Technology Innovation Challenge
Frequently Asked Questions
How does the competition work?
Please click here for more details about the 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 & Elevator Pitch.
A single prize for the final competition is $45,000. It is expected that the prize will be used to advance the business plan towards commercialization. $20,000 will be awarded immediately, and a maximum of $25,000 additional awards will be made as decided by the judges, contingent on milestones proposed in the business plan.
A single team can be awarded a maximum of $50,000 with a first place in Executive Summary and Elevator Pitch competition in the fall, plus a first place award in the final competition and endorsement of the judges and accomplishment of all milestones.
What assistance is available to individuals and teams interested in the competition?
Throughout the academic year, there will be a series of workshops on various subjects that are important to writing a business plan, forming a firm, and commercializing an idea/concept. These will be conducted in cooperation with the Entreclub. For more information about the workshops, please visit www.entreclub.org.
Professors Mike Malone and Soren Bisgaard teach a project-based course in Technology 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 alum (not more than 2 years post-graduation).
The team leader must present the idea/concept during the Technology Innovation Challenge Executive Summary & Elevator Pitch Competition (Wednesday, December 7) and Technology Innovation Challenge Final Competition (Wednesday, May 3).
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, marketing, and finance, as well as people with the abilities 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 February 27, 2006, 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 Technology 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 this is true for private industry and government sponsored research, too.
Who will be judging the competition?
TBA
What are the criteria for judging?
TBA
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 the Non-Disclosure Agreements (NDA). Therefore, our judges will follow the 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.
Also, teams that are selected for the Executive Summary & Elevator Pitch Competition or the Final Competition & banquet 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 technology/concept.
What are the benefits of competing in the Technology 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 an award of up to $50,000 that will be used to advance your business.
Who is sponsoring the competition?
Please click here to learn more about our sponsors.
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 13, 2006).
If my team did not win the Executive Summary & Elevator Pitch Competition, is my team eligible to compete in the Mini-Plan Competition & Final Competition?
Yes. The Executive Summary & Elevator Pitch Competition 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.
