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HKUST 2013 One Million Dollar Entrepreneurship Competition
February 25, 2013| $300
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:
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:
Maximum 2-page Executive Summary
- of their business ideas
- (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.
Registration for the Competition will commence on 3 December 2012. Below is the time schedule for the Competition :
|3 Dec 2012||Application Commences|
|25 Feb 2013||Closing date for online submission
(http://onemilliondollar.ust.hk)include the following submission:
– local bank-in: Bank of China Account: 012-875-1-070111-7
** 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
|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
- The size of a team must be between 2 to 5 members.
- 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.
- 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.
- Winning teams are expected to start their business in Hong Kong.
Submission of Application
- Each team is permitted to submit one(1) application only.
- 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.
- 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
- There is an entry fee of $300 per team. The collected entry fees will be made part of the “Student Prize”.
- Entries must be the original work of entrants.
- 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).
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)
- All executive summaries must not exceed 2 pages, single-spaced, A4 size (standard 8.4”x 11”).
- 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).
- 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.
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.
|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.
The recipients of prize money will be responsible for the tax implications of their winnings.