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Rules and Regulations 2019-2020

Welcome to the 14th annual West Virginia Statewide Collegiate Business Plan Competition, hosted by BrickStreet Center for Innovation & Entrepreneurship housed in the John Chambers College of Business and Economics at West Virginia University. The competition affords college students around the state the unique opportunity to make a business idea come to life with the support of state institutions of higher education and seasoned business professionals from around the country.

Goal

To provide students with the education, skills, contacts, and motivation necessary to create a viable start-up company in West Virginia. Two grand prize packages consisting of $10,000 cash prize, accounting, legal, and virtual or physical incubator space are awarded to the top team in each category:

Lifestyle and Hospitality - Products or services that are part of daily life or relevant to hospitality, restaurants, hotels, tourism or related fields. They can be the introduction of new products or services, or new methods or techniques of existing products or services.

STEM and Innovation – Products or services with an emphasis in science, technology, engineering, math, energy, and healthcare, or any new innovations. They can be the introduction of new products or services, or new methods or techniques of existing products or services.

In addition to the two grand prize packages, the competition awards an additional $20,000 of at-large prize money. The judges award $10,000 of at-large prize money to any finalist team(s) and a student board awards the other $10,000 donated by ZinnStarter. Ray Zinn created ZinnStarter in 2016 to support early-stage entrepreneurs to foster startups.

Eligibility

Any full-time college student attending a four-year, degree-granting West Virginia institution OR a full-time community college student at a West Virginia degree granting institution. Open to all majors. Full-time status will be verified.

Students participating in university-approved co-op programs are considered to be full-time students for the purpose of this competition.

Students that graduate in December 2019 are eligible to compete, but MUST attend all mandatory functions related to the competition during the spring of 2020. 

Round One

1. Create a Team

Teams may consist of 1-3 members. Assign a team leader.

All members must be full-time college students at West Virginia institutions of higher education, but they do not need to be from the same institution. Building a team with diverse skill sets is recommended. 

Teams may enter multiple business ideas in the first round, but only one (1) such business ideas may compete in the semifinals. If two submissions from the same team leader are selected for the semifinals, teams can break up or add additional team members as needed. Teams can add or remove team members up until the Workshop.

2. Select Business Idea

All business ideas must be FOR-PROFIT WV businesses. Non- Profit ideas are not eligible. Social entrepreneurship is encouraged. All business ideas must have the potential to be viable, legal entities eligible to operate under the laws of West Virginia.

Rules of Eligibility:

  1. Businesses who have generated revenues of $10,000 or more on the sale of goods and/or services produced by their business prior to the Round 1 submission date are not eligible.
  2. Past, non-winning, participants are eligible for re-entry into the competition.
  3. Businesses must be registered and compliant with the laws in the state of West Virginia. There are no restrictions as to the geographic location(s) as to where the business operations shall occur.

All businesses must be registered in West Virginia to be considered eligible for consideration in the competition.

3. Fill out the Business Model Canvas Template 

Business Model Canvas

Understanding the Business Model Canvas

Templates can be filled out based on the following information and 500 characters per section (maximum). 

  1. Value Proposition
    1. What value do we deliver to the customer?
    2. Which one of our customer's problems are we helping to solve?
    3. What bundles of products and services are we offering to each Customer Segment?
    4. Which customer needs are we satisfying?
  2. Customer Segments
    1. For whom are we creating value?
    2. Who are our most important customers?
      • Mass Market
      • Niche Market
      • Segmented
      • Diversified
      • Multi-sided Platform
  3. Customer Relationships
    1. What type of relationship does each of our Customer Segments expect us to establish and maintain with them?
    2. Which ones have we established?
    3. How are they integrated with the rest of our business model?
    4. How costly are they?

    Examples:

      • Personal assistance
      • Dedicated Personal Assistance
      • Self-Service
      • Automated Services
      • Communities
      • Co-creation
  4. Channels
    1. Through which Channels do our Customer segments want to be reached?
    2. How are we reaching them now?
    3. How are our Channels integrated?
    4. Which ones work best?
    5. Which ones are most cost-efficient?
    6. How are we integrating them with customer routines?
  5. Key Activities
    1. What key Activities do our Value Propositions require?
    2. Our Distribution Channels?
    3. Customer Relationships?
    4. Revenue streams?
    5. Categories
      • Production
      • Problem Solving
      • Platform/Network
  6. Key Partners
    1. Who are our Key Partners?
    2. Who are our Key suppliers?
    3. Which Key Resources are we acquiring from partners?
    4. Which Key Activities do partners perform?
    5. Motivations for partnerships:
      • Optimization and economy
      • Reduction of risk and uncertainty
      • Acquisition of particular resources and activities
  7. Key Resources
    1. What Key Resources do our Value Propositions require?
    2. Our Distribution Channels? Customer Relationships?
    3. Revenue Streams?
    4. Types of Resources
      • Physical
      • Intellectual (brand patents, copyrights, data)
      • Human
      • Financial
  8. Cost Structure
    1. What are the most important costs inherent in our business model?
    2. Which Key Resources are most expensive?
    3. Which Key Activities are most expensive?
    4. Is your Business more:
      • Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing)
      • Value Driven (focused on value creation, premium value proposition)

    Characteristics:

      • Fixed Costs (salaries, rents, utilities)
      • Variable costs
      • Economies of scale
      • Economies of scope
  9. Revenue Streams
    1. For what value are our customers really willing to pay?
    2. For what do they currently pay?
    3. How are they currently paying?
    4. How would they prefer to pay?
    5. how much does each Revenue Stream contribute to overall revenues?

