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Competition Rules
These rules have been established for the New Ventures BC Competition 2008 (NVBC), organised by the BC Ventures Society.

  1. Eligibility
  2. Submission Requirements
  3. Organisational Structure
  4. Awards and Final Ceremonies
  5. New Ventures BC Rights in the Submission
  6. Definitions
  7. Terms of Use

    Eligibility

    The submission is eligible only if:
    1. It is a B.C.-based, privately held company that has not been incorporated for more than five years (note: participants are NOT required to be incorporated companies)
    2. The clear intent is to build an economically viable, for-profit, new business
    3. Less than $500,000 of equity financing has been raised from ³outside investors² (i.e. investors other than friends, family and company founders) as of April 23, 2008, unless approved by New Ventures BC.
    4. In addition, it must meet ONE of the following criteria:
      a) It is an innovative product or service involving new technology. NVBC defines technology broadly as: The application of a practical system of knowledge concerning the physical world and its phenomena.
      b) It combines existing technologies in a way that results in new intellectual property
      c) It utilizes technologies to develop new or improve existing products or services
      d) It utilizes technologies to develop new or improve existing production processes
      e) It is the early-stage development of a new technology

    5. Previous New Ventures BC competition participants may enter the competition up to three times, unless they have previously:
      a) won the first, second, third, or sustainability prize in any past competition; or
      b) placed in the top ten of the competition twice.

    A person cannot be a member of more than one team.

    Only one submission per Participant per round will be accepted. No submissions will be accepted after the stated deadlines.

    During the first, second and third rounds of the Competition two or more Participants (persons/teams/businesses) may join to form a single Participant. Only one submission will be accepted.

    The Participant is solely responsible for the preparation of their submission to the New Ventures BC Competition.

    To be eligible to win the first prize package participants must:

    1. Have registered as a New Ventures BC Competition participant online by April 23, 2008 at www.newventuresbc.com and paid the registration fee of $100CAN. Entries postmarked by that date but received later will be accepted. Cheques should be made payable to BC Ventures Society, and sent to:

      New Ventures BC Competition
      7th Floor, 515 West Hastings
      Vancouver, BC
      V6B 5K3

    2. Accept the "Terms of Use".

    3. Submit an entry to each and every round described below in "2. SUBMISSION REQUIREMENTS" as follows:

      • Completed registration by April 23, 2008
      • 5-page response to Round two questions by May 21, 2008 at 4:00 p.m.
      • 8-page response to Round three questions, plus supporting documents as specified below, by August 13, 2008 at 4:00 p.m.
      • One-hour Oral Presentation either September 11 or 12, 2008

      To be eligible to win the BC Hydro Sustainability prize (SEE DEFINITIONS) Participants must: Meet all the requirements to be eligible to win the BC Hydro first prize package and in addition: Submit a 3-page addendum to the 8-page response to round three questions, by August 13, 2008 at 4:00 pm as detailed below in "2. SUBMISSION REQUIRMENTS."

    The NVBC administration reserves the right to change dates.
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    Submission Requirements

    During Rounds One and Two participants will be offered information and networking opportunities as described on the events page of the web site. The New Ventures BC administration strongly recommends participation at all networking and seminar sessions offered by New Ventures BC.

    1. All Participants must have registered and paid the $100CAD registration fee by April 23, 2008 to be eligible to win a prize in the 2008 New Ventures BC Competition. Registration should be completed electronically using the form on the New Ventures BC web site: www.newventuresbc.com. Cheques should be made payable to the "BC Ventures Society" and sent to:

      New Ventures BC Competition
      7th Floor, 515 West Hastings
      Vancouver, BC
      V6B 5K3

    2. Participants may only submit one entry per round. Entries for rounds two and three must be in hard copy and may be submitted by mail, courier or in person to the NVBC office by 4:00 p.m. on the deadline date. The participant must provide 5 paper copies of the document for Round Two and 10 copies of the document for Round Three.

    3. Acceptable entries will be in no smaller than 10 pt font. Margins will be no less than one inch all around on 8.5" by 11" paper. Entries will be written in English. Entries will not be accepted in any other form.

