Innovation Challenge: Frequently Asked Questions

How much funding can I potentially receive?
What assistance is available to individuals and teams interested in the competition?
How many people can be on a team?
Who should be the team leader?
Who do I need to have on my team?
Can I compete on multiple teams?
Can additional members be added to a team during the competition?
Who may I consult regarding ownership of my thesis research or concept/idea developed within UMass Amherst's facilities to determine whether I can enter the Innovation Challenge?
Will my entry remain confidential? Will my intellectual property be protected?
Who must have ownership of the idea?
What are the benefits of competing in the Innovation Challenge?
I am not affiliated with UMass Amherst. Can I still participate in the competition?
Do I need to submit an Intent to Compete Form twice?
If my team did not win the Executive Summary & Elevator Pitch, is my team eligible to compete in the Mini-Plan Competition & Final Competition?
My team was not announced as a finalist from the Executive Summary & Elevator Pitch. Are we still eligible to compete in the Final Competition?

How much funding can I potentially receive?

In the fall semester, an award of $5,000 will be presented for the best Executive Summary. A $2,500 People's Choice award and two $1,000 honorable mention prizes for runners-up will also be awarded.

Over $60,000 in team prizes will be awarded. It is expected that the prize money will be used to advance the business plan towards commercialization.

What assistance is available to individuals and teams interested in the competition?

Throughout the academic year, there will be a series of team workshops on various subjects that are important to writing a business plan, forming a firm, and commercializing an idea/concept.

Professors Mike Malone and Soren Bisgaard teach a project-based course in Innovation and Entrepreneurship (Engineering/School of Management 797) to help students form teams and advance the concept/idea.

How many people can be on a team?

Please click here to review the rules and guidelines.

Your team should consist of 2 to 6 people who can help develop and commercialize the idea/concept.

Who should be the team leader?

The team leader must be a full-time UMass Amherst graduate student, high-achieving senior student, or recent alumnus (not more than 2 years post-graduation).

The team leader must present the concept/idea during the Innovation Challenge Executive Summary & Elevator Pitch Competition (December 6, 2007) and Innovation Challenge Final Competition (May 8, 2008).

Who do I need to have on my team?

The team must have at least one full time member of the UMass Amherst faculty as an advisor.

Innovation Teams must consist of at least one full time UMass Amherst graduate student, high-achieving senior student, or recent alumni (not more than 2 years post-graduation).

There are no restrictions on team members' area of specialization. Since a business plan requires broad knowledge of business and technology, the team should be interdisciplinary. You'll need members with skills ranging from engineering, management, and marketing to finance, as well as people with the ability to help develop and commercialize the idea/concept.

Can I compete on multiple teams?

No, please click here to review the rules and guidelines.

You'll need to concentrate your efforts on one team to help the team's idea/concept become a reality. Being on one team shows focus and commitment to the judges and potential investors.

Can additional members be added to a team during the competition?

Additional members may be added to your team up until the March 3, 2008, which is deadline for submitting the Mini Plan.

Who may I consult regarding ownership of my thesis research or concept/idea developed within UMass Amherst's facilities to determine whether I can enter the Innovation Challenge?

You may be subject to the University's patent and copyright laws. Therefore, please consult with the office of Commercial Ventures and Intellectual Property (CVIP), http://amherst.cvip-umass.net/, or your faculty advisor.

Please note that similar restrictions apply to private industry and government sponsored research as well.

Will my entry remain confidential? Will my intellectual property be protected?

The organizers are committed to preserving the confidentiality of submissions and pledge not to share information outside of the competition.

Industry standard for venture capitalists is to not sign Non-Disclosure Agreements (NDA). Therefore, our judges will follow this standard operating procedure to help replicate the experience of funding a new venture. Please note that our judges are well-respected, highly accomplished business people who will treat each entry with the highest standard of professional privacy.

If you are concerned about confidentiality please exclude specific details from your submissions. Also, please contact a patent attorney or the University of Massachusetts Amherst's office of Commercial Ventures and Intellectual Property (CVIP). CVIP can assist and advise you through this process and will prepare the appropriate CDA whenever necessary: simply contact our office at (413) 545-3606 or email at cvip@research.umass.edu.

