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HKUST 2013 One Million Dollar Entrepreneurship Competition

February 25, 2013

| $300

Announcement

HKUST 2013 One Million Dollar Entrepreneurship Competition

I am very pleased to officially announce the launch of the “HKUST 2013 One Million Dollar Entrepreneurship Competition” which will be held on 30 May 2013 at Hong Kong Club Building, 15/F, Central, Hong Kong.

The Competition is open to all full-time and part-time students at all levels including post-docs, as well as alumni, faculty and staff from all academic departments within HKUST. This year, we also open it to local, mainland and international schools with the condition that the competing teams must have at least one HKUST member in their organization and their business proposals should have a primary focus of starting an innovative business in this region. Applicants who might need support in finalizing their business ideas can receive support from our mentor pool that is available in our web pages.

All submissions will be in English and will be made online: (online form).

There will not be a limit on the topics, however, we encourage applicants to focus on the emerging areas such as, nanotechnology, information technology, renewable energy, environment, health, financial services, logistics and social entrepreneurship. For other details, please refer to:

http://onemilliondollar.ust.hk

Winners of the “HKUST 2013 One Million Dollar Entrepreneurship Competition” will be awarded a package worth over HKD One Million composed of cash and in-kind contributions.

We invite interested local, regional and international teams interested in our Competition to submit their applications composed of the following on or before 25 February 2013:

        (1)

Maximum 2-page Executive Summary 

      of their business ideas

 

        (2)

“Intent to Compete Form”

 

                (3) Copy of bank-in-slip of HKD300 (The collected entry fees will be made available for the “Student Prize”)

 

Important Note: Your application will be accepted and processed if and only if the above three items are submitted on or before the deadline.

We look forward to your active participation.
Prof. Ali Beba
Chair, Entrepreneurship Competition
HKUST Entrepreneurship Center
email : competition@ust.hk
website : http://onemilliondollar.ust.hk/

 

 

Registration for the Competition will commence on 3 December 2012. Below is the time schedule for the Competition :

 

Date Event
3 Dec 2012 Application Commences
25 Feb 2013 Closing date for online submission
(http://onemilliondollar.ust.hk)include the following submission:

  • 2 pages Executive Summary
  • “Intention to Compete” Form
  • Entry fee of HKD300

– local bank-in: Bank of China Account: 012-875-1-070111-7
– oversea remittance:
Bank: Hang Seng Bank Limited (UST Branch)
Bank Address: Hang Seng Bank Limited, Room G030, The HKUST, Clearwater Bay, Kowloon, Hong Kong
Bank Account No.: 024-361-008071-669
Bank Account Name: The Hong Kong University of Science & Technology
SWIFT Code: HASE HKHH

** The online submission system will close at 11:55 pm on 25 Feb 2013 **

1 Mar – 31 Mar 2013 Evaluation of applications
17 Apr 2013 Announcement of Finalists
27 Apr 2013 One day Workshop for HKUST 2013 Entrepreneurship Competition at Hong Kong Club Building, 15th Floor, Central, Hong Kong
30 May 2013 HKUST 2013 Entrepreneurship Competition Day at Hong Kong Club Building, 15/F, Central

  • Trade Show
  • Elevator Pitch
  • Business Plan Presentation
31 May 2013 Award Ceremony at The Hong Kong Bankers Club, 43/F, Gloucester Tower, 11 Pedder Street, The Landmark, Central, Hong Kong

Terms and Conditions

Terms & Conditions – General

The HKUST 2013 One Million Dollar Entrepreneurship Competition is open to all HKUST part-time and full-time students at all levels (including Post-Docs), alumni, researchers, faculty and to staff from all academic departments within HKUST.

It is also open to local, mainland and international schools who complies with “Composition of Teams” below.

Faculty members are not allowed to make the presentations.

Online Application: All applications must be submitted online (http://onemilliondollar.ust.hk), no paper entries will be accepted.

