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Enter

• Eligibility
• Criteria
• Instructions for Entering

Eligibility

The following are eligible for the competition:

• Full-time undergraduate and graduate students registered for the current semester at the University of Maryland, College Park;

• Full-time faculty, regular part-time adjunct faculty and researchers with an ongoing role with the university;

• Degree-seeking part-time students on track for completion of an undergraduate or graduate degree, including those pursuing part-time programs of study; and

• University of Maryland alumni graduating on or after May, 2006

Part-time students must demonstrate progress towards a degree. Team members may include people unaffiliated with the University of Maryland, College Park, provided that at least one of the principal contestants on the team is otherwise eligible. The principal contestant is defined as an officer of the company with relatively equal distribution of company ownership and participation. While teams may include people from the outside community, non-eligible competitors seeking out students to join a team for the sole purpose of gaining eligibility is not allowed. There are no minimum or maximum team sizes, and the number of submissions per team or per individual is not limited. Judges reserve the right to disqualify any entry.

Cash prizes will be awarded based on the judging criteria with amounts and number of prizes determined by the quality of the plans and presentations. Judges have final determination of the number and size of awards.

Criteria

Successful plans generally offer substantial growth potential and high probability for scaling revenues. Generally, technology-based firms, or low-tech firms with pervasive concepts, have the greatest chance of achieving high rates of growth and scale. Plans may also pursue the strategy of creating the double bottom line, providing societal benefit with sustainability. Social responsibility plans may be for-profit, non-profit or a hybrid but must be sustainable.

In light of the broad range of potentially successful plans that have different sets of challenges, and considering that investors seek high return rates but realize that they must balance risk, the competition will use an approach often used by investors -  the "balanced portfolio" approach. This competition will value plans from a broad range of technologies with varying degrees of risk associated with them.  Using the balanced portfolio approach, plans in the field of biotechnology that generally require FDA approval and are typically considered high risk/ high reward due to uncertainties and risk will be considered along side of technologies that can be developed more quickly, with few if any regulatory issues and promise of quicker returns. These might have lower return rates but the risk is also smaller. Plans will be viewed based on potential for success including potential for being in business in five years and/or timeline to a liquidity event. While there are no specific "categories" plans will be viewed individually for their potential. As an additional balance to the portfolio in this competition, ideas that pursue solutions to social problems will be of interest with prizes offered to plans that offer a "double bottom line" – both a financial return and social return. A balanced portfolio for this competition might include some investment opportunities that are a higher risk and some with relatively less risk, and will also include plans that address social needs. Undergraduate plans will be considered with the view to ensure that there is representation in the final selection of winners in the final presentations and that there will be a "Best Undergraduate Plan" if no undergraduate plan is selected as a winner.

For the competition, a range of ideas will be sought and specific areas of interest include but are not limited to:

• Biotechnology ranging from biomedical devices to new drugs
• Technology solutions using software and/or hardware
• Products and services
• Sustainable solutions to poverty with first and third-world applications
• Sustainable solutions to the deterioration of our planet

All plans in a portfolio must have a return rate acceptable to an investor but for this competition, factors reviewers will be considering include:  

1. Strength of the value proposition
2. Thorough competitor analysis and clear competitive differentiation, preferably through unique, protected technology
3. Target markets receptive to new entrants
4. Market size providing opportunity for high growth
5. High potential for sustainable, scaling revenues and earnings
6. Committed team with appropriate skill sets
7. Time to market and pay-off opportunities for investors
8. Benefit to society

COMPANY SIZE AND INVESTMENT STAGE

Company Size - Entries generating revenues are allowed to compete, as long as annual revenues do not exceed $1 million. Companies exceeding $1 million in annual revenues are not eligible.

Investment Stage - Entries receiving institutional investment from venture capital firms or related professional investors are not eligible. Entries receiving limited grant funding, such as SBIR, TEDCO, or DBED grants, are eligible provided that funding does not exceed $1 million.

Instructions for Entering

Format

All entries should be single-spaced with not less than 1" margins on all sides. Use a font not smaller than 12 points in size for text, and not smaller than 8 point font for spreadsheets. Entries will only be accepted in electronic format. You may use Microsoft Word for Windows or PDF for your file format. The header should use the following format: "NAME OF BUSINESS- University of Maryland Business Plan Competition 2012"

Contact sheet

When you log in to submit your entry you will be asked to complete a contact sheet.  A contact information sheet must be included with your entry.  The primary team contact must meet the eligibility requirements of the competition. You will be asked to provide the following information:

• Business or company name/title
• Names and affiliations of all team members
• Primary team contact name
• Proof of eligibility: (state degree pursued and expected graduation date or faculty position)
• Mailing address
• Primary contact phone number
• Primary contact E-mail address
• Secondary contact name
• Secondary contact phone number
• Secondary contact E-mail address

Additionally, state name, degree pursued and expected graduation for all student team members OR name and faculty position for all faculty members.
State name, position and contact information for any external team members.

Brief abstract of your business idea that will be used to describe your company or idea in press releases and other documents.

Include the following statement on the contact page:

By submitting this executive summary, we agree that the ideas, concepts and the entry itself are the original work of the contestants. We also agree that no contestant is under any agreement or restrictions which prohibit or restrict his or her ability to disclose or submit the ideas or concepts to the competition. Further, we agree that the team and every individual member of the team will comply with the rules and guidelines for the competition and we certify that the team is eligible to compete according to the stated guidelines.