    4. Only entries fulfilling the eligibility criteria will be considered in the New Ventures BC Competition.

    Participants should note that it is expected that the results contained in their submission for each round will change as they move through the training and information sessions and apply what they learn.

    Participants who are found to have deliberately misrepresented their data, or commit plagiarism shall be excluded from the competition by decision of the New Ventures BC administration and forfeit any and all prizes awarded.

    Round 1: The Idea

    In this round participants will have access to seminars, networking opportunities, and online resources.

    Completed registration and an outline of the business idea using the online form must be submitted by mail or electronically by April 23, 2008 to the New Ventures BC Competition, and must:

    • Show how the Participant meets the eligibility requirements,
    • Include a description of product or service offer,
    • Include a description of the innovation behind the idea without disclosing proprietary technology,
    • Briefly describe the technology sector the idea stems from,
    • Provide a brief analysis of market and competition.

    Responses to the questions are limited to a maximum of 250 words per question.

    Entries will be evaluated on the basis of the five points noted above. Up to one hundred (100) participants will be invited to submit to Round Two. The finalists will be announced by April 28, 2008.

    Round 2: Feasibility Test

    In this round participants will have access to seminars, networking opportunities, and online resources.

    The Round Two entry clarifies the feasibility of the ideas. It may be no more than five pages, and must answer the questions in the order listed below. Five copies of the entry must be received by May 21, 2008 at 4:00 p.m. at the New Ventures BC Competition office.

    Round Two Questions
    Participants will answer the questions in the order listed.

    1. Product/Service: Describe your product or service and the nature of the technology.
    2. Intellectual Property: Describe any intellectual property associated with your product/service. Outline any patentable intellectual property and provide patent status.
    3. Technology Development: Describe the development stage of your product/service.
    4. Business Plan Status: What research has been conducted, and what remains to be done. What key sources are included to document and support your plan?
    5. Market: Who is your customer? Describe the value your customers will derive from purchasing your products or services. Why will they buy it? Describe your revenue model, how you plan to make money. Describe the target market in terms of size, segmentation, and trends.
    6. Distribution: Describe how you will take your product to market and reach your customers from a sales and marketing standpoint. What alliances do you intend?
    7. Competition: Describe your company and product's primary competitive differentiators. What makes you unique, better? Describe substitutes for your product or service (existing or potential). What are the barriers to competition?
    8. Team: Describe your company's strengths. List the credentials of your technical and management teams, and if applicable, advisors and board of directors. If you don't have a team, describe the key positions and critical skill sets that you plan to add.
    9. Financial: What have you spent to date? That funds have been raised? How much money do you need?

    Entries will be evaluated by the Jury based on the responses to the questions noted above. The Jury will be directed to select the business ideas they deem to be viable and most likely to succeed. Up to thirty (30) Participants will be invited to continue to Round Three. The Finalists will be announced on June 10, 2008.

    Round 3: Venture Plan

    In this round Participants will have the opportunity to be assigned a team mentor, access a number of experts through the panel mentoring sessions, and participate in workshops about financial planning. The New Ventures BC administration strongly recommends participation at all offered mentoring and seminar sessions.

    The round three entry must answer the twelve questions in the order listed below. It may be no more than eight pages, plus specified appendixes. It will form the foundation of a business plan. Ten copies of the entry must be received by August 13, 2008 at 4:00 p.m. at the New Ventures BC Competition office.

    Question #1:
    The Product/Service
    Describe the Product/Service with respect to the nature of the technological advancement, cost-saving advantages or revenue generating possibilities within, or in relationship to, the target market segment. In your description please address the following points:

    • Describe the Product/Service.
    • Describe the Product/Service business.
    • How will revenue be generated?

    Question #2:
    Intellectual Property

    • Describe any intellectual property or other innovation associated with your Product/Service.
    • Outline any patentable intellectual property and provide patent status.

