Kutztown University of Pennsylvania – Business Idea Competition 2016
(Rules and guidelines as adapted from the Pennsylvania's State System Business Plan Competition 2016-2017)
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 may 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 Tuesday October. 25, 2016.
Venture Profile: Content (all materials for consideration) must be submitted by Tuesday October 25th, 2016.
Awards Ceremony will be November 8th, 2016 at the Academic Forum on campus, at 6pm.
Intent to Compete Registration steps:
2. Go to the top left orange 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 25th, 2016 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 Business Profiles between October 18th, 2016 and October 25th. However, all questions within the Business Profile section must be completed by October 25th 2016 to continue in the competition process. 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 2016 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, than, 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 8, 2016.)
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 2016 semester.