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The following frequently asked questions and answers are provided for the reader’s convenience and ease of reference. Economic Fuel 2009 is governed by the Eligibility Criteria and Official Rules and Entry Guidelines applicable to the competition. The answers to the questions presented below are provided for reference purposes only, and all participants should read and review the actual Eligibility Criteria and Official Rules and Entry Guidelines prior to entering the competition. Eligibility
Eligibility Any Humboldt State or College of the Redwoods student as well as any person who received an Associate Degree or a higher degree from any college or university in the United States at any time since December 1, 2006, AND has maintained his or her primary residence in Humboldt County since September 1, 2008, is eligible for participation. Non-student community members and non-students are able to participate but they have to be on a team composed of a majority of student/recent-graduate participants. (See Eligibility Criteria #1) How many members are allowed on each team? Teams can have a minimum of one member, and a maximum of five. (See Eligibility Criteria #4) Are you restricted to one team? Yes. Team members can only participate on one team. Each team may submit only one business plan. (See Eligibility Criteria #5) Ownership of the business is at the discretion of each individual team, however, all student or recent graduate team members must be actively involved in the development and presentation of the business plan as well as in the planned operation of the proposed venture. If any team member is not a student or recent graduate, a brief statement that describes each such person’s involvement and role should be included in the management section of the business plan. (See Official Rules and Entry Guidelines, step 2, item #1) Teams are allowed to add members until the registration deadline regardless of when the team officially submitted its registration packet. After the registration deadline, January 30, 2009, has passed, no new team members may be added. (See Official Rules and Entry Guidelines, step 3, item #3) Can you participate in Economic Fuel 2009 if you participated in last year’s competition? Teams awarded with anything greater than the $1,000 Honorable Mentions are prohibited from re-entry.
Rules The 2009 judging panel will consist of 6 members from our pool of judges who shall be appointed by, and serve at the discretion of, The Eureka Reporter, LLC. If any member of the judging panel is unable to serve, The Eureka Reporter, LLC may appoint a replacement. (See Official Rules and Entry Guidelines, step 6, item #7) Can teams hire professionals for help with business plans? All submitted materials must be the original creative work of the participating team and generated specifically for the competition (See Official Rules and Entry Guidelines, step 4, item #5). It is not the intent of the competition to preclude teams or individuals from utilizing consultants, although participants are encouraged to exhaust all resources made available through the competition before expending personal resources to hire professional consultants. What are the restrictions on the types of businesses that can compete? To
qualify for the Business Challenge, a proposed venture must: Most business types and structures are eligible including, without limitation, services, non-profits, educational service entities, non-government organizations and manufacturing enterprises. Proposals for the acquisition of, or merger with, an existing company, corporation, or other business enterprise are ineligible. Likewise, business plans involving the acquisition of franchises are ineligible. The proposed venture may not be a subsidiary of an existing entity (either for-profit or non-profit). However, expansion of an existing business may be eligible under some circumstances. (See Official Rules and Entry Guidelines, step 1, item #2) Proposals for the acquisition of, or merger with, an existing company, corporation, or other business enterprise are ineligible. Likewise, business plans involving existing businesses, except as defined in Rule 3, or the acquisition of franchises, are ineligible. The proposed venture may not be a subsidiary of an existing entity (either for-profit or non-profit). (See Official Rules and Entry Guidelines, step 1, item #2) If all other eligibility criteria are satisfied, an existing business is only eligible if it has received less than $25,000 in total funding from any source, and has accrued/received less than $50,000 in gross revenue prior to registration for Economic Fuel. (See Official Rules and Entry Guidelines, step 1, item #3) Are you allowed to attract outside investors for your business? Your team is allowed and encouraged to move forward with the financing of your proposed business throughout any stage of the competition after the February 1, 2008 registration deadline. Does the business plan page limit include the cover sheet? No, the cover sheet will not be counted toward the 40-page limit. The Business Plan, including the body and the appendix, must be no longer than 40 pages in total. The narrative portion of the plan must be typed, 11 pt. Arial font, double-spaced, with one inch margins of text on 8 ½” x 11” paper. Financial statements, charts and diagrams must be typed on 8 ½” x 11” paper, but are not required to be double spaced, have one inch margins or be in Arial font. The font size for financial statements, charts and diagrams should not be smaller than size 10 font. (See Official Rules and Entry Guidelines, step 4, item #2) Team members understand and agree that their names, likenesses and business plans may be publicized in connection with Economic Fuel without the payment of any compensation. Each team member agrees to be interviewed and photographed by The Eureka Reporter, upon request, in connection with Economic Fuel. (See Official Rules and Entry Guidelines, step 1, item #4). Teams grant permission to The Eureka Reporter, LLC, and to all others, to publish, broadcast, display, reproduce, record or summarize their oral and/or written presentations, in whole or in part. All submitted materials become the property of The Eureka Reporter, LLC, and will not be returned to the teams at the conclusion of Economic Fuel. (See Official Rules and Entry Guidelines, step 1, item #6)
Confidentiality
Are there any protections against public disclosure of proprietary information? Teams and individual participants should seek legal advice from an attorney of their choosing if they have any specific concerns about the disclosure of proprietary information.
