all submitted business proposals must be located in West Virginia.
OVERVIEW
Round One: Requires a 3-5 page summary of business idea due by Noon, September 28, 2012. Semi-finalists will be notified Wednesday, October 10, 2012.
Round Two: Up to (10) Lifestyle and Innovation and (10) Hospitality and Tourism semi-finalist teams will be invited to participate based on the scores in round one. Each team prepares a written feasibility plan (due Monday, November 5, 2012 at noon) and gives a two-minute elevator pitch to a conference audience, followed by one-on-one interviews with competition judges. The round will be held Tuesday, November 13, 2012.
Up to (5) Lifestyle and Innovation and (5) Hospitality and Tourism finalist teams will be announced Monday December 3, 2012.
Mandatory Workshop Weekend for all teams and team members.
Saturday, February 2, 2013 at West Virginia University.
Final Business Plan Due in the Center of Innovation and Entrepreneurship offices by noon on March 18, 2013.
Final Round: Welcome Reception, Friday, April 5, 2013.
Final Competition, Saturday, April 6, 2013
At West Virginia University
ROUND ONE - CREATE A TEAM AND WRITE A DOCUMENT
Step One: Form a team of 1-4 members and assign a team leader.
All members must be full-time college students at West Virginia institutions of higher education, but they do not need to be from the same institution.
In teams consisting of more than one member, the decision of one member to exit the Competition does not affect the team’s eligibility.
Building a team with diverse skill sets is recommended. For advice on assembling a balanced team, please reference the TEAM BUILDER link on the Business Plan Competition website: www.be.wvu.edu/bpc
Step Two: Select a Business idea.
All business ideas must be FOR-PROFIT businesses. Non-profit ideas are not eligible. All business ideas must have the potential to be viable legal entities eligible to operate under the laws of West Virginia.
Teams who have previously received external funding (family, friends, private investors, loans) of $25,000 or greater are not eligible.
Teams with a business plan affiliated with an existing business are NOT eligible UNLESS the scope of the entry covers expansion into a significantly different industry or customer base, OR a major geographic expansion.
All businesses must be based in West Virginia to be considered eligible for consideration in the Competition.
Step Three: Write a Document
Determine the category that best suits your idea:
Lifestyle and Innovation or Hospitality and Tourism.
Write a 3-5 page summary of business concept, using Microsoft Word. Utilize a 12 pt. font, 1" margins, double-spaced. Add cover sheet (not included in the 3-5 pages) identifying the team name, leader, and members. Summaries which do not meet the formatting and page requirements will attempt to be modified. Judges will be notified of non-compliance.
Step Four: Register Online
Team leader and all team members must register online.
Attach a summary when you register. Carefully READ the participation Agreement part of your registration form.
Click on the REGISTRATION link and complete the appropriate form. When the computer tells you, "thank you for your registration," it means we have received your entry. Form is designed not to register if filled out incorrectly.
Step Five: Components
Does it precisely explain your business idea?
What exactly do you do?
How do you create value?
Why will it succeed?
Describe your target customer.
Who is your target market?
For whom do you create value?
What problem do they have that you will be solving?
Briefly describe the industry in which you will compete.
How big is the market?
What is its potential for growth?
Discuss relevant consumer, social, business or technological trends.
What could help or hurt this market’s growth potential?
Discuss the competition.
Who are your primary competitors?
How are potential customers getting their needs met?
Explain your competitive advantage.
If applicable, describe any intellectual property or other sources of advantage that you have.
How are you different from the competition?
Explain how you will make money.
What is the revenue/profit potential?
What is your rationale?
Discuss your resource needs.
What resources will you need to successfully develop and operate your business?
What are your size, scope, and time ambitions for this business?
Do you see this as a high growth or lifestyle business?
When do you plan to start?
Add any additional relevant information. The nature of any previous external funding or affiliation to an existing business must be clearly disclosed and described.
Team Leader submits the word document with his/her registration.
DEADLINE: Noon, September 28, 2012
Team Leader should check phone and email messages closely over next 24-hour period in case we have an issue with your entry.
Step Six: Scoring
Each summary will be reviewed by a panel of judges comprised of business professionals. Summaries will be scored and numbers tabulated. (10) Lifestyle and Innovation and (10) Hospitality and Tourism teams. The top 10 teams will be announced and invited to participate in Round Two.