Teams that are selected for the Executive Summary & Elevator Pitch or the Final Competition & Business Plan will present their concept/idea to the public.

Who has ownership of the idea?

Please click here to review the rules and guidelines for judging.

All work, ideas, and/or concepts submitted must be the original work of the team, exclusively.

The team leader does not need to be the owner of the idea, concept, or technology, but the people who have ownership of it must be a team member or advisor.

Owners of the concept/technology cannot be under a contractual agreement, university or company disclosure policy, or other restrictions that prohibit competing in business plan competitions, using the technology for personal use without informing others, or disclosing the concept/technology.

What are the benefits of competing in the Innovation Challenge?

You will learn to work with an interdisciplinary team and transform an idea into a viable business.

You will have the opportunity to take part in the process of conceiving and developing an idea in commercial terms.

You will have the opportunity to receive awards totalling more than $50,000 that will be used to advance your business.

I am not affiliated with UMass Amherst. Can I still participate in the competition?

Please click here to review the rules and guidelines

Yes, but the team leader must be a full-time UMass Amherst graduate student, high-achieving senior student, or recent alum (not more than 2 years post-graduation).

Do I need to submit an Intent to Compete Form twice?

No. If you submitted an Intent to Compete Form in the fall semester, you will not need to resubmit in the spring semester. If you missed the fall semester deadline and still want to compete in the Mini-Plan Competition & Final Competition, you will need to submit by the deadline in spring semester (February 8, 2008).

If my team did not win the Executive Summary & Elevator Pitch, is my team eligible to compete in the Mini-Plan Competition & Final Competition?

Yes. The Exectuive Summary & Elevator Pitch will provide your team with feedback to help improve your pitch, Executive Summary, and idea/concept.

My team was not announced as a finalist from the Mini-Plan Competition. Are we still eligible to compete in the Final Competition?

No. Unfortunately we can only have five teams participate in the finals given our time constraints at the Final Competition & Banquet. However, we do encourage you and your team to attend this event.