    Question #3:
    Technological Development
    Describe the current development status of the Product/Service. In your explanation please address the following points:

    • At present, what timelines and key milestones are in place to complete development or any enhancements?
    • What are the unknown factors with respect to further development or any enhancements?
    • Does this technology rely upon emerging or commercially available technology?
    • Define clear milestones for the next 18 months

    Question #4:
    The Technical Team
    Describe the company's technical team and address the following points (remember you may attach resumes as appendixes):

    • Highlight professional or academic qualifications of the team members.
    • Describe past activities of the team with respect to past technical development/operations.
    • Indicate if and how team members have worked together prior to this project.
    • If the team is not fully assembled, what critical skills sets are missing?

    Question #5:
    Market Scope
    Describe the market scope for the Product/Service. In your response please include the following points:

    • Describe the key attributes of the target market (size with segmentation, buying criteria, behaviour, etc.)?
    • What are the market trends and why?
    • How will you build your market?

    Question #6:
    Market Need
    Describe how and why the Product/Service's appeal and relative fit to the target market. In your response please address the following points:

    • Is the Product/Service introducing a need or filling an existing need?
    • Why will customers purchase your Product/Service?
    • Based on internal or industry feedback, are further improvements or enhancements necessary? What are these?
    • Characterize the "early adopters" of the Product/Service within the target market.
    • What indication of interest has been received from potential customers to use or test the Product/Service?
    • Describe clear milestones for the next 18 months

    Question #7:
    Distribution Channels
    Describe the intended sales channels for the Product/Service in the target market. In your response please address the following points:

    • How or who will sell the Product/Service?
    • Does your Product/Service provide a solution for the sales channel?

    Question #8:
    Competitive Situation
    Describe the competition in the market place for the Product/Service. Please address the following points:

    • What offerings are directly competitive or substitute offerings to your product/service.
    • Name your top 3 competitors, regardless of size or market dominance.
    • Which current market stakeholders may feel threatened by your Product/Service?
    • Why will your product/service "beat" the competition?

    Question #9:
    Barriers to competition
    Describe any barriers to others competing with your product or service. Examples might be:

    • Patent or copyright protection
    • Time to engineer a new product
    • Market presence as first to market

    Question #10:
    Business Plan Status
    Describe the current status of your business plan. In your response please address the following points:

    • Who wrote the business plan?
    • What advisors were consulted or what additional research was conducted?
    • What key sources are included to document and support your plan?

    Question #11:
    Management Capacity
    Describe the business skills (leadership, directorships, finance, marketing, operations, HR, etc.) of your team. Please address the following points:

    • Highlight the key credentials of the management team.
    • What key skill sets remain to be recruited?
    • Does management regularly consult with market-based advisors or experts? How?

    Question #12:
    Financial
    Describe the financial position of your venture. Your answer should address the following points and be supported by attached statements.

    • How will your revenue model enhance market acceptance in the target market? How are you going to price your service/product?
    • Include reference to your Cash flow statement
    • Include reference to 1 and 2 year pro-formas, plus a 3 to5 year summaries
    • How much money has been spent?
    • How much money has been raised?
    • How much money is required?
    • Identify a budget consistent with the milestones described in Questions 3 and 6.

    Appendixes may only include the following:

    • Resumes
    • Pro-forma Financial Statements
    • Supporting research NOT authored by the team

    Participants wishing to be considered for the BC Hydro Sustainability Prize must answer these additional questions in the order listed below. This document may be no more than three pages in length, and must be received as part of the round three submission by August 13, 2008 at 4:00 p.m. at the New Ventures BC Competition office.

    1. Vision and Strategy: A statement and discussion of your organisation's sustainability strategy.
    2. Profile: An overview of your organisation, operations, and stakeholders.
    3. Governance Structure and Management Systems: A description of your organisational structure, policies, management systems, and stakeholder engagement efforts.
    4. Performance Indicators: Measures of performance of your organisation divided into economic, environmental, and social performance indicators.


    • Economic indicators concern an organisation's impacts, both direct and indirect, on the economic resources of its stakeholders and on economic systems at the local, national, and global levels. Included within economic indicators are the organisation's wages, pensions and other benefits paid to employees; monies received from customers and paid to suppliers; and taxes paid and subsidies received. In a few instances economic performance information overlaps with that in conventional financial statements. In general, however, the two are complementary.

