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Monday, September 1st 2014

Eligibility Rules

LeanModel Competition Student Eligibility

This new competition is based on a lean start-up mentality and being able to interact with potential customers to get feedback and make adjustments to the business model. The competition is open to students from freshmen to doctorate levels, including Executive MBAs. Please review the eligibility rules below:

Current Student Standing:

The LeanModel Competition is open for student created, managed, and owned ventures enrolled at four-year California (including Baja California) universities from all academic levels. A team must consist of no less than 2 and no more than 5 members. Student enrollment must be for the current academic year, defined as running from September 1st of a particular calendar year through August 31st of the following calendar year.

  • International students currently enrolled in a California (or Baja California) University are eligible.
  • All members of teams entering the competition should be enrolled either full time or part time in the California (including Baja California) university they represent.

Academic Level:

Open to California (including Baja California) university students from undergraduate to doctorate levels including executive MBAs.

Team Size:

The team must be comprised of at least two members and cannot exceed five members.

Student Involvement

Students must:
  1. Have played a major role in conceiving the start-up.
    • In general, a member of the student team should be CEO, COO, or President, or members of the student team should occupy 50% or more of the functional area management positions that report directly to the CEO, COO, or President.
  2. 100% of start-up equity should be owned by the students of the team.
  3. In general team members should be president, COO, CEO or have key management positions within the start-up.
Start-ups with revenues prior to January 1, 2012 are not eligible.
Start-ups that have raised investment capital from sources outside of friends and family before the current academic year are excluded. However, both student and other team members may have worked on an idea or new technology in previous academic years or in the case of the student team members even prior to entering graduate school, provided that their start-up had no revenues and raised no outside investment capital, and/or did not undertake any other formal startup activities prior to the current academic year. Start-ups that have generated revenue or raised equity capital from sources other than the members of the student team before the current academic year are excluded.

The competition is for new, independent ventures in the start-up or early growth stages. Generally excluded are the following: buy-outs, expansions of existing companies, real estate syndications, tax shelters, franchises, licensing agreements for distribution in a different geographical area, and spin-outs from existing corporations. Licensing technologies from universities or research labs are not eligible. All start-ups must be seeking outside equity capital and start-ups who have already received Angel or venture capital are not allowed to participate.

Faculty or university advisor supervision for the start-up creation and maintenance is not required, although it is recommended.

A given university may register an unlimited number of teams, however, no more than 2 teams may be selected from a single school to advance to the semi-finals.

Past Competitors:

Start-ups may only compete in LeanModel Business Competition once. Individual students who have competed in LeanModel or Venture Challenge in the past may return only if they compete under a new company and new business concept.
Top 3 student teams who have competed in the previous year's competitions, including Venture Challenge, cannot compete.

Awards Ceremony Attendance:

All student teams competing are required to attend the Awards Ceremony held on the final day of the competition. If at least one representative of a team is not present at the Awards Ceremony, the team is automatically disqualified and is ineligible to be named an award winner or receive any cash, trophies, plaques, or other prizes.

Dropping Out of a Competition:

If a team withdraws or does not compete in a competition after accepting a bid the team and university will be subject to disqualification from competing in LeanModel Competition for that year and the following year, a two year ban. Penalties will be determined by LeanModel directors, who will inform the university in writing of their sanctions.
By supporting programs that offer feedback, insight, and mentoring to aspiring business leaders, I can give ‑fledgling ventures the best possible chance of success. Founder and Chairman Emeritus, Alberto-Culver
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