Oral Presentations During the question and answer segment, who must answer the questions? All team members should expect to answer direct questions from the Judging Panel. How much time will be spent in front of the judges? Eight finalist teams, four per night, will be selected to present their business plans to the judging panel. Each team will have 10 minutes to present with up to 20 minutes of questions from the judges (time limits will be strictly enforced). Student or recent graduate members should have a prominent role in the presentation. Visuals aids and the presenting of samples or gifts, including business cards, will not be allowed for the final presentation. (See Official Rules and Entry Guidelines, step 6, items #2-6)
Award Distribution How will the awards be structured and distributed? There will be a maximum of eight prizes, including up to four “Grand” prizes of $25,000 per prize, up to one “First Runner Up” prize of $10,000, up to one “Second Runner Up” prize of $5,000, and up to two “Honorable Mentions” of $1,000 per prize. As many as eight teams will be selected as finalists to compete for these prizes, the qualification for which will be based on the quality of the written business plans and elevator pitch (short presentation). The finalists will make oral presentations, and will be evaluated based on both their written business plans and their oral presentations. (See Official Rules and Entry Guidelines, step 1, item #8) Prize recipients are responsible for any and all tax consequences associated with the receipt of prize money. (See Official Rules and Entry Guidelines, step 7, item #3) Will all eight finalists be prizewinners? The judging panel may choose to award fewer than the authorized number of prizes, or no prizes at all, to the extent that the entries, in the complete and absolute discretion of the judging panel, are insufficiently meritorious. While the judging panel may award up to four $25,000 grand prizes, it may award fewer such prizes, or no such prizes, depending on its discretionary view of the quality of the submissions. (See Official Rules and Entry Guidelines, step 7, item #2) Yes. Prize recipients are responsible for any and all tax consequences associated with the receipt of prize money; all winners will be provided an IRS Form 1099. (See Official Rules and Entry Guidelines, Step 7, item #3)\
Miscellaneous Who are the sponsors of Economic Fuel 2009? The Eureka Reporter, LLC is the primary sponsor of Economic Fuel and provides the financial funding. The Humboldt State University School of Business, the College of the Redwoods Center for Entrepreneurial Studies and the North Coast Small Business Development Center are recognized as community partners providing educational resources and support. Although the Arkleys have generously pledged the prize money to The Eureka Reporter, the Arkley family does not exercise any control over the evaluation of the business plans or the awarding of the prizes. The judging of the business plans will be left to a panel of local business professionals, likewise, neither the Arkleys nor The Eureka Reporter will have ownership of, or control over, any resulting businesses. Is attendance at educational workshops and forums mandatory? Educational workshops and forums offer teams an opportunity for further education on various aspects of business operations, entrepreneurship and professional presentations. While these events are not mandatory, the quality of each team’s business plan and oral presentations will likely reflect the utilization, or non-utilization, of available resources. Where are the Economic Fuel recommended books available? Books are available for purchasing at both the College of the Redwoods and Humboldt State University bookstores. Some can also be found on reserve in the Libraries at both CR and HSU, as well as the North Coast Small Business Development Center. Will I receive feedback on my plan? |
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