    • Environmental indicators concern an organisation's impacts on living and non-living natural systems, including eco-systems, land, air and water. Included within environmental indicators are the environmental impacts of products and services energy, material and water use; greenhouse gas and other emissions; effluents and waste generation; impacts on biodiversity; use of hazardous materials; recycling, pollution, waste reduction and other environmental programmers; environmental expenditures

    • Social indicators concern an organisation's impacts on the social systems within which it operates. Social indicators are grouped into three clusters: labour practices (e.g., diversity, employee health and safety), human rights (e.g., child labour, compliance issues), and broader social issues affecting consumers, communities, and other stakeholders (e.g., bribery and corruption, community relations).

    The Jury will evaluate entries. Once all submissions have been evaluated, the Jury will be directed to select the submissions they deem to be most likely to succeed. Up to ten (10) participants will be invited to continue to Round Four. The finalists will be announced on September 4, 2008.

    Round 4 - The Finale

    Up to ten finalists will present their business idea to the New Ventures BC Competition jury orally on September 11 or 12, 2008. They may use PowerPoint or other graphic displays to support their oral presentation. Each team will be given 20 minutes to present their venture plan, followed by a 30 minute question and answer session between the participant and jury. There will be approximately 10 minutes between presentations.

    The Jury, who may also have called upon outside expertise to complete their "Due Diligence", will evaluate presentations. The Jury will be directed to rank the submissions in the order they deem to be most likely to succeed as a business venture in the current market. One (1) participant will win the BC Hydro first prize package of $41,000 cash and $19,000 in-kind services PLUS BC Innovation Council Proof-of-Concept Award: $100,000 One (1) Enbridge second prize winner will win a prize package of $25,000 cash and $13,000 in-kind services PLUS BC Innovation Council Proof-of-Concept Award: $50,000 One (1) third prize winner will win a prize package of $10,000 cash and $7,000 in-kind services PLUS BC Innovation Council Proof-of-Concept Award: $50,000

    The jury will evaluate the top ten finalists for their eligibility to win the BC Hydro Sustainability Prize. One (1) participant will win the BC Hydro Sustainability Prize of $20,000 cash. A team may win the BC Hydro Sustainability prize in addition to another prize. If none of the ten finalist teams meets the requirements for the BC Hydro Sustainability prize. The prize will not be awarded.

    All prizes are in Canadian dollars. All round four finalists will receive a certificate acknowledging their achievement at the awards ceremony. The winners will be announced at the New Ventures BC Competition awards ceremony on September 25, 2008.

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    Organisational Structure: Administration, Mentors and Jury

    The BC Ventures Society is responsible for the administration of the New Ventures BC Competition.

    The New Ventures BC Administration will be responsible for the selection and composition of the jury and the mentors (drawn from private and public organizations, Angel Investors, Venture Capital firms, and associations).

    No person may function as a team mentor in addition to acting as a member of the jury.

    In the instance of any real or perceived conflict of interest with regard to a specific team or submission, the jury member is responsible for excusing him/herself from that decision.

    Jury members, mentors, and sponsors must agree to honour the intent and timeline of the New Ventures BC Competition and refrain from making offers of financing until the end of Round 4.

    In the event that the calibre of submissions is inferior, the jury and organizers reserve the right to not award some or all prizes.

    In each round of competition, the Jury will make the decision as to the selection of finalists, subject to the ratification of the Board of Directors of the BC Ventures Society. The Board of Directors retain the right to intervene if the recommended submission concerns a product or service that is unlawful or would reflect poorly on the reputation of the BC Ventures Society. Decisions of the Board are final.

