Rules for the Business Plan Competition

Brief Disclaimer. To provide a relatively level “playing field” for the teams we have developed the following set of rules. At the same time, the organizers recognize that no set of rules, no matter how thorough or carefully developed can ever cover all circumstances. Accordingly, all teams and the universities that they represent are expected to abide by the specific rules enumerated below as well as the overall spirit of business plan competitions. The directors reserve the right to disqualify any team that violates the rules, regulations or the spirit of the competition.

Eligibility. Each team must have at least one current student who is playing a major and responsible role in creating and managing the venture. The student should own or would own significant equity upon the ventures establishment. A “current student” is considered to be an individual enrolled in the spring semester of a high school or an institution of higher learning. Evidence of a student’s involvement and proof of ownership may be requested at the discretion of competition organizers. Teams are encouraged to seek the involvement of faculty, alumni, post-docs, researchers, and staff. If invited to the competition finals, only students may give the oral presentation of the plan and answer questions from judges. An objective of these rules is to prevent non-student ventures from merely adding a student to circumvent this requirement.

Judging. The judging panel will consist of entrepreneurs, business executives, faculty members, venture capitalists, investors, or any others deemed fit by the organizers. Participants will be judged on the quality of their business plan, their oral presentation, and the viability of their venture. The decision of the judging panel is final.

Submission. Teams must register upon submission certifying that the entry is their own work and that they have fulfilled the requirements and abided by all rules of the competition. Teams may submit more than one entry, but are encouraged to focus on one plan. Complete, separate documentation must be submitted for each entry.

Technology Focus. Teams are encouraged to develop their business plans around new technologies or improvements upon current technology products or services. The focus is on creating something new and innovative (e.g., do not submit a plan for opening a new subway shop, but do submit a plan for dynamic delivery of subs to the customer using the Internet.)

Originality. ALL TEAM MEMBERS MUST CERTIFY THAT ALL WORK ON THE BUSINESS PLAN IS ORIGINAL.

Submission. Each team will submit a written business and product development plan to the competition in electronic form. No paper hard copy entries will be accepted.

Disclosure and Ownership of Technologies and Materials. 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 any non-disclosure or confidentiality agreements. If a team is concerned whether or not they should go public with their idea they should consider consulting with a lawyer prior to entering the competition. 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 entrants should be considered information that will likely enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged or presented in these sessions. When submitting a plan to the competition one must adequately convince the judges that the business either already has control or license of a technology or could acquire control of the technology readily -- the idea being that this is a serious business plan that when funded could actually start promptly without negotiation. Letters from technology holders or term sheets are consider evidence of control of the technology or control of the relationship to get the technology promptly.

Publishing and Promotion. Once materials are submitted, the University of Memphis FedEx Institute of Technology reserves the right to publish information about the contestants' work in publications and to release information to the media which may include radio, television, and the Internet.

Further Instructions. Additional requirements and submission guidelines for the competition may be provided during the competition as necessary.