Composition of Teams

  1. The size of a team must be between 2 to 5 members.
  2. If all or most of the team members are affiliated with HKUST, then the teams are encouraged highly to include members from different disciplines of HKUST.
  3. Local, mainland or international teams who want to compete in this Competition must have at least one HKUST faculty or student or alumni or staff in their teams. Finding the appropriate HKUST member is under the full responsibility of the competing team.
  4. Winning teams are expected to start their business in Hong Kong.

Submission of Application

  1. Each team is permitted to submit one(1) application only.
  2. Each application is required to complete the “Intent to Compete” form, upload 2-page Executive Summary, copy of bank-in pay slip through their online applications.
  3. At this stage there is no need to submit detailed business plans.

A team leader should be identified for each team, who will be the point-of-contact with HKUST Entrepreneurship Competition organizers. Please note that each individual can be the team leader for one team only.

Each participant can join up to 2 teams. For those participants who join more than 1 team, he / she can only participate in one team if both of the teams are selected to the semi-final round.

In order to be fair, ventures that have received prior investment of more than HKD1,000,000, or ventures that have been in establishment / operation for more than 3 years, are NOT allowed to join the Competition.

Primary criteria include innovativeness to relevant industry, business viability, venture fundability, potential profitability, financial returns and presentation skills.

Local and international members of the community, including successful entrepreneurs, angel investors, venture capitalists, academics and other professionals will evaluate and judge Executive Summaries, Trade Shows, Elevator Pitch and Business Plans and Oral Presentations.

All teams are expected to abide by the specific rules enumerated above. HKUST reserves the right to disqualify any submittal that fails to conform to the rules or the spirit of the Competition.

The Judging Panel, composed of local and international members, reserves the right to disqualify any entry that in its judgment violates the letter or the spirit of the Competition guidelines, processes and rules of the HKUST Entrepreneurship Competition. The decisions of the Judging Panel are final and binding.

Terms & Conditions – Specific
    1. There is an entry fee of $300 per team. The collected entry fees will be made part of the “Student Prize”.
    2. Entries must be the original work of entrants.
    3. Entries are subject to the following funding requirements:
        * Teams must disclose any funding already received at the time of registration.

 

      * Teams must not have accepted any institutional funding for the idea being presented (i.e. the team cannot have sold equity to anyone outside the team – including non-managing founders).
  1. The Judging Panel reserves the right to disqualify any entry.
  2. Judges will declare conflict of interest in case of having financial interest and/or advising the teams competing in this event and their votes will not be taken into account in the final evaluation.
  3. Cash and in-contribution awards are to be used by the wining individuals/teams solely for the purpose of proving funding for the business plan in respect of which the award was granted. Service providers shall be entitled to decline to provide their services for the purpose of business plans other than in respect of which the award was granted. By accepting the awards, participants will be deemed to have accepted these terms and conditions and agreed to apply the cash and in-contribution awards for the purposes intended.
  4. HKUST and the Judging Panel reserve the right to amend the procedure and/or the timing for the competition on one or more occasions without giving prior notice to any of the participants. HKUST and the Judging Panel reserve the right to decide that all or any of the entries or plans do not meet the judging criteria, or to defer in whole or in part all of any of the cash and/or and in-kind contribution awards to the following year. The decision of the Judging Panel is final, and there will be no right of appeal. However, the winners of the Road Show and Elevator Pitch will receive the awards as stated in the ‘Awards’ statement.
  5. All team members must be registered members of the team.
  6. By submitting a business plan, you represent and warrant that you have all right, title and/or interest in the business plan submitted and the information it contains is accurate and complete, and that by submitting the document you are not and will not be violating any contract or third party rights including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity or privacy right.

Competition Procedure

Submission of Application:

Application Deadline: 25 February 2013.
Each team must submit online (online form), no paper entries will be accepted.

