Frequently Asked Questions

Why did the University of Memphis FedEx Institute organize the Business Plan Competition?

Can a team submit more than one plan?

From where should business ideas, products, services, and other intellectual property or capital for the business come from?

Can a team submit a business plan from another source?

I've already tried to start a business and already have a business plan. Can I submit it?

Do I need to submit an Executive Summary to be in the Business Plan Competition?

Is the competition open to college students only?

What is the Competition's position on ownership of technologies and material?

Why did the University of Memphis FedEx Institute organize the Business Plan Competition? The FedEx Institute Business Plan Competition is designed to stimulate the entrepreneurial spirit of students and the regional community by offering mentoring and educational opportunities which will enhance and increase their ability to generate capital and other resources to start their venture. (back to top)

Can a team submit more than one plan? Teams may submit more than one entry, but are encouraged to focus on one plan. Complete, separate documentation must be submitted for each entry. (back to top)

From where should business ideas, products, services, and other intellectual property or capital for the business come from? Each team is responsible for conducting its market research and business planning for a new business venture. Projects may be initially triggered either by (1) the identification of a market need for a new or substantially improved technology-based product or service; or (2) the identification of a new technology that has promise as the basis for a new or substantially improved technology-based product or service. Participants are encouraged to contact local scientists, researchers, technology transfer offices, or other sources for ideas. In addition, if you would like to join a team, or if you are a team seeking an additional member, please let us know the skills sets you have to offer or require for your team. We will make every effort to make complementary connections where possible. (back to top)

Can a team submit a business plan from another source? Contestants may use any reference materials or consult with any other persons, but it is expected that the plan will be the team's own work. ALL TEAM MEMBERS MUST CERTIFY THAT ALL WORK ON THE BUSINESS PLAN IS ORIGINAL. Each team will submit a written business and product development plan to the competition electronically – no paper hard copy entries will be accepted. (back to top)

I've already tried to start a business and already have a business plan. Can I submit it? Start-up company business plans and executive summaries are acceptable for submission as long as the following criteria are met:
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The company has not received venture capital,
The company has not received more than $100,000 in other funding or capital in any form,
The company has not had cumulative revenue in excess of $50,000, and
The company has a student in a major role (i.e., CEO, CFO, COO, etc.).

Do I need to submit an Executive Summary to be in the Business Plan Competition? No. The Executive Summary Competition is judged separate from the full Business Plan Competition. Participation in either section or both sections is permissible. (back to top)

Is the competition open to college students only? No. The Business Plan Competition is open to anyone with an innovative business idea, service, or product. Students from all regional universities as well as students from local high schools are invited to compete. (back to top)

What is the Competition's position on ownership of technologies and material? All contestants own the rights to their ideas. Submission of an idea to the competition should be considered a public disclosure of the idea. Organizers of the competition, staff, judges, audience members, etc will not be asked to sign non-disclosure or confidentiality agreements. If a team is concerned about going public with their idea they should consider consulting a lawyer prior to entering the competition.

Once materials are submitted, the University of Memphis reserves the right to publish information about the team's work in publications and to release information to the media which may include radio, television and the Internet. The judging/presentation will be conducted in a meeting with attendance open to the general public. Any data or information discussed or divulged in public sessions by contestants should be considered information that will likely enter the public realm, and contestants should not assume any right of confidentiality in any data or information discussed, divulged or presented in these sessions. (back to top)