TCC StartUp Cup Powered by Lobeck Taylor Family Foundation 2012 Entrepreneurial Business Model Competition *Official Rules*
This contest is designed to stimulate entrepreneurial activity, grow jobs through startups, and increase awareness of the resources available to grow entrepreneurs in the Tulsa metropolitan area. All winners will be selected on an objective basis as determined by the criteria set forth below. You must read and comply with these rules to enter the Entrepreneurial Business Model Competition (the “Competition”). This Competition is void where prohibited by law.
Who can enter the Competition?
The Competition is open to all participants who meet the following criteria:
- The model must be an original idea for a business from idea up to five years in operation.
- Applicants need not be based in Tulsa, but they must be based in Oklahoma and agree to establish or expand business operations in the Tulsa metropolitan area if they win.
- Company officers/participant team members are legal Residents of the United States and at least one member of the team must be 18 years of age or older.
- The business must not have a net worth that exceeds $1 million.
- Company officers/participant team members cannot be directors, officers, or employees of Lobeck Taylor Family Foundation or Tulsa Community College. Immediate family members of each of the above are also disqualified. NOTE: Students who are not employed by Tulsa Community College are allowed to compete.
- Not-For-Profit submissions will not be accepted.
How do I enter?
Fill out the official TCC StartUp Cup Powered by Lobeck Taylor Family Foundation Business Model short form. Your submission must contain the following information:
- Your business idea
- Need and/or solution being filled
- Product and/or service
- Market size
- Target customer
- Revenue streams
- Management team
- Marketing strategy
- Startup costs
- Statement of eligibility
Submissions will be accepted between April 10, 2012 and May 14, 2012.
- Judges will review submitted business models and the top twenty-five participants selected to enter the competition will be notified of their acceptance on or before June 5, 2012. Only complete online business model short forms will be considered.
- If selected for the Competition a comprehensive business model and business plan containing financial information, including a real or projected balance sheet, profit and loss statement and general ledger will be required for submission by June 20, 2012. Business plans must be submitted in PDF format in at least 9 point type. Business plans submitted in another format will be disqualified. Instructions and a link to an online business model long form will be sent to those invited to participate in the Competition.
All information will be kept confidential. The judges may require verification of certain information during the review of the business model.
Any questions regarding submission of business plans should be addressed to email@example.com. The representatives of the Competition will not respond to direct inquiries regarding the contest other than general administrative questions.
What can I win?
The winners will be determined from all eligible participants. The winners will be announced at the TCC StartUp Cup Powered by Lobeck Taylor Family Foundation Award Celebration (the “Award Celebration”) to be held November 13, 2012. All finalists will be expected to attend the Award Celebration and may be required to make a brief presentation about their companies during the Award Celebration. The maximum cash award distribution for the winning business models shall not exceed $30,000 for First Place, $5,000 for Second Place and $2,500 for Third Place. In addition, Participants may receive introductions to additional funding sources at the conclusion of the Competition.
NOTE: There is no guarantee, expressed or implied, that any participant will receive an award. Should no entries into the Competition meet the entry criteria, should no entry have a reasonable chance for success, or should the judges determine no winner exists for the Competition, no award will be made and the award money will be used for the following year’s competition. The odds of winning an award depend on the skill of the participants and the number of entries received. All taxes associated with an award are the sole responsibility of the winner. Awards are not transferable.
How will the judges decide on a winner?
Decisions will be made by a panel of judges consisting of representatives from a variety of backgrounds and expertise within the community. The judging panel will evaluate business models on the basis of:
- Reasonable opportunity for success of the business model
- Company meets an identifiable need
- Company’s execution strategy satisfies this need
- Company has identified and allocated resources to be successful
- Company utilizes resources effectively
- Company has a believable competitive advantage
- Company has a sound target market and customer base
- Revenue and profit models that fit the business model
- Strong management team
- Realistic time-frame for company growth
- Company responds positively and constructively to coaching at each successive pitch
The participants to the Competition will be judged on the merits of their business models with three presentations made to the panel of judges. The first presentation will include the top twenty-five business models. The second presentation will include the top twelve business models.
The final phase of presentations will include the top seven business models chosen from the top twelve. In the event of a tie, the judges will select the model that has the higher score under “Reasonable opportunity for success of the company.” All decisions regarding the criteria will be made solely by the organizers and sponsors. These Official Rules and the decisions of the judging panel are final and binding in all respect.
What are the other conditions of the Competition?
Media Release. Participants who are chosen as the top twenty-five business models will be required to sign a media release before advancing to the presentation phase of the Competition. Finalists in the competition must also agree to make themselves available for media events after the competition concludes.
Other Funding or Competitions. Teams that have already secured funding from any source must disclose the amounts and sources at the time of entry, or as soon as they become aware of any funding commitment during the duration of the competition. Teams that have entered a model into any other business plan competition must disclose this at the time of entry or as soon as they enter their model in another competition during the duration of the Competition.
Original Work of Authorship. All entries must be original and free from any claim of copyright, patent infringement, or other restriction relating to the Competition.
Number of Entries. No individual may be included as a “team member” on more than one business model, and no business may enter more than one business plan.
Payment of Prizes. The cash awards paid by the sponsors do not constitute an investment in the winning business model. Sponsors will not receive equity in the winning companies in exchange for the award money. Awards to the winners of the Competition will be issued in the name of the company as set forth in the business model and the sponsors do not assume any liability for any subsequent distribution.
Rights Reserved. Sponsors reserve the right to change these Official Rules at any time, in their sole discretion, and to suspend or cancel the Competition or any entrant’s participation in the Competition should unauthorized human intervention or other causes beyond Sponsors’ control, affect the administration, security, or integrity of the Competition.
Competition. No responsibility is assumed and participants waive all claims for lost, late or misdirected entries, or for any problems of technical malfunction of any telephone or network lines, computer online systems, servers or providers, computer equipment, software, failure of any email or entry received by Sponsors on account of technical problems or traffic congestion on the Internet, the website or any combination, thereof including, without limitation, any injury or damage to entrant’s or any other person’s computer resulting from any causes, including without limitation downloading any materials in the promotion. Participants who violate these Official Rules, tamper with the operation of the Competition or engage in any conduct that is detrimental or unfair to Sponsors, the Competition, or any other entrant (in each case as determined in Sponsors’ sole discretion) are subject to disqualification from entry into the Competition. Sponsors reserve the right to lock out any entrant whose eligibility is in question.
Release and Waiver. By entering, participants, without limitation, release and hold harmless Sponsors, judges, coaches, and their respective directors, officers, employees, and agents from any and all liability for any injuries, loss, or damage of any kind in connection with the Competition. By entering this Competition, participants agree to waive any right to claim ambiguity or error in these Official Rules or in the Competition itself. Questions about these Official Rules or the Competition, should be directed to firstname.lastname@example.org.
Choice of Law and Venue. These rules shall be governed by and construed in accordance with the laws of the State of Oklahoma and venue for any action, suit or proceeding shall be in Tulsa County, Oklahoma.
Who are the Sponsors of this Competition?
The Sponsors of the Competition are the Lobeck Taylor Family Foundation and Tulsa Community College.