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    Awards and Final Ceremonies

    All prizes are in Canadian Funds. The 2008 New Ventures BC Competition Prizes are as follows:

    One (1) BC Hydro First Prize:
          $41,000 cash and $19,000 in-kind services PLUS BC Innovation Council Proof-of-Concept Award: $100,000

    One (1) Enbridge Second Prize:
          $25,000 cash and $13,000 in-kind services PLUS BC Innovation Council Proof-of-Concept Award: $50,000

    One (1) Third Prize:
          $10,000 cash and $7,000 in-kind services PLUS BC Innovation Council Proof-of-Concept Award: $50,000

    One (1) BC Hydro Sustainability Prize:
          $20,000 cash

    The Participants will be informed of the results in each round. Prize amounts may change. The NVBC administration will communicate any changes to all participants.

    Participants nominated for an award shall be represented at the final ceremony; they will, therefore, be informed of their nomination sufficiently in advance.

    The names of the winners in Round Four will be made public on the day of the award ceremony on September 25, 2008.

    All prizes will be awarded at the awards ceremony.

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    New Ventures BC Rights in the Submission

    The Participant agrees to the following:

    • All participants agree to reasonably co-operate in providing the New Ventures BC Administration with statistical and tracking data for up to two years following the end of the 2008 competition.
    • All participants will co-operate in the promotion of the New Ventures BC Competition by allowing the use of their business and personal names.
    • All Round Three participants will provide a brief (250 word) overview of their venture for the use of the BC Ventures Society for promotional and publicity use.
    • All Round Four participants will reasonably make themselves available to the New Ventures BC Administration and the media for promotional and publicity purposes.

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    Definitions

    Participant
    The Participant may be either one or more persons, or a business. The Participant must include at least one person with a permanent residence within the province of British Columbia. If the Participant is a business, the business must have the majority of its activities in British Columbia. Eligibility requirements must be met.

    Team
    A team is a group of persons, who together are a "Participant" in the New Ventures BC Competition.

    Mentor
    The Mentor is an expert or a leader in his/her field who has voluntarily offered his or her free advice to a New Ventures BC Competition participant.

    Jury
    The Jury is made up of either Venture Capitalists, entrepreneurs, or recognized industry leaders invited by the New Ventures BC Competition Jury Committee to evaluate the submissions for all rounds of the New Ventures BC Competition.

    New Ventures BC (NVBC) administration
    The New Ventures BC administration is the Board of Directors of the BC Ventures Society (BCVS), the Advisory Board of the New Ventures BC Competition and its sub committees, and/or a designated employee of the BC Ventures Society.


    Sustainability
    For the purposes of the 2008 New Ventures BC Competition, sustainability is defined as the concept of utilizing our physical, natural and social resources to meet our needs and aspirations without compromising the wellbeing of future generations and the global ecosystem.

    Terms of Use

    Competition Terms & Conditions

    You must read and agree to the competition terms to be eligible for entry.

    B.C. VENTURES SOCIETY: NEW VENTURES B.C. COMPETITION 2008

    TERMS OF USE

    The Competition

    The purpose of the New Ventures BC Competition is to attract venture capital to British Columbia; stimulate employment and wealth creation; motivate researchers and developers to commercialize their ideas; build business skills by bringing entrepreneurs together; and create a diverse investment community by increasing the supply of venture proposals.

    Acceptance of Terms

    In consideration of the B.C. Ventures Society (the "BCVS") admitting you as a Participant (as defined in the Competition Rules, below) in the New Ventures B.C. Competition 2008 (the "Competition"), you agree to be bound by the terms and conditions set forth in this document (the "Terms of Use") and in the Competition Rules, which are hereby incorporated by reference into the Terms of Use. By accessing or using this Web site (the "Site"), including but not limited to the Entry Form, you agree to be bound by the Terms of Use. The BCVS reserves the right to change the Terms of Use from time to time at its sole discretion. Your use of the Site will be subject to the most current version of the Terms of Use posted on the Site at the time of such use. In addition, when accessing or using the information and documents (the "Materials") posted on this Site, you shall be subject to any posted guidelines or rules applicable to such Materials, including but not limited to the Competition Rules, which may contain terms and conditions in addition to those in the Terms of Use. If you breach any of the Terms of Use, your authorization to use this Site automatically terminates and you must immediately destroy any Materials downloaded or printed from this Site. Additionally, if you breach any of the Terms of Use, Competition Rules or any other rules or guidelines posted on this Site, you may be expelled from the Competition and any entry fee, prizes or other rights arising out of your participation in the Competition shall be forfeit.

