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Guidelines and Rules

The Process

Teams must prepare and submit a 2-3 page executive summary via the form provided here. The executive summary must be submitted to umainebusinesschallenge@gmail.com by February 3rd. Out of these submissions, finalists will be selected by the Screening Panel. The finalists must then create a comprehensive business plans with more details to be provided at a discussion meeting which will be scheduled soon. These business plans will be due on the 29th of March to be reviewed by our panel of experienced professionals. On April 20th, the finalists will present their business ideas to the judges with the expectations that they will ask questions at this time.

Rules

Eligibility

  1. Headquartered, or plan to be headquartered, in the State of Maine.
  2. Preference will be given to companies that present an innovative product or service and/or present a business model that could greatly impact the state or local economic landscape.
  3. Prior Funding of not more than $50,000.
  4. One principal/founder/owner etc must be a UMS undergraduate or graduate student.*

Confidentiality

The UMaine Business Challenge does not sign confidentiality agreements. This is standard policy for venture capital firms and angel investment organizations.

The UBC will undertake reasonable efforts to ensure that your information and details of your young business will be kept private. Furthermore, any public information will be appropriate and less detailed in nature. The UBC will not share submissions with any parties outside that of the necessary panel of judges, and all business plans will be given back to the competitors or destroyed following the competition.

Although the UBC will not have confidentiality agreements, please keep in mind that the UBC’s sole intent is to help you and your dream. We do not ask for equity, or financing, just passion and dedication. We are all on one team, the UMaine team.

*”As private colleges express interest in the UMaine Business Challenge, they may request to participate in the 2014 competition. A faculty or professional staff member from the college will be assigned to support the collegiate entrepreneurs from their institution. In addition, the facility member(s) assigned to this position will aid the UMaine Business Challenge committee in relaying information to it’s constituents. If these guidelines are met, any student from the private entity may compete in the UMaine Business Challenge. Please email UMaine BusinessChallenge at umainebusinesschallenge@gmail.com with any participation requests. “