FIRST ROUND

Prepare an executive summary of the business plan

Executive summaries should be 1-3 pages in length, including all graphs, spreadsheets and business plan details. No attachments of any kind beyond this number of pages are allowed. Longer executive summaries and full business plans will be disqualified.

Information to include in the Executive Summary:

• Company description and value proposition
• Customer and market analysis
• Potential market size
• Competitor analysis
• Intellectual property, if any
• Management team
• Financial model including overview of revenues and expenses 
• Investment needs
• Current stage of Development (product, customers)

Here is an executive summary template in MS Word format (source: Bootup Labs). Entrants are not required to use this template, it is supplied as a tool.

Submit the entry

• Please note that the University of Maryland is partnering with iStart, an initiative of the Ewing Marion Kauffman Foundation, joining other institutions such as Rice University, the University of California, University of Virginia, and Georgetown University, to manage the competition application process.
• See the competition timeline for deadlines for each round and for other milestones and events.
• Address problems submitting or questions regarding submittals to Eric Schurr by e-mail or at (301) 405-3889.

SEMIFINAL ROUND

Entrants selected for the semifinal round will prepare a full business plan for submission using the format below.

Guidelines for the business plan

The plan must not exceed 15 total pages! This page limit does not include a cover page or table of contents, but does include all business plan text, tables, exhibits, figures and appendices. Conciseness is highly appreciated and encouraged where possible. Ignoring these page limitations may result in disqualification.

Business plans should ideally include a Cover Page and a Table of Contents and adequately address the following:

• Abbreviated executive summary to traditional 1-2 page length
• Product (i.e., describe the business concept / opportunity)
• Value proposition
• Target market
• Intellectual Property, if any
• Customers
• Competitors
• Competitive advantage
• Management team
• Current stage of Development (product, customers)
• Business model- Revenue projections- Profit projections
• Any prior funding/Funding needed and potential return for investors

Business Plans should also make strong and convincing cases with supporting evidence and/or detail for the following (as applicable):

Products or Services

• Value Proposition (specific problem or pain addressed and comparison to existing products or services)
• Understandable brief technical description
• Intellectual property protection
• Possible future products

Market

• Industry – Growth – Size - Segments - Entry barriers
• Target Markets – Growth – Size - Customers (what is your first target market segment and why, specifically name who your first customers will be,  what additional market segments will you pursue and why, etc.)
• Buying power - Buying preferences present and future
• Competitor Matrix - Strengths and weaknesses
• Competitive advantage - Substitutes

Company

• Vision, mission, & values
• The management team, advisors and board members
• History / stage

Marketing and Sales Plan

• Marketing strategy
• Sales plan - Goals  - Bottom up sales projection
• Promotion
• Pricing
• Distribution Channels

Other Items, as applicable

• Legal structure
• Management and staff needs
• Technology status
• Regulatory and legal
• Manufacturing requirements - Facilities -Equipment
• Supply chain issues
• Growth strategy
• Key risks

Financial Plan

• Pro forma financial statements for minimum 3 years, post revenue
• Burn Rate / Breakeven Point

Investment proposal

• Investment needed - Sources and uses of funds
• Investors rate of return

Judging Criteria

Judges want to see business plans that are clear, concise, and complete. Contestants must convince the judges that a clear market opportunity exists and that they have the right combination of product/service, team, and plan to generate significant expected financial returns from that opportunity given the amount of risk associated with the opportunity. 

FINAL ROUND

See timeline for announcement of the finalists. Finalists will have the opportunity to work with mentors to prepare for the final oral presentations before judges at the finals event noted on the timeline.

Finalists will make private, closed-door, 15-minute oral presentations before a team of judges from the venture community including investors, legal professionals in the venture space and experienced entrepreneurs and social entrepreneurs. Up to 10 minutes will be allotted at the end of the presentation for questions from the judges. Time limits will be strictly enforced. These criteria are used to determine the attractiveness of the plan and to determine the winners:

• Strength of the value proposition
• Thorough competitor analysis and clear competitive differentiation, preferably through unique, protected technology
• Target markets receptive to new entrants
• Market size providing opportunity for high growth
• High potential for sustainable, scaling revenues and earnings
• Committed Team with appropriate skill sets
• Time to market and pay-off opportunities for investors

For plans with social responsibility components, judges will factor in the following criteria:

1. Social impact
2. Strength of the team
3. Uniqueness of plan
4. Sustainability (financial and operational)

Finally, finalists will also each make an 8 minute abbreviated oral presentation during an open session before a public audience. This open session will not factor into the judging. The entire University community as well as the general public will be invited to this open session. The intent of the open session is to provide an opportunity for anyone involved or interested in new startup ventures to see and hear from all University of Maryland $75K Business Plan Competition Finalists. While the open session will not be judged, there will be potential investors, potential team members, potential employees, and other interested parties in attendance. Therefore, finalists should view this as an opportunity to try to get your venture noticed by those in the audience who might be able to help you. Unlike the private, judged presentation, there is no prescribed format or criteria for this public presentation.  However, with only 8 minutes, you'll have figure out what key themes and messages to focus on to make your pitch memorable and a crowd-pleaser! 

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