TU Competition Specifics
2012 Taylor Business Plan Competition Specifics
Eligibility
Any individual or group with a fundable business concept is eligible to compete under the following requirements:
A. The business is a legitimate start-up with no venture capital financing
- Individuals or team members that have received any form of venture capital financing for their Taylor University Business Plan or a likeness thereof may not participate in the competition
- Note that teams with seed financing from non-venture capital sources totaling less than $75,000 may compete
- Any team that receives seed financing from non-venture capital sources totaling more than $75,000 at any time during the competition will be disqualified
- The amount and source of secured capital arrangements should be clearly identified in the executive summary
B. A top three place finisher from the previous year is not eligible to compete.
C.Business operations of the business concept is preferably intended for implementation along the I-69 corridor generally defined as between northern Indianapolis and southern Ft. Wayne but at a minimum must be committed to the State of Indiana.
D.The proposed business concept should not be in violation of any intellectual property rights
E. Each entrant and/or team member must sign the Agreement of Understanding.
Judging Criteria
This is not a competition about the best formatted, technically compiled, or presented business plan, it is a competition focused on identifying the business concepts with the most potential for commercial success. Consequently, contestants should be focused on delivering business plans and if selected, presentations that clearly identify the value their concept brings to society. Areas of evaluation include: innovation, immediate and long-term impact, and potential to generate college level jobs in Indiana. Bottom line though, judges make their decisions for businesses that show the greatest likelihood of a return on investor investment.
Competition Procedures
See the full competition procedures.
Confidentiality and Intellectual Property
To limit the liability of judges, organizers, sponsors, and any other individual involved with the event, all contestants must sign a disclaimer to participate in the competition. Participants must ensure that they have taken the proper steps to protect their intellectual property, especially if it is deemed crucial to the evaluation of the business plan.
Individuals and teams entering the competition are responsible for protecting their intellectual property and/or other rights associated with their entries. Clearly annotate any confidential work with "CONFIDENTIAL". Be careful about disclosing any unprotected intellectual property in your entry.
All submitted materials, except the Registration Form will be returned or destroyed, which ever is preferred, within 30 days after the winners are announced. The Taylor University Business Plan Competition organizers take no additional responsibility for protecting intellectual or other property rights of the entrants.
Competition Timeline
| Activity | Date |
|---|---|
| Overview/Ex. Summary Due | 3/5/12 |
| Semi-finalists Announced | 3/12/12 |
| Business Plan Due | 4/10/12 |
| Finalists Announced | 4/25/12 |
| Presentations & Awards | 5/10/12 |
Prizes
A judging panel consisting of professionals drawn from entrepreneurs, bankers, business consultants, legal experts, university faculty, and venture capitalists will select the three best business concepts from those submitted to the Taylor University Business Plan Competition. Final prize amounts for 1st, 2nd, and 3rd place will be determined by the organizers prior to the Business Plan due date. It is expected that the following prizes will be awarded:
1st: $7,000.00
2nd: $3,000.00
3rd: $1,000.00
Innovative Network Undergraduate Award: $1,000.00
Additionally, the Grant County Economic Growth Council is offering forgivable loans toward investment in winners of the Taylor Business Plan Competition who select Grant County as their business location.
1st: $15,000.00
2nd: $10,000.00
3rd: $7,000.00
Each loan recipient pays only interest for the first 5 years. The interest is at a nominal rate. At the end of the fifth year of successful operation within Grant County, the loan is forgiven. Should the loan recipients relocate their businesses outside of Grant County, or cease to do business in the community for any reason, the full loan becomes due at that time.
Cash prizes are disbursed upon confirmation of a legitimate business registration with the state of Indiana and company bank account.