    Warranties and Disclaimers

    Your use of this Site is at your sole risk. The Site and the Materials therein are provided "as is" and on an "as available" basis. The BCVS makes no representations or warranties, either expressed or implied, of any kind with respect to the Site, its operation, contents or the Materials.

    In no event shall the BCVS or its Sponsors, Jury, or Mentors (as defined in the Competition Rules) be liable to you or any third party for any special, punitive, incidental, indirect or consequential damages of any kind, or any damages, loss or expense whatsoever, including, without limitation, those resulting from the loss of use, data or profits, whether or not the BCVS has been advised of the possibility of such damages, loss or expense, and on any theory of liability, arising out of or in connection with the use of this Site or of any Web site referenced or linked to or from this Site. Some jurisdictions prohibit the exclusion or limitation of liability for consequential or incidental damages, so the above limitations may not apply to you.

    The use of the Materials or the downloading or other acquisition of any information, data or documents through this Site is done at your own discretion and risk and with your agreement that you will be solely responsible for any damage to your computer system or loss of data that results from such activities. No advice or information, whether oral or written, obtained by you from the BCVS or any Sponsor or Mentor or through or from this Site shall create any warranty not expressly stated in the Terms of Use.

    Representation of Rights in the Work

    You represent and warrant that you are the sole author of all documents and information submitted in connection with the Competition (the "Work"), that the Work is original and that the Work has not previously and does not presently infringe on any patents, industrial designs, trade marks, trade names, brand names, service marks, logos or copyrights, whether or not registered and whether domestic or foreign, or the trade secrets, know-how or confidential or proprietary information of any other person or entity (the "Intellectual Property Rights").

    Indemnity

    You agree to indemnify, defend and hold harmless the BCVS and any Sponsor or Mentor and their respective officers, directors, employees, consultants, representatives and agents from and against any loss, liability, claim, cause of action, demand, damages, costs or expenses including without limitation reasonable legal, accounting and other professional fees made by any third party arising from or in connection with your use of the Site, your participation in the Competition including but not limited to any violation by you or any other Participant of the Terms of Use or of the Competition Rules, the infringement of any Intellectual Property Rights or the misuse of any confidential information by any person. The BCVS reserves the right to assume the exclusive defence and control of any matter, subject to indemnification by you, which shall not excuse your indemnity obligations.

    You further agree not to make any claim or take any proceedings in relation to any loss, damage or expense that you may incur in connection with your use of this Site or the Materials, or your participation in the Competition including but not limited to your submission of the Work, against any person, partnership or corporation who might claim pursuant to the provision of any applicable statute or otherwise claim contribution and indemnity from the BCVS and any Sponsor or Mentor and their respective officers, directors, employees, consultants, representatives and agents

    No Confidentiality Obligation

    We understand confidentiality can represent a major concern and efforts will be made to restrict access to submission. Nevertheless, we cannot ensure the privacy of any information that you send us. Without limiting the generality of anything else stated in the Terms of Use or in the Competition Rules, the BCVS and any Sponsor or Mentor and their respective officers, directors, employees, consultants, representatives and agents shall not be responsible for any damages that you may incur by your communication of information and submission of the Work (whether confidential or not) to the BCVS or, if at your request, we communicate confidential or other information to you.

    Governing Law and Jurisdiction

    This Site (excluding linked Web sites) is controlled by the BCVS from its offices in the Province of British Columbia. By accessing this Site, you and the BCVS agree that all matters relating to your access to, or use of, this Site shall be governed by the laws of the Province of British Columbia, and that the Supreme Court of British Columbia shall have exclusive jurisdiction in respect of all disputes arising out of the Terms of Use, the Competition Rules or any other rules or guidelines posted on this Site.

    Trademark Information

    The trademarks, logos and service marks (the "Marks") displayed on this Site are the property of the BCVS or other third parties. You are not permitted to use the Marks without the prior written consent of the BCVS or such third party that may own the Marks.

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