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Ventures of Vasavi Entrepreneurs (VOVE) Business Plan Competition

As a testament to NRIVA's mission to promote opportunity and entrepreneurship, a business plan competition (VOVE) is being organized to coincide with NRIVA Global Convention 2019. NRIVA envisions the business plan competition to act as a platform for aspiring entrepreneurs, including both seasoned professionals and students, to turn great ideas and dreams into high quality business plans and eventually launch into successful businesses.

Some of the industry leaders and potential investors from India and US will be attending the conference. The participants will receive feedback and recommendations on their business plans.

The competition is Aimed at:

  • Promoting entrepreneurship in the Vasavi community – students; or seasoned/aspiring entrepreneurs
  • Stimulating business development and consequent employment in the community
  • Providing support for business ideas and plans
  • Encouraging entrepreneurs with potential investments and other benefits
  • Providing entrepreneurs with a platform to network with other Vasavites, business professionals and investors

The Business Plan competition process

The following process will be adopted for this business plan competition:

  • Interested and aspiring entrepreneurs as an individual or as a team will submit their business plans by the target date Key Dates
  • The business plan should follow the recommended template (Click here for recommended template)
  • The business conference judges will review the business plans and select top ten contestants to present at the convention
  • The selected teams will receive convention registration fee waiver (up to a maximum of 2 people per team)
  • Each participant will be given 5 minutes to present and 5 minutes of Q&A with judges
  • Judges will announce the top three winners on the same day

Prizes

The following prizes will be awarded to the selected teams:

  • Each of the ten finalists will receive a certificate of recognition
  • The top three winners will also be awarded prize money. In addition, they will be invited to the convention banquet that evening to have an opportunity to network with potential investors, VVIPs and other dignitaries
  • Prize money for top three winners:
    • First Prize: $1,500
    • Second Prize: $1,000
    • Third Prize:$500
  • The winners will be featured in NRIVA 2019 Global convention media releases wherever applicable

Key Dates

The key deadlines for the competition are:

1 Deadline for submitting the business plans through website June 16th, 2019
2 Selection and announcement of the top 10 business plans June 23rd, 2019
3 Presentation of top 10 business plans at the NRIVA Business Conference by contestants and selection/announcement of the top THREE winners of the business plan competition July 5th, 2019

Judging / Scoring criteria for business plans

The judges look at many different aspects when evaluating executive summaries and business plans/presentations, including:

1 Product or Service Does the plan describe the product or service completely, concisely and in a way it’s easy to understand?
2 Need Does the product or service address a specific need or solve a problem? And is there an evidence to support it?
3 Competitive Advantage Does the plan address competition; Provide differentiators and present evidence of why the product or service is better than the competition (e.g., features, benefits, price, etc.,)
4 Market analysis Is the target customer base, market size, defined clearly, proven, quantified and potent?
5 Sales/Marketing strategy Clearly defined, consistent and complete?
6 Revenue model Clearly defined, cohesive and logical?
7 Management team Composition, roles, strength, experience, commitment, quality coming across?
8 Financial planning Realistic and justified?
9 Resource planning Effective identification, allocation and utilization of resources documented?
10 Documentation Clear, concise, complete & well written?
11 Presentation, Q&A Communication & clarity is compelling?

In addition, the judges may also consider factors such as:

  • Reasonable opportunity for success of the company
  • Is the business opportunity/plan as presented both attractive and realistic?
  • Realistic timeframe for take-off and company growth
  • Well planned use of funds
  • What is the amount of up-front capital investment required?
  • Does the team understand its business model?
  • Has the team gone out to the market already to test its ideas?
  • Why is this business going to be around and a real-world winner in the next 5 years?

Participation/Eligibility/Rules:

  • A participant can be an individual or a team which can be comprised of up to 5 members
  • Entries must be business ideas for a new business or an early stage company
  • All participants will submit their entire business plan as one document by the due date
  • The idea included in the business plan must be an original one
  • Contestants must be 18 years or older at the time of entry  
  • There is no guarantee, expressed or implied, that any team will receive an award. Should there be no entries in the competition that meet the entry criteria, or should there be no entry that has a reasonable chance for success and should the judges determine no winner exists for the competition, no award will be declared
  • Each participant must sign an online waiver of eligibility and publicity/liability release  
  • Participants that have already secured funding from any source including other competitions must disclose the amounts and sources at the time of entry, or as soon as they become aware of any funding commitment during the duration of the competition
  • All entries must be original and free from any claim of copyright or other restriction relating to the competition
  • No individual may be included as a "team member" on more than one business plan, and no business or team may enter more than one business plan
  • Awards to the winners of the competition will be issued in the name of the company as set forth in the plan and the sponsors/judges do not assume any liability for any subsequent distribution
  • The decisions of the judges and NRIVA are final
  • NRIVA reserves the right to change these official rules at any time, in its sole discretion, and to suspend or cancel the Competition or any entrant's participation in the Competition should unauthorized human intervention or other causes beyond NRIVA 's control, affect the administration, security, or proper conduct of the Competition. No responsibility is assumed, and entrants waive all claims for lost, late or misdirected entries, or for any problems of technical malfunction.
  • Entrants who violate these official rules, tamper with the operation of the contest or engage in any conduct that is detrimental or unfair to the Competition, or any other entrant (in each case as determined in NRIVA 's sole discretion) are subject to disqualification from entry into the Competition. NRIVA reserves the right to lock out any entrant whose eligibility is in question
  • By entering, participants, without limitation, release and hold harmless NRIVA and the organizers from any and all liability for any injuries, loss, or damage of any kind in connection with the Competition
  • By entering this Competition, participants agree to waive any right to claim ambiguity or error in these official rules or in the Competition itself

Business Plan Competition Registration

Convention Registration is a must for any of the Event Registration.

Please make sure that you have registered for the Convention before you register for this Event.

( Only one PDF file – Max Size 20MB *)

Template is available here for Reference Click Here

Principal Applicant:

Note: (Before going to submit please read Terms & Conditions & - To accept & read T&C please use below scroller).

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