BCIC New Ventures Competition: Regional - 2011/2012 Rules & Terms of Use
These rules have been established for the BCIC New Ventures Regional Competition (“Competition”) from September 1, 2011 to February 23, 2012 organized by the New Ventures BC Society (“NVBC”).
- Eligibility
- Round 1 Submission Requirements
- Round 2 Submission Requirements
- Round 3 Submission Requirements
- Awards and Ceremonies
- Definitions
- Terms of Use
- Online community code of conduct
Eligibility Requirements
For a “Participant” (see Definitions below) to be eligible:
The Participant must have at least one person who is a permanent resident of B.C and be located outside the city of Vancouver, a minimum two hour drive and/or 150Km from the NVBC office located at 1188 W. Georgia St, Vancouver.
If the Participant is a business, it is:
- A B.C.-based business with the majority of its activity in B.C.
- Privately held and has not been incorporated for more than five years, with the possible exception of businesses that are entering the competition for the purpose of substantially changing their business model or business direction. You are not required to be incorporated to enter the competition.
- All persons are of the legal age of majority in B.C. or if not are represented or accompanied as appropriate by someone of the legal age of majority in B.C.
- While a person can participate on one or more teams or submissions, they are not the lead for more than one team or submission.
- The Participant has raised less than $500,000 of equity financing from “outside investors” (i.e. investors other than friends, family and company founders) for the submission as of the date of entry in NVBC, unless otherwise approved by NVBC.
The Participant agrees to:
- Reasonably co-operate in providing NVBC with statistical and tracking data for up to two years following the end of the 2011 competition.
- Co-operate in the promotion of the Competition by allowing the use of the Participant’s business and personal names.
- Upon request Participants will provide a brief (250-word) overview of their venture for the use of the NVBC for promotional and publicity use and will make themselves reasonably available to NVBC and the media for promotional and publicity purposes.
Participants have not previously:
- Entered the provincial and regional competitions more than three times; or
- Won a cash prize in any past NVBC provincial or regional competition; or
- Placed in the final round more than twice in any past NVBC provincial or regional competition
Participants cannot be:
- Directly involved in the judging process for the Competition
- A service-based consulting business, with the exception of those service businesses that are entering the competition specifically to commercialize new intellectual property utilizing a product-based business model
In consideration of NVBC admitting a Participant in the Competition, the Participant agrees to be bound by the terms and conditions (the “Terms of Use”) and all competition rules contained on this Site.
For the submission to be eligible:
- The clear intent of the submission is to build an economically viable, for-profit, new business in B.C.
- The Participant bears sole responsibility for the preparation of their submission.
- The submission meets all of the Submission Requirements
- The Participant must be commercializing Intellectual Property that meets at least ONE of the following criteria:
1. It is an innovative product or service involving new technology defined for the Competition as the application of a practical system of knowledge concerning the physical world and its phenomena.
2. It combines existing technologies in a way that results in new intellectual property.
3. It utilizes technologies to develop new or improve existing products or services.
4. It utilizes technologies to develop new or improve existing production processes.
5. It is the early-stage development of a new technology.
- All submissions and presentations are made by stated deadlines.
- The Participant has paid the registration fee of $100 in Canadian funds and has registered for the Competition either online at www.newventuresbc.com by the stated entry deadline or by mail or courier in an envelope post-marked by that date. Cheques should be made payable to New Ventures BC Society, and sent to:
New Ventures BC, 9th Floor – 1188 W. Georgia Street, Vancouver, BC, V6E 4A2
BCIC New Ventures BC (“NVBC”) Submission Requirements
The following are the submission requirements for each round of the NVBC Competition:
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 electronically by the stated deadlines. Responses to the questions are limited to a maximum of 250 words per question and must:
- Show how the Participant meets the eligibility requirements;
- Include a description of the product or service offering;
- Include a description of the innovation behind the idea without disclosing proprietary intellectual property ;
- Briefly describe the technology sector the idea stems from; and
- Provide a brief analysis of the relevant market and competition.
Entries will be evaluated on the basis of the five points noted above. The finalists moving on to Round 2 will be announced by the stated deadlines.
Round 2: Pitching the Idea
In Round 2, participants will have access to seminars, networking opportunities, and online resources.
The purpose of the Round 2 entry is to test the “fitness” of your business idea with feedback from a jury of experienced peers.
Round 2 companies must prepare a 10-12 minute business pitch and present it to the jury on the competition’s specified dates.
Each Round 2 presentation should answer the following questions in sequence:
- What does your company do?
- What problem is your company’s product(s) solving?
- How does your product/technology solve the problem?
- Why is the solution important?
- What does your company need to grow?
In the course of answering the above questions companies should also address the following:
1. Intellectual Property: Using the World Intellectual Property Organization definition [SEE DEFINITIONS], describe the various forms of intellectual property (IP) related to your product/service that are needed in connection with your business and whether you own such IP, are developing it under license or otherwise. Describe your intellectual property strategy, including any plans for intellectual property protection.
IMPORTANT: Be sure to consider all forms of IP (not only patents) in explaining how your IP strategy will help your company create a sustainable competitive advantage over competitors in the marketplace.
2. Market: Who is your customer? Describe the value proposition: the value your customers will derive from purchasing your products or services. Why will they buy it? Describe the target market in terms of size, segmentation and trends. What are the barriers to market entry?
3. Distribution: Describe how you will take your product to market and reach your customers from a sales and marketing perspective. What alliances do you intend? How will you overcome barriers to market entry?
4. Competition: Who are your existing or potential competitors? Describe your company and product’s primary competitive differentiators. What makes you unique, better? What makes your competition threatening? How might competitors react to the introduction of your product or service?