Home Calendar Rules Forms Fall '07 Competition Spring '08 Competition Workshops & Resources Judges & Judging Guidelines FAQ Contact Information History of IC Deadlines/Events Submit Intent to Compete Form for IC IC Executive Mini Plan Competition Deadline: 3/17/08, 10AM` Questions? Contact Heather: demers@ecs.umass.edu View Calendar	Innovation Challenge: Frequently Asked Questions How much funding can I potentially receive? What assistance is available to individuals and teams interested in the competition? How many people can be on a team? Who should be the team leader? Who do I need to have on my team? Can I compete on multiple teams? Can additional members be added to a team during the competition? Who may I consult regarding ownership of my thesis research or concept/idea developed within UMass Amherst's facilities to determine whether I can enter the Innovation Challenge? Will my entry remain confidential? Will my intellectual property be protected? Who must have ownership of the idea? What are the benefits of competing in the Innovation Challenge? I am not affiliated with UMass Amherst. Can I still participate in the competition? Do I need to submit an Intent to Compete Form twice? If my team did not win the Executive Summary & Elevator Pitch, is my team eligible to compete in the Mini-Plan Competition & Final Competition? My team was not announced as a finalist from the Executive Summary & Elevator Pitch. Are we still eligible to compete in the Final Competition? How much funding can I potentially receive? In the fall semester, an award of $5,000 will be presented for the best Executive Summary. A $2,500 People's Choice award and two $1,000 honorable mention prizes for runners-up will also be awarded. Over $60,000 in team prizes will be awarded. It is expected that the prize money will be used to advance the business plan towards commercialization. What assistance is available to individuals and teams interested in the competition? Throughout the academic year, there will be a series of team workshops on various subjects that are important to writing a business plan, forming a firm, and commercializing an idea/concept. Professors Mike Malone and Soren Bisgaard teach a project-based course in Innovation and Entrepreneurship (Engineering/School of Management 797) to help students form teams and advance the concept/idea. How many people can be on a team? Please click here to review the rules and guidelines. Your team should consist of 2 to 6 people who can help develop and commercialize the idea/concept. Who should be the team leader? The team leader must be a full-time UMass Amherst graduate student, high-achieving senior student, or recent alumnus (not more than 2 years post-graduation). The team leader must present the concept/idea during the Innovation Challenge Executive Summary & Elevator Pitch Competition (December 6, 2007) and Innovation Challenge Final Competition (May 8, 2008). Who do I need to have on my team? The team must have at least one full time member of the UMass Amherst faculty as an advisor. Innovation Teams must consist of at least one full time UMass Amherst graduate student, high-achieving senior student, or recent alumni (not more than 2 years post-graduation). There are no restrictions on team members' area of specialization. Since a business plan requires broad knowledge of business and technology, the team should be interdisciplinary. You'll need members with skills ranging from engineering, management, and marketing to finance, as well as people with the ability to help develop and commercialize the idea/concept. Can I compete on multiple teams? No, please click here to review the rules and guidelines. You'll need to concentrate your efforts on one team to help the team's idea/concept become a reality. Being on one team shows focus and commitment to the judges and potential investors. Can additional members be added to a team during the competition? Additional members may be added to your team up until the March 3, 2008, which is deadline for submitting the Mini Plan. Who may I consult regarding ownership of my thesis research or concept/idea developed within UMass Amherst's facilities to determine whether I can enter the Innovation Challenge? You may be subject to the University's patent and copyright laws. Therefore, please consult with the office of Commercial Ventures and Intellectual Property (CVIP), http://amherst.cvip-umass.net/, or your faculty advisor. Please note that similar restrictions apply to private industry and government sponsored research as well. Will my entry remain confidential? Will my intellectual property be protected? The organizers are committed to preserving the confidentiality of submissions and pledge not to share information outside of the competition. Industry standard for venture capitalists is to not sign Non-Disclosure Agreements (NDA). Therefore, our judges will follow this standard operating procedure to help replicate the experience of funding a new venture. Please note that our judges are well-respected, highly accomplished business people who will treat each entry with the highest standard of professional privacy. If you are concerned about confidentiality please exclude specific details from your submissions. Also, please contact a patent attorney or the University of Massachusetts Amherst's office of Commercial Ventures and Intellectual Property (CVIP). CVIP can assist and advise you through this process and will prepare the appropriate CDA whenever necessary: simply contact our office at (413) 545-3606 or email at cvip@research.umass.edu. Teams that are selected for the Executive Summary & Elevator Pitch or the Final Competition & Business Plan will present their concept/idea to the public. Who has ownership of the idea? Please click here to review the rules and guidelines for judging. All work, ideas, and/or concepts submitted must be the original work of the team, exclusively. The team leader does not need to be the owner of the idea, concept, or technology, but the people who have ownership of it must be a team member or advisor. Owners of the concept/technology cannot be under a contractual agreement, university or company disclosure policy, or other restrictions that prohibit competing in business plan competitions, using the technology for personal use without informing others, or disclosing the concept/technology. What are the benefits of competing in the Innovation Challenge? You will learn to work with an interdisciplinary team and transform an idea into a viable business. You will have the opportunity to take part in the process of conceiving and developing an idea in commercial terms. You will have the opportunity to receive awards totalling more than $50,000 that will be used to advance your business. I am not affiliated with UMass Amherst. Can I still participate in the competition? Please click here to review the rules and guidelines Yes, but the team leader must be a full-time UMass Amherst graduate student, high-achieving senior student, or recent alum (not more than 2 years post-graduation). Do I need to submit an Intent to Compete Form twice? No. If you submitted an Intent to Compete Form in the fall semester, you will not need to resubmit in the spring semester. If you missed the fall semester deadline and still want to compete in the Mini-Plan Competition & Final Competition, you will need to submit by the deadline in spring semester (February 8, 2008). If my team did not win the Executive Summary & Elevator Pitch, is my team eligible to compete in the Mini-Plan Competition & Final Competition? Yes. The Exectuive Summary & Elevator Pitch will provide your team with feedback to help improve your pitch, Executive Summary, and idea/concept. My team was not announced as a finalist from the Mini-Plan Competition. Are we still eligible to compete in the Final Competition? No. Unfortunately we can only have five teams participate in the finals given our time constraints at the Final Competition & Banquet. However, we do encourage you and your team to attend this event. Back to top