Startup Competition

We invite you to submit your business plans to the 2012 EP Startup Competition!

Our Kick-off event is Monday, March 19th

Please send your entries to Joon_kee_hong@brown.edu

Deadline for Submission: April 3rd at 11:59 PM

Finalist Announced: Sunday, April 8th

Final Round of the Competition: Saturday, April 14th

There are two rounds of the competition. 8-10 Entries will be selected to  move onto the final round which will take place Saturday afternoon April 14, 2012.  All final round contestants will  have the opportunity to pitch their ventures to VCs, Angels, and successful entrepreneurs.

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Format

1. Both commercial and social ventures will be judged according to the same criteria, posted below
2. 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
3. Eight-ten finalists will be selected from the first-round submissions
4. A different group of judges will read, hear, and rate the finalists’ plans and oral presentations the day of the final round.
5. A small portion of the total score 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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Requirements

First Round:

• A concise 3-5 page executive summary
• A PowerPoint presentation pitch deck with a maximum slide limit of 15 (Caution: while there may be some elements of overlap, a pitch deck should not merely repeat information given by the executive summary and vice versa.

Final Round:

• A PowerPoint presentation pitch (no maximum slide limit)
• Adequate preparation for a 8-minute live presentation to a panel of judges and audience

Eligibility

To compete in the Brown Entrepreneurship Program’s Startup Competition, each entrant must meet the following criteria:

• No fees required for entry
• All teams must have at least one, currently enrolled, Brown student, who has a substantial role in the venture
• No participant in the competition may join more than one team
• Teams must reveal all sources and amounts of committed or accepted funding at the time of submission
• Teams that have been awarded prized in previous EP Business Competitions are not eligible to participate this year.

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Financials

You should aim to submit financials that are clear and simple. You are free to be creative in presenting the financials in your executive summary and/or pitch deck. In other words, we do not expect financials in a balance sheet/income statement/cash flow statement format. But at the very least, we suggest that you present calculations for the overall cost structure and profitability to ensure sustainability. Profitability alone will not bias the judging process. For example, commercial ventures are likely to have higher profit margins than their social counterparts. The judges will account for such inherent differences when scoring financials.

Judging Criteria

Opportunity (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. Scope and Impact

• Problem significance
• Market Size
• Solution value and scalability

2. Market Research

• Knowledge of target market and the larger business environment
• Research quality
• Competitive advantage

3. Business Model

• Method to deliver value
• Relationship with key recipients of goods or services
• Overall feasibility 

Success Potential (50%)

How likely is the business team to succeed?

4. Management Team

• Overall strength of team
• Passion for entrepreneurship and commitment to Brown’s entrepreneurial community

5. Stability

• Strength of key resources, activities, and partnerships
• Working prototype/projections (for planned ventures) or proof of business viability (for existing ventures)
• Suitable Plan B

6. Sustainability

• Realistic Financials
• Long-term efficacy
• Flexibility and openness to environment

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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.

Do I email Joseph (joon_kee_hong@brown.edu) my team’s executive summary, pitch deck, and financials for the first round of the competition?

Technically, yes. But financials should be integrated into your executive summary and/or pitch deck and shouldn’t be submitted separately.

How do I submit the Startup Competition TOS Form?

You can type your signature and email the document as an attachment to Joseph (joon_kee_hong@brown.edu) along with the rest of your submissions, or mail it to Box 5500.

Can I use Prezi.com to develop my team’s pitch deck?

Yes, you can if it’ll help you create a solid business pitch.