New Venture Contest Rules

HBS's Arthur Rock Center for Entrepreneurship and Alumni Relations announce the third annual Alumni New Venture Contest (NVC). With more than half of HBS alumni classifying themselves as entrepreneurs at some point in their lives, this contest is designed to support alumni in launching promising new businesses. The 2012 competition includes a $50,000 grand prize and $25,000 second prize.

Overview

Within the Alumni New Venture Contest, local contests are held by participating HBS Alumni Clubs in regions around the world. The winner from each local contest moves on to compete in the finals, held on the HBS campus on April 23-24, 2012.

• Early February: Local registration and plan submission
• February 29: Final plan submission deadline
• Late February-March: Regional contests held
• March 15: Regional winners named
• April 23-24: Contest finals at HBS

Prizes

Grand prize: $50,000

Second prize: $25,000

All finalist teams will receive mentoring from faculty and the HBS Angels Alumni Association. One finalist from each winning regional team will receive round-trip economy airfare to campus for the HBS finals; all finalists' lodging and meals are included.

Rules

• View rules & requirements for New Venture Contest teams.
  

  Eligibility

  • Each team must have at least one HBS alumnus/a member. The HBS alumnus/a needs to be a substantive member of the founding team, with a senior management and operating position, and participation in the company’s equity pool in a manner consistent with that role and position.
  • Participating teams may not have more than $1,000,000 in total debt and invested equity capital, and must have less than $2,000,000 in revenues. Teams must meet both criteria. Invested capital is defined as funding appearing on the plan’s balance sheet at the time of submission to the regional Hub Club, which is no later than February 29, 2012. It is not necessary that the teams actually be seeking funding—e.g., they may already have raised the small amount of capital they need to reach an initial milestone—or may have a cash flow positive business model that essentially requires no outside capital. Note: investment funds and acquisitions will generally not be considered as "new ventures."
  • Alumni may enter the Alumni New Venture Contest or apply for the Social Entrepreneurship Fellowship, but not both. For questions on which to pursue, contact the Alumni New Venture Contest or the Social Enterprise Initiative.

  Evaluation criteria

  Teams/plans will be judged on the likelihood of creating a successful, significant new venture. View the Evaluation Sheet (pdf) for specific criteria.

  Entry fees

  Varies by Hub Club. Generally $100 USD, plus local Club membership dues

  Guidelines for plans

  All business plans should clearly articulate:

  • The team members, their roles and backgrounds;
  • The product or service, the customer needs it meets, and the market it will serve;
  • The “business model,” e.g., how the company makes money; and
  • Income statement, balance sheet and cash flow forecasts for at least three years, including a clear articulation of funding needs, the anticipated timing of funding events, and how these relate to the entity’s accomplishment milestones (e.g., what exactly will you achieve with each round of capital funding). Financing term specifics need NOT be articulated.

  Please consult regional Hub Club sites for additional details regarding format and deadlines.

How to enter

For 2012, local contests will be led by 14 regional hubs. Plans may be submitted to any participating Club listed below. Visit Club sites for details on local entry (coming soon).

• Africa (South Africa);
• Asia-Pacific (Shanghai);
• Canada (Toronto);
• Europe (Germany);
• Latin America (Brazil);
• Mid-Atlantic US (Washington, DC);
• Middle East/UAE (United Arab Emirates);
• Midwestern US (Chicago);
• New England (Boston);
• New York (New York);
• Northwestern US (Northern California);
• Southeast Asia (India);
• Southeastern US (Atlanta); and
• Southwestern US (Orange County, San Diego & Southern California).

NVC finals

On Monday, April 23, 2012, NVC finalist teams will present their plans for a final round of judging at HBS. Winners of both the New Venture Contest and the Social Entrepreneurship Fellowship will be announced at a gala dinner with Dean Nohria and faculty that evening.

While on campus, finalists will participate in educational, mentoring, media, and networking sessions, and the winners will present their plans at a School-wide awards ceremony on April 24, in conjunction with the Student Business Plan Contest.