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Rules

I. General Requirements

A. Team

  1. All team members must be students at Illinois Tech

  2. No less than two and no more than six people per team

  3. Participants may not join more than one team

  4. Teams must be formed by the first deadline submission date on Feb 29

B. Idea Pitch

  1. The proposed idea should be suitable for funding at some level to take it further.

  2. The proposed idea should not be in violation of any intellectual property rights as far as you are aware.

  3. Teams or team members that have received any form of venture capital financing for their idea or a likeness thereof may not participate in the competition. 

  4. Competition participants may not contact judges from any round and judges are not to contact any participants during the course of the Competition. Any teams who come into violation will be immediately disqualified from the competition.

II. Competition

A. First Deadline: Teams that do not meet the requirements under the rules section or submit incomplete forms will be immediately disqualified.

  1. The first deadline will open on Wednesday, Feb 12.

  2. All teams must register using the deadline 1 online form by 11:59 PM on Saturday, Feb 29 which must include but isn't limited to:

    1. ​Team members​​

    2. Name

    3. Email

    4. Problem Statement

    5. Community 

  3. The first round will be judged by Executive Board Members members to confirm completion.
  4. All teams will be notified on Monday, Mar 2, if they are moving on to the next round.

B. Second Deadline: Teams that do not meet the requirements under the rules section or submit incomplete forms will be immediately disqualified

  1. The second deadline will open on Monday, Mar 2.

  2. All teams must register using the deadline 2 online form by 11:59 PM on Saturday, Mar 7 which must include but isn't limited to:

    1. Problem Statement

    2. Team members

    3. Secondary problems

    4. Summary statements from at least 4 sources

    5. Analysis of Competitors

  3. The second round will be judged by Executive Board Members members to confirm completion.
  4. All teams will be notified on Monday, Mar 9, if they are moving on to the next round.

C. Third Deadline: Teams that do not meet the requirements under the rules section or submit incomplete forms will be immediately disqualified

  1. The third deadline will open on Monday, Mar 9.

  2. All teams must register using the deadline 2 online form by 11:59 PM on Wednesday, Mar 25 which must include but isn't limited to:

    1. 3-4 minute pitch video

    2. Short business plan

    3. Go-to-market strategy

  3. The third round will be judged by professors at Illinois Tech using an online judging software.
  4. All teams will be notified on Sunday, March 29, if they are moving on to the next round.

D. Final Pitch: Teams that do not meet the requirements under the rules section or submit incomplete forms will be immediately disqualified

  1. The final 10 teams will be announced on Monday, Mar 9.

  2. All teams must complete a 4-minute pitch on Friday, Apr 10 which will be judged on the following questions:

    1. Is the idea original, innovative and creative? If it is similar to any other existing product, how is it different?

    2. Is the target audience clearly defined?

    3. Does the idea create a positive impact on people’s lives (community)?

    4. Does the participant provide research that shows their idea will work?

    5. Does the team provide a clear plan of action of how they would hypothetically accomplish the idea?

    6. Does the team have a well-defined execution/budget plan?

    7. Does the team show improvement throughout the competition?

    8. Is the team well-prepared to answer questions from the judges?

    9. Is there a market opportunity for the idea?

    10. Is this an ethical solution?

  3. All finalists are expected to attend the final round in its entirety(If they have to leave for an emergency they should notify an Executive Board Member.
  4. Each team will be allotted seven(7) minutes with the judges, four(4)​ minutes to pitch their idea and three(3) minuted for Q&A with the judges.​
  5. Teams will not be able to change their overall concept or idea between rounds. Teams can modify their presentation and practice to polish their delivery, but the fundamental concept or idea must remain the same throughout the competition.

III. Workshops

A. Five Workshops

  1. The workshops include:

    1. Kickoff Event​

    2. Brainstorming/Mingling Event

    3. Student Event

    4. Alumni Event

    5. Pitch Coaching Event

  2. Teams are encouraged to attend all of the workshops to have the most knowledge and best chage to move on to the next round and ultimately have the best pitch.

  3. All workshops will be held at the Kaplan Institute.

  4. Workshops will be open to the general public.

IV. Prizes

A. Team Based Prizes

  1. First Place: $1000 and a free membership to Sigma Nu Tau for each member of the team

  2. Second Place: $500

  3. Third Place $250

  4. Fan Favorite $250

B. Raffle Prizes

  1. There will be a special raffle prize given to one of the members of the audience of the final pitch.

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