5. Financial: Describe your revenue model— how you plan to make money. What have you spent to date? What funds have been raised? How much money do you need? When do you need it? What will you do to raise any additional funds required for your product/service? When will your venture be cash-flow positive? What significant assumptions have you made? What risks have you identified?
6. Team: Describe your team members – strengths and weaknesses
The Round 2 jury will choose 20 companies to move on to Round 3.
Round 3: Venture Plan
In this round, Participants will have the opportunity to be assigned two team mentors, and to participate in an additional workshop.
Round 3 companies must submit an 8 page business overview and pitch to a Round 3 jury.
Each business overview must answer the 12 questions in the order listed below. It may be no more than ten pages, plus specified appendixes. It will form the foundation of a business plan. Entries must be uploaded to the online New Ventures BC Competition System by the stated deadlines.
- 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:
o Describe the Product/Service.
o Describe the Product/Service business.
o 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. Explain how your IP strategy will help your company create a sustainable competitive advantage over competitors in the marketplace.
- Question #3: Technological Development: Describe the current development status of the Product/Service. In your explanation please address:
o What are the unknown factors with respect to further development or any enhancements?
o Does this technology rely upon emerging or commercially available technology?
o Define clear milestones for the next 18 months
- Question #4: The Technical Team: Describe the company’s team and address the following points (remember you may attach resumes as appendices):
o Highlight professional or academic qualifications of the team members.
o Describe past activities of the team with respect to past ventures. Indicate if and how team members have worked together prior to this project.
o 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
o Describe the key attributes of the target market (size with segmentation, buying criteria, behaviour, etc.)
o What are the market trends and why?
o How will you build your market?
- Question #6: Market Need: Describe the Product/Service’s appeal and relative fit to the target market. Please address the following points:
o Is the Product/Service introducing a need or filling an existing need?
o Why will customers purchase your Product/Service?
o Based on internal or industry feedback, are further improvements or enhancements necessary? What are these?
o Characterize the “early adopters” of the Product/Service within the target market and describe your ideal customer profile.
o What indication of interest has been received from potential customers to use or test the Product/Service?
o 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. Please address the following points:
o How or who will sell the Product/Service?
o 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:
o Describe the competition in the market place for the Product/Service. Please address the following points:
o Which current market stakeholders may feel threatened by your Product/Service?
o 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:
o Patent or copyright protection
o Time to engineer a new product
o 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:
o Who wrote the business plan?
o What advisors were consulted or what additional research was conducted?
o 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:
o Highlight the key credentials of the management team.
o What key skill sets remain to be recruited?
o 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.
o How will your revenue model enhance market acceptance in the target market?
o How are you going to price your service/product?
o Include reference to your cash flow statement
o Include reference to one- and two-year pro-formas, plus three- to five- year summaries
o How much money has been spent?
o How much money has been raised?
o How much money is required?
Appendices may only include the following:
- Resumes
- Pro-forma Financial Statements
- Supporting research NOT authored by the team
Round 3 Presentation Guidelines
For Round 3 jury pitches, participants may use PowerPoint or other graphic displays to support their oral presentation. Each team will be given 10 minutes to present their venture plan, followed by a 20-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.
The winners will be announced at the New Ventures BC Competition awards ceremony on the appointed date.
AWARDS AND CEREMONIES
The Participants will be informed of the results for Rounds 1 and 2 by e-mail. The results will also be posted on the NVBC competition site. The names of the winners in Round 3 will be made public on the day of the award ceremony on the appointed date.
A jury appointed by the NVBC board will determine the recipients of NVBC Awards. The final results are subject to approval by the NVBC board.
The prize award structure is as follows:
One (1) participant will win the BCIC first-prize package;
One (1) participant will win the BCIC second-prize package;
One (1) participant will win the BCIC third-prize package;
All prizes are in Canadian dollars. 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.
All prizes that are to be awarded will be awarded at the final ceremonies.
Definitions
Intellectual Property: Intellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. Intellectual property is divided into two categories: Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications of source; and Copyright, which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs. Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and those of broadcasters in their radio and television programs.
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 in 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 NVBC Competition.
Terms of Use
You must read and agree to the competition terms of use outlined below (these “Terms of Use”) to be eligible for entry.
Warranties and Disclaimers
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In no event shall the NVBC 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 NVBC 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.
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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 NVBC 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 this Site, your participation in the Competition including but not limited to any violation by you or any other Participant of these Terms of Use or of the Competition Rules, your infringement of any Intellectual Property Rights or your misuse of any confidential information by any person. The NVBC reserves the right to assume the exclusive defense 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 initiate 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 or otherwise might claim contribution and indemnity from the NVBC and any Sponsor or Mentor and their respective officers, directors, employees, consultants, representatives and agents.of the Work, against any person, partnership, corporation or other entity who might claim pursuant to the provision of any applicable statute
No Confidentiality Obligation
The NVBC understands confidentiality is a major concern to you and efforts will be made to restrict access to your submission. Nevertheless, you acknowledge that the NVBC cannot ensure the privacy of any information that you send us. Without limiting the generality of anything else stated in these Terms of Use or in the Competition Rules, the NVBC 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 NVBC or, if at your request, the NVBC communicates confidential or other information to you.
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Online community code of conduct
Competitors will have the opportunity to participate in an online community where they can access competition resources and information.
NVBC believes deeply in free speech. Given our role in offering this service and our presence together as part of the extended technology community, however, we must reserve the right to remove certain content that you may post. As a general matter, you may post content freely so long as the content is not illegal, obscene, defamatory, threatening, infringing of intellectual property rights, invasive of privacy or otherwise injurious or objectionable.
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You acknowledge that NVBC does not pre-screen or regularly review posted content, but that it shall have the right to remove in its sole discretion any content that it considers to violate these Terms or the terms of any other campus user agreements that may govern your use of the campus networks.