4. Register on-line

Due: November 15, 2019 by noon 

Team leaders register team and complete the required submission data.

5. Scoring

Each submission will be reviewed by a panel of judges comprised of various business professionals. Summaries will be scored on standard rubric.

Ten (10) Lifestyle & Hospitality and ten (10) STEM & Innovation teams will be chosen to compete in the Semifinals. Should the top 10 teams in each category not include representatives from each participating school, additional semifinalists will be chosen so that every institution will be represented in the semifinals. Semifinalists must agree to compete at the Semifinals by November 29.  Semifinalists will be announced to the public on December 2, 2019.

Coaches

Each team must have a coach for the Semifinals. It is recommended you work with one coach from your institution and one from private industry with subject matter expertise around your product or service.

If you have any issues obtaining a coach, please contact the BrickStreet Center for Innovation and Entrepreneurship for assistance.

Round Two - Semifinals

Friday, January 31, 2020
Fairmont State University

1. Feasibility Study

Due: January 24, 2020 by noon

Submit on-line via ReviewR

  • 8-page maximum PDF (page count does not include Cover Page, TOC, or appendices)
  • Double spaced
  • 12 pt. font 

2. Elevator Pitch

  • 2 minutes
  • Only one (1) team member is required to speak
  • No questions
  • No visual Aids (Power Point, posters, etc)
    *Note cards are permitted, but not encouraged

3. One-on-One Interviews

  • 7 minutes
  • Visual aids and prototypes are encouraged

Scoring Breakdown

Feasibility Plan - 33.33%

Elevator Pitch - 33.33%

Interview - 33.33%

*Finalists and alternates will be announced at the event. Seven (7) Lifestyle and Hospitality and seven (7) STEM & Innovation teams will be chosen to compete in the Finals. One (1) alternate from each category will also be selected based on scores. Finalists are required to attend the Workshop.

Finalists Workshop

Saturday, February 22, 2020
West Virginia University

1. Workshop

Teams will meet and work with marketing, financial, legal and business professionals. They will learn valuable information, related to starting a business in West Virginia. This event is mandatory for all finalists, and coaches are encouraged to attend.

2. $1,000 Stipend

Each team will receive a $1,000 to spend how they choose. It is taxable. Should a team fail to compete in the final competition, the stipend must be paid back in full. The teams will receive this check at the workshop. Teams that do not attend the workshop are not eligible for the stipend.

Alternates will receive stipend for travel based on travel distance.

Round Three - Finals

Thursday, April 2, 2020
Charleston Civic Center - Charleston, WV

1. Final Business Plan

Due: March 27, 2020 by noon
Submit on-line via Reviewr

  • 40-page maximum PDF (page count does not include Cover Page and TOC)
  • 12 pt. font
  • Double-spaced 


2. Final Competition

  • Each Finalist will give a (maximum) 10-minute presentation followed by 5-minute Q&A with the judges.
  • Only one (1) team member is required to speak during this presentation.
  • Presentations are open to the public, business plans are not.

*Mentors and/or family are permitted in the presentation room during their  respected team's presentation, but non-team members may not speak during the presentations or Q&A. Should a non-team member speak any time the judges are present, the team will be disqualified. The presentation rooms are closed to competing team members.

3. Agenda for the Day

  • Practice Presentations
  • Final Competition
  • Reception and Awards 

Prize Money

  • Grand-prize winners receive the $10,000 over three (3) disbursements (see winner's contract for details)
  • At-large money will be given via check over disbursements agreed upon with the BrickStreet Center for Innovation and Entrepreneurship.
  • ZinnStarter winners receive the money based on amount granted by student board in one (1) disbursement. 

*All prize proceeds may be revoked if the recipients are found to have violated any of the competition’s rules and regulations. West Virginia University is not responsible for the content or quality of any in-kind services that may be provided as awards for this competition.

The Statewide Collegiate Business Plan Competition is committed to undertaking a practical and reasonable effort to protect any confidential and proprietary information provided by participants. Finalists will receive guidance on intellectual property and an overview of best practices will be included in the workshop materials. Judges in all rounds are asked to acknowledge and agree to be bound by confidentiality terms. Final round judges and semi-final judges will sign hard copy confidentiality agreements at the event. All participants do acknowledge the public nature of a business plan competition and assume all risk associated with any disclosure during the course of the competition.


Important Dates 

November 15, 2019      Round One submissions due by noon
November 29, 2019      Semifinalists must agree to participate by today
January 24, 2020            Feasibility Studies due by noon
January 31, 2020            Semifinals - Fairmont State University
February 22, 2020          Workshop - West Virginia University
March 27, 2020               Final Business Plans due by noon
April 2, 2020                    Final Competition - Charleston Civic Center