We invite you to submit your business plans to the 2011 EP Startup Competition!
This year have decided to for the first time expand our annual event into a startup competition, which means that we will expand the range of what we accept as entries into the competition to include anything through which you can convince the judges that you satisfy the criteria we have detailed below. Possibilities for acceptable entries include, but are not limited to:
- complete business plans are of course still acceptable
- prototype demonstration videos
- pitch videos with an attached executive summary
- project presentation in powerpoint form
In the spirit of Brown entrepreneurship (and to maximize the use of our limited resources), this year both social and commercial ventures will be judged side by side, according to the same criteria.
The deadline for submissions is 11:59 PM on April 19, 2011
Please send your entries to ep@brown.edu
The final round of the competition will take place on the morning of April 30, 2011. All final round contestants will then have the opportunity to pitch their ventures at our 14th annual EP Forum, and the results will be announced at the conclusion of the event that afternoon.
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Format
- Both commercial and social ventures will be judged according to the same criteria, posted below
- A panel of qualified judges will review all first round submissions electronically. Their scores will be used to determine the finalists who will go on to compete at the live, final round event
- Six to eight finalists will be selected from the first-round submissions
- A different group of judges will read, hear, and rate the finalists’ plans and oral presentations the day of the final round.
- 10% of final round scoring will be determined by audience vote after all teams have presented at the final round. Once the audience vote has been tallied, it will be combined with the judges’ scoring before assigning prizes and winners.
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Eligibility
To compete in the Brown Entrepreneurship Program’s Startup Competition, each entrant must meet the following criteria:
Team
- All teams must have at least one, currently enrolled, Brown student (may be an undergraduate, graduate, or medical student)
Entry
- All information provided must be true and accurate to the knowledge of the entrant
- No submission may violate intellectual property rights
- Participants may not contact any judge of the business plan competition between the first-round submission deadline and the end of the final round of the competition.
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Judging Criteria
Potential Scope / Impact (50%)
What is the magnitude of the problem that the venture addresses,
and how well does the solution match the scope of the problem?
1. Opportunity (5.0 pts)
- Scope of the problem – how compelling is the need being addressed?
- Size of the addressable market (scale of the social problem)
- Uniqueness and viability of the proposed solution
2. Market Knowledge (5.0 pts)
- Evidence of research into the need – includes data to support the case for the need, data to support adoption)
- Demonstrated knowledge of target market
- Extensive research and understanding of the competition
3. Concept Development (5.0 pts)
- Feasibility of the solution
- Viability of the business model proposed to deliver the solution
- Scalability in terms of the potential for growth or replication of the venture
Success Potential (50%)
Given the team’s business plan and presentation, how likely is the venture to succeed?
4. Viability and Sustainability (5.0 pts)
- Overall likelihood of achieving demonstrable results
- The potential for the venture to receive financial support from additional investors/donors (including opportunities for funding from foundations, social venture funds, angel investors and venture capitalists)
- In the case financial descriptions (pro forma financials or cash flow analysis) are provided, the financials are realistic and well grounded in the need and market analysis, as well as adoption research
5. Management Team / Presentation (5.0 pts)
- Strength of the venture’s management team, including the team’s depth of knowledge, network and experience
- Polished presentation that displays the team’s preparation
- Demonstrated leadership ability and cohesiveness of team
6. Dedication and Vision (5.0 pts)
- Commitment of the team to continue work on the venture and realize its goals
- Passion for entrepreneurship and commitment to Brown’s entrepreneurial community – has the team participated in EP/SII activities, peer critique?
- Evidence of previous work and commitment to the project (in terms of support network, fundraising, development)
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Sponsors
We would like to thank our sponsors and donors for their contributions of cash prizes and in-kind services to the competition. Without them this competition and the support it provides for student entrepreneurs would not be possible.
A special thank you to our incredible sponsors Dun & Bradstreet Credibility Corp and Mama Kim’s Korean BBQ. Please click on the logo below to learn more about their product offerings.
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Frequently Asked Questions
Why the change of criteria?
This year, combining the social and commercial entrepreneurship tracks into one unified competition, we were faced with the unique challenge of creating criteria that could fairly assess both social and commercial ventures. At its base, we believe that the entrepreneurial processes that go into creating social and commercial ventures share the same fundamental principles—among them: creativity, passion, attention to detail, thorough research, hard work.
Thus, in assessing entries to the competition, we have organized our criteria to evaluate ventures based on two questions: (1) What is its potential impact and (2) What is its probability of success?
Something we hope that everyone will notice about the new criteria is that the categories are extremely simplified and in fact de-emphasize the business plan aspect. While a well researched and professional business plan is a necessary factor in winning the competition, we are looking more at the fundamental pieces that lead to a venture’s success—the idea, the problem the venture addresses, scope of impact, team.
Will our presentation and the composition of our business plan be given a point value during the judging process?
Strictly speaking, no. However, it is through those means that you will convince the judges of all of the criteria points detailed in the six categories.
For example, an effective, professional business plan and presentation would be excellent indicators of a strong and dedicated team. An effective presentation would certainly convey how compelling the need is, and also give a good sense of the team’s passion and vision.
How detailed should the financials section be?
We urge you to be extremely careful with any financial analysis you include, and be certain that the calculations/estimations are justified and logical. In most cases, a simple cash flow analysis will suffice if it is well researched. A huge triple bottom line return in the third year looks great, but only if it’s an actual possibility.
Should we include team member bios in our business plan?
Yes. We believe that a strong and passionate team with relevant background/experience is essential for success. It will greatly help the judges evaluate your team if you include bios.
What is the relevance of the “commitment to Brown’s entrepreneurial community” evaluation point?
In the end, our goal is to fund the teams that we are confident have a high probability of success and the greatest potential to create impact, be that impact social, commercial, or otherwise. Teams that utilize Brown’s resources and engage in activities such as Peer Critique display their passion and dedication to their venture. We believe that engagement in Brown’s entrepreneurial community is a strong indicator that a team is committed to realizing their goals.
While we appreciate the power of creativity and believe that strong ideas deserve recognition, we are less interested in devoting our limited resources to teams that do not plan to pursue their venture following the competition.
