Welcome to the 7th Annual Business Idea Competition at Kutztown University
Kutztown University of Pennsylvania – Business Idea Competition 2017
(Rules and guidelines as adapted from the Pennsylvania's State System Business Plan Competition 2017-2018)
This Kutztown University Business Idea Competition is seeking State System students who are interested in starting or growing their own business in Pennsylvania. Funding is available to support students in their business development efforts. Start-up/seed capital and in-kind prizes will be awarded to assist with the creation of your new business or the development of your growing business.
You first register and complete the Intent to Compete section questions; you should also add your Business Profile information as it is available; otherwise, you can re-enter the Competition Website as often as required to add or edit the Business Profile content. It is recommended that you enter all information you can into the Business Profile section right after you register the Intent to Compete. This action will help you familiarize with the Business Profile questions.
Your business plan, if developed, can be added as an attachment within the Business Profile's question section. Note: A Business Profile is an abbreviated description of the Company's business model; whereas, the Business Plan is a comprehensive description of all elements of the Company's business model.
Intent to Compete: Registration must be submitted by Friday October. 27, 2016.
Venture Profile: Content (all materials for consideration) must be submitted by Friday October 27th, 2017.
Awards Ceremony will be November 7th, 2017 at the Academic Forum on campus, at 6pm.
Intent to Compete Registration steps:
2. Go to the top left box where it says Login/Register, and click on that. You will be asked to create an account to participate in the competition - Click on Create User Account. Only one “Intent to Compete” form may be submitted per individual or team. If you are a member of a team, you can submit your own Business Profile, if the business is different than the team's business model.
3. Enter information in the next several sections as instructed, when you have entered as much information as you have available about your business concept, then click Save at the bottom of the form. You are then registered but remember you need to re-enter the website and type in your additional business plan information prior to October 27th, 2017 11:59 PM DEADLINE Be sure to complete each section's questions in the section area, If you do not complete each section, then your application will be deemed "incomplete". Do not refer to "See Attachment", such as a business plan, as the section answer. Only in the Additional Documentation section would you place and refer to attachments.
Students may submit and rework their Venture Profiles/Application at any time prior to October 27th 2017 Deadline. Incomplete Venture/Business Profiles will not be continued in the competition process.
Student Eligibility Requirements
Eligible applicants must be matriculated undergraduate or graduate students, full-time or part-time during the Fall 2017 semester, at Kutztown University of Kutztown.
Additional Eligibility Requirements
For Profit Business: A team of contestants must be comprised of active Kutztown University students having no less than 51% equity ownership in a for-profit company.
Non Profit Business: If the business is a non-profit, then, no less than 2 Kutztown University students who are founders of the business and with voting rights shall be members of the Board when the business is launched. A copy of the organization's By-Laws can be added to the Venture Profile, which will evidence the inclusion of student membership within the Board.
Note: 1: Only active students as described above should be listed as the Team Leader and additional applicants; you will identify other equity ownership members, who are not active State System students, in the management section question in the venture profile.
If you have a question regarding Intellectual Property ownership, please link to: Student Intellectual Property Agreements. www.passhe.edu/.../Pages/IntellectualPropertyPolicyStatement.aspx
Terms and Conditions
Students are strongly encouraged to use the awarded funds as a source of start-up for their venture. A W-9 Taxpayer ID form will be required of each cash awardee. (W9 will be provided at the conclusion of the Awards Ceremony on November 7th, 2017.)
The awards for the first, second, and third place winners, are intended to assist the winners in capitalizing and developing or growing their business venture.
Prize money is available to currently enrolled and matriculating degree candidate students in good standing as of the fall 2017 semester.
Awards will be equally distributed to team members based upon those identified on the teams submitted venture profile at the time of judging round 1 of the competition.
Business Plan Competition Timeframe
* Please note that all dates are subject to change.
Venture Profiles - Due October 27h, 2017.
Following submission of completed Venture Profiles, Finalists Will be selected by Round 1 Judges.
Finalists and Winning Business Idea – November 7th, 2017.
Finalists will be announced on or about November 4rth and the Final Round competitors will be invited to present during the November 7th LIVE Final Round of Judging. Final Round Competitors and their teams will be expected to present their Business Idea to a team of select Final Round Judges – comprised of local business experts and entrepreneurs
University Contacts and Student Competitor Resources
Students are encouraged to utilize resources, such as Small Business Development Centers, Kutztown University faculty, and tutorials available located within the Application Questions.
Selection of Semi-finalists and Finalists
The Entrepreneurial Leadership Centers (ELC) or their designee at each State System university will be responsible for assisting students in completing their Business Profiles. A team of independent judges will review the semi-finalists and select the finalists. Finalists will be required to participate in a phone interview with the external judges.
For technical issues with this Startup Compete platform, contact:
Dr. Duane A. Crider
Student Business Idea Competition/ Entrepreneurial Leadership Coordinator