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Rules for Big Idea Competition

The Big Idea Competition Rules and Requirements for the 2013-2014 Academic Year

While The Big Idea Competition and Program is focused on making real startups, the overarching objective is learning and building experiences that create bridges of relevance to the careers and activities of students beyond life at Colorado College. In short, learning is paramount.

  1. Teams shall be made up of at least two (2) members. More members are recommended. However team size is capped at 8 members.

  2. At least 50% of the team shall be comprised of currently enrolled Colorado College students, and these students must have an active role in the venture.

  3. The presentation team shall include at least 2 members, and at least one of these shall be an active Colorado College student.

  4. Other team members may include Colorado College faculty, staff, alumni, or people from the Colorado Springs or broader Colorado community with some connection or “friends” status with Colorado College.

  5. In the event of teams that include members who are not active Colorado College students, the arrangements, such as ownership, financial terms, ongoing future roles, and so on, shall be reviewed by the Big Idea Transparency and Review committee. The intent is to create full transparency, and to address any concerns, appropriateness, potential conflict-of-interest, and fairness in advance. Once the committee has reviewed and approved, all information will be maintained confidential and not subject to further review. The committee many also establish requirements for change to be approved for the competition.

  6. No staff members of The Big Idea program, judges, or other conflicted individuals may participate on teams.

  7. All efforts will be made to give teams equal access to the competitive process, and insure that no team as unfair advantage.

  8. Teams are encouraged to recruit members to cover the areas of expertise required for the particular startup.

  9. The focus of The Big Idea program is on creating actual startup ventures, and not simply a pitch competition. The competitive calendar is simply intended to create more focus and coordination of resources to this end.

  10. The competition is intended for startup ventures versus already existing operations. Competing teams can be a new startup, or a significant new component or venture of an existing organization. In short, the competition is intended to provide startup seed financing to advance an early stage startup.!

  11. That doesn’t mean the startup is only on paper. In fact, having actual progress on the startup is a plus. This progress might include a prototype product, early customer validation, or early market traction. However, this early validation must be less than $1M in the last year. Greater than $1M in “revenues”, in whatever form, is good news for the venture, but disqualifies the startup from this particular competition.

  12. Qualifying teams and startups may have receive limited prior seed funding and still participate. However, any prior funding may not exceed $250,000 for a team to be eligible for the competition. In addition, any funding received may only be from “Friends and Family,” “Angel Investors,” or “Crowdfunding” efforts. In other words, a team may not have received prior funding from a professional funding source. These sources include venture capital firms, venture philanthropy firms, foundations, and so on. The intent is to insure teams are at an appropriate “early stage” and not unfairly advanced by professional investors.

  13. The specific venture entering the competition must have been started within the last 4 years.

  14. Teams must fulfill all of the requirements and deadlines of the published competitive process.

  15. Teams must abide by all intellectual property laws, business laws, and the Code of Conduct of the Colorado College