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Rules and Regulations 2018-2019

Welcome to the 13th annual West Virginia Statewide Collegiate Business Plan Competition, hosted by BrickStreet Center for Innovation & Entrepreneurship housed in the 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. Three 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 Innovation – Products or services that are part of daily life or new innovations. They can be the introduction of new products or services, or new methods or techniques on existing products or services.

Hospitality and Tourism – Products or services with relevance to hospitality, restaurants, hotels, tourism or related fields.

STEM – Products or services with an emphasis in engineering, technology, energy, and healthcare

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 2018 are eligible to compete, but MUST attend all mandatory functions related to the competition during the spring of 2019.

To be eligible for advancement in the competition, all submitted business proposals must be located in West Virginia.

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.

2. Select Business Idea

All business ideas must be FOR-PROFIT WV businesses. Non- Profit ideas are not eligible. 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 based in West Virginia to be considered eligible for consideration in the competition.

3. Fill out idea template

Business Model Canvas

Understanding the Business Model Canvas

Templates can be filled out based on the following information:

  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: October 12, 2018 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.

(10) Lifestyle & Innovation, (10) Hospitality & Tourism, and (10) STEM teams will be chosen to compete in the Semi-Finals. Winners will be notified October 20, 2018

**Teams may enter multiple business plans in the first round but only one business plan in the finals.”

Round Two

This event will run from 10:00 AM – 3:00 PM

1. Feasibility Study

Due: November 9, 2018 by noon

Submit on-line via Reviewr

  • 8-page maximum PDF
  • Double spaced
  • 12 pt. font
  • *Page count does not include Cover Page and TOC

2. Elevator Pitch

  • 2 minutes
  • Only 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 are permitted 

Scoring Breakdown

Feasibility Plan - 33%

Elevator Pitch - 33%

Interview - 33%

*Finalists will be notified by December 5, 2017 (5) Lifestyle & Innovation, (5) Hospitality & Tourism, and (5) STEM teams will be chosen to compete in the Finals.

Finalists Workshop

Saturday, February 9, 2019
West Virginia University

1. Workshop

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

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 final competition, the stipend must be paid back in full. The teams will receive this check at the workshop. 

Round Three - Finals

Friday, April 12, 2019
High Tech Consortium - Fairmont, West Virginia

This event will run from 11:00 AM – 8:00 PM

1. Final Competition

Categories will compete simultaneously, giving a (maximum) 15 minute presentation followed by 10 minute Q&A from the judges. Only 1 team member is required to speak.

*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 from the competition. The presentation rooms are closed to competing team members and their mentors and/or family.

2. Final Business Plan

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

Submit on-line via Reviewr

3. Agenda for the Day

Practice Presentations, Waterfront Place Hotel
Final Competition
Reception and Awards

 

Winners receive the $10,000 over three (3) disbursements.
*Please see Winner’s Contract Draft for details

*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.