Entrepreneurship 101 - Up-Start Pitch Competition

DATE | TIME | LOCATION

February 14, 2006 - May 3, 2006
9:00AM - 5:20PM
MaRS Centre

PRIZE

$10K to the winning team presenting an idea for a new technology based start-up company. (The definition of start-up company is intended to include those developing a new product, as well as service-based business ideas or the extension of existing business models to new areas).

ELIGIBILITY

The designated head of the team must be enrolled in Entrepreneurship 101 and all team members must be from an Ontario institution that is eligible for NSERC and/or CIHR funding. (For guidelines on institution eligibility see www.nserc.ca. or www.cihr-irsc.gc.ca. ) Other than this requirement, the competition is open to all eligible students, technicians, postdoctoral fellows, faculty, and staff.

CONTEST DETAILS

The competition will be held in two phases.

Phase One: There will be a first screening of business ideas that will be based on a 1-2 page business description of 400 words or less (that can include figures to help explain the concept). This 2-page description will be used to select 10 top ideas for the final competition.

Phase Two: The second phase of the competition will involve a 10-minute presentation of the business idea to a panel of judges. This presentation will be open to the entire Entrepreneurship 101 class and will follow the same format as a real presentation to potential investors for funding.

Judging: The business cases will be judged by a panel composed of members of leading investment /angel organizations and business leaders. The cases will be judged solely on merits as a viable business --- where the panel members would recommend that an investment be made.

From these 10 finalists, the top team will be awarded $10K to use at their discretion in starting their company. Winners will also receive a commitment from MaRS to provide personal mentoring to build up their business idea.

Second- and third-place teams will also be given business mentorship opportunities. The mentorship part of the competition is considered to be the most valuable part of the exercise to encourage people to take risks and venture out on their own. The mentorship will be provided pro bono by some of Canada’s top business people who have track records in creating and running or funding successful start-up companies. The mentorship process will involve feedback towards refinement of the business model, networking arrangements with the investor community, and help in building up the business management team with proven performers in the business world.

EVALUATION CRITERIA

Four criteria will be used to evaluate each business case on a 5-point scale with 5 being deemed outstanding, 4 excellent, 3 median, 2 fair, and 1 not feasible. This scale will be used to judge:

Technology opportunity
Market Analysis
Intellectual Property or Intellectual Capital
Business Model

For the 2-page description, a separate heading with these categories will help in the judging. The "Technology Opportunity" section should include a brief description of the opportunity and how this solution meets a business need. It should be noted that these documents will not be distributed but you will not be covered by a nondisclosure agreement so any confidential ideas should only be explained in conceptual terms. (Don’t give away the secret of your “secret sauce”.)

The "Market Analysis" section should utilize the material presented in the course to discuss market size, segmentation, channels, etc. The "Intellectual Protocol" (IP) section should describe how you have protected your IP and in what form the IP exists (patents, proprietary concepts, human intellectual capital in the way of “know-how”). It should also cover ownership of IP issues, licensing and other such concerns. The "Business Model" should discuss how you plan to exploit the opportunity and the markets that you have presented. Touch on the structure of your company, how you plan to build your team, investment capital needs, return on investment, etc.

Judging criteria:

Have they clearly articulated the value proposition?
Have they demonstrated competitive differentiation / intellectual capital?
Have they demonstrated a business model that makes money?
Have they demonstrated market awareness?
How effective was the overall presentation?
Would you invest?

DEADLINES/EVENTS

Feb. 14th: “Up-Start” Business Concept Competition details posted

March 1st: Deadline for submission of 2-pager.

March 8th: Announcement of Finalists

April 6th and 18th: Workshop Sessions to Prepare Presentations

May 3rd: Announcement of Up-Start Winners and Final Event.