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New Welcome Kits for the 2009-10 competitions! Download the
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FAQsIsn't the Olin Cup Competition the concluding event of the Hatchery course?This was the case in the past, but after the completion of the Spring 2003 semester, the Olin Cup became a stand-alone event, independent of The Hatchery. Teams who have completed The Hatchery or are enrolled in the course may enter, but there are no prerequisite courses for competing in the Olin Cup. Formerly, when the Olin Cup was awarded at the conclusion of The Hatchery, no seed funding was awarded. Since December 2003 seed funding has been awarded to winning teams in the new Olin Cup Competition. Do I have to take Olin academic courses to qualify? Team members are not required to complete or be enrolled in any prerequisite courses to be eligible. Many of the courses offered through the Olin School of Business and other schools at the University are, however, designed to teach the skills necessary to develop an effective business plan. As a founder, how do I submit a new venture business idea? The first step is submitting your business idea on the IdeaBounce website, and making the "Olin Cup" program selection. This idea description is then published on the website for all to view. As an individual, how can I join a team if I do not have my own new-venture idea? Anyone may view the idea descriptions of current competitors on the the IdeaBounce website, which includes contact information. Visitors to the site may also sort ideas by needs, such as team members, research partners, etc., and may contact team founders directly to pursue methods of collaboration. In addition, attending Olin Cup events offers opportunities to meet founders or other prospective team members. How much work is it? The amount of work varies according to the nature of the idea and each team member's responsibilities. In our experience, as many as 600 total team hours have been invested in developing a complete plan. How much does it cost to apply? Entry is free. A minimal fee may be charged to attend certain Olin Cup educational and networking events. What if the team doesn't have a Washington University student or alumnus as a member? The team formation process allows participants to meet and recruit students or alumni, either online or at an event. Ultimately, every team must include at least one Washington University student or alumnus to be eligible to receive seed funding. This individual must be a part of the team by October 30, when the executive summary is due. Do we get academic credit for participating? No academic credit is given for participation in the Olin Cup Competition. What are the deliverables? The deliverables and due dates are included in the Calendar section of this site. How do judges evaluate the deliverables? The judges represent both local and national service providers, incubators, venture capital firms, and other community partners, as well as all Schools at Washington University. Using their experience and general criteria set forth by the Skandalaris Center, they will analyze submissions and rank according to the likelihood an idea will succeed. This is not an academic exercise; it is designed to mimic the real-world funding process. As such, the Skandalaris Center will not provide a specific format for contestant submissions. Rather, the best plans will be tailored to the industry and idea they represent. You may view the evaluation forms for the Competition in the Criteria section of this site. How are the winners selected? The judges' evaluations are submitted to an Investment Committee which includes donors to the program and advisory board members. They do a further valuation of the deal offered by the team and the investment opportunity for the University, and select the teams to be awarded funding. What do the winners receive? Seed funding will be awarded to first and second place teams. The first place winner will received $50,000 and the second place winner will receive $20,000. The award may be in equity, debt, or other investment vehicles. In addition, winners may receive in-kind services from one or more of the competition sponsors. Since 2005, a team which is majority-owned by students is eligible to receive a $5,000 cash award. What are the benefits if we don't win? The Olin Cup Competition provides an excellent opportunity for entrepreneurs to develop and refine their business ideas. At a minimum, teams who complete the Competition will have assessed the opportunity, had several opportunities to deliver an elevator pitch, formed a team and produced a business plan. All finalists will have the opportunity to present their ideas to a panel of judges representing leaders in the community. Therefore the opportunity exists for a team which doesn't win the Competition to secure funding from another source. Who provides the financial support for the Olin Cup Competition? The Skandalaris Center for Entrepreneurial Studies (SC) sponsors the Competition in collaboration with the John M. Olin School of Business and several corporate sponsors from the community. What about confidentiality? All participants involved in reviewing the executive summaries, business plans and presentations understand that information should be treated as confidential and not disclosed outside of the Competition. However, maintaining a collaborative learning environment where ideas can be discussed openly is crucial to the Olin Cup process. It is the Team Founder's responsibility to decide what information should or should not be included. |