Each application is required to complete the “Intent to Compete” form and upload 2-page Executive Summary, copy of bank-in slip through their online applications.

Applicants who might need support in finalizing their business ideas can receive support from ourmentor pool that is available in our web pages.

2-page Executive Summary :(guidelines)

  1. All executive summaries must not exceed 2 pages, single-spaced, A4 size (standard 8.4”x 11”).
  2. Must include team name, team leader, exhibits and contents, page number. (Additional covering sheet, title page, appendices, or other pages are not allowed and will result in disqualification).
  3. Submitted in PDF format.

PS : You may include images and select any font, but unreadable entries (as determined by the organizers) will be disqualified.

Intent to Compete Form :

Please fill in the details of the Form online (online form)

Copy of Bank-in Slip :

Upload the copy of the bank-in slip

Note: Applications will not be accepted if either one of the document is missing.

Selection of Finalists : A maximum of 12 successful entries will be asked to enter into the Final Round of the Competition. Announcement of the maximum 12 finalists will be made on 17 April 2013.

Support for the Finalists : One full-day workshop (27 April 2013) will be offered to the members of the finalist teams in order to sharpen their business plans and presentation skills. These teams will also be matched with the experienced mentors who will provide them consultation to help the team’s BP (content and format) from 22 April 2013 to 29 May 2013.

Competition Day Activities (30 May 2013) 
The finalist teams will be invited to participate the Competition day activities. All finalists will be expected to participate in all the following activities :

Trade Show : Finalists will display their business proposals on tables that will be made available for them on the Final Competition day. They will use their own display boards or digital media as needed.

Elevator pitch : Each Finalist Team will have 90 seconds to give an uninterrupted pitch in English, which will be followed by 3 minutes of Q&A by the judges who will consist of representatives from the industry, academia and active angel investors.

Business Plan Presentations: Each Finalist Team will have 15 minutes to give an uninterrupted Business Plan presentation in English followed by up to 12 minutes of Q&A and 3 minutes of feed-back by the judges as to how their business plans can be further improved and developed for future activities. At the end, only four teams will be selected for the Funding Round Presentations.

Funding Round Presentations : Four selected finalist teams will make their BP presentations in English to a new set of judges, by following the procedure and timing identical to their 1st round presentations.

Judges Deliberation : Judging criteria will be business viability, revenue, job creation, sustainability as well as profit or social impact potential. The Trade Show, Elevator Pitch and Business Plan Presentations have their own specific criteria for evaluation and the team of judges for each of these competitions will change.

Award Ceremony (31 May 2013) : All finalist teams will be invited to the award ceremony that will be held at The Hong Kong Bankers Club (43/F, Gloucester Tower, The Landmark, Central, Hong Kong). Deliberation of the winners will be made and awards will be given to the winners during the ceremony that will include a dinner.

Awards

Winners of the ‘HKUST 2013 Entrepreneurship Competition’ will be awarded a combination of cash and services. Grand prize winners will receive a package worth over HKD 1,000,000, which will be composed of cash and in-kind contribution.

Cash Awards
1st place HKD300K
2nd place HKD150K
3rd place HKD100K
Innovation Prize HKD 50K
Elevator Pitch Winner HKD 25K
Trade Show Winner HKD 25K
Student Prize * HKD 25K

Special Prize: Franklin Award for the “Best Business Plan Presentation” : HKD 50K

* Student Prize will be awarded to the team which is composed of students only.

In-Kind Contribution and Services

To encourage participants to get their businesses going, and further reinforce the practical focus of this Competition, we have put together a suit of services for the grand prize winners. The total value of the package is over HKD 400K.

Payment Distribution

The recipients of prize money will be responsible for the tax implications of their winnings.

 

 

Details

Date:
February 25, 2013
Cost:
$300
Event Category:

Venue

HKUST
+ Google Map

Organizer

HKUST Entrepreneurship Center
Email:
Website:
http://onemilliondollar.ust.hk/
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