All teams must have at least one current graduate or undergraduate student from one of the following schools (students can be part-time or full-time):
University of Southern Maine (USM)
Southern Maine Community College (SMCC)
University of Maine – Farmington (UMF)
University of Maine – Machias (UMM)
University of Maine – Orono (UMO)
Teams must have at least 2 members (we do not accept one person teams).
Teams of 3 to 4 members work best although team size is not limited.
Participants should form teams with a wide array of business skills and knowledge and to distribute work equally. Teams are encouraged to look for students from different schools and colleges when forming in order to take advantage of the varied background, experience, and expertise of the student body.
The management of the team is the responsibility of the team.
Alumni, faculty, staff, and members from the private sector can also join the team provided that the business plan idea for the team originates from a student member.
Plan Idea Requirements
Idea for the business plan must come from a student member of the team.
Business idea must be realistic, reasonable, and doable. Business plans for franchises are not accepted as entries from the competition.
Plan must be for a new venture or a substantial improvement to an existing business.
Competition Requirements
Teams must register to compete.
As part of registration teams will be charged an application-processing fee. Registration forms are completed online. Once registration is received teams will be sent a payment envelope to remit registration fee.
For registrations prior to November 1, 2007 the registration fee is $10. For registrations between November 1, 2007 and January 4, 2008 the registration fee is $20.
No competition registrations will be accepted after January 4, 2008.
Teams must attend one of the Marketing Opportunity Analysis workshops. See Event Calendar for details.
Teams must attend one of the Business Planning 101 workshops. See Event calendar for details.
Winner Requirements
The winning team agrees to launch their venture within a year of winning the prize.
