New Venture Seed Fund (NVSF) Competition 2017 Rules & Regulations The is an opportunity for Humber and Guelph-Humber grads or near-grads to win up to $10,000 of funding towards their business s startup expenses. Eligibility 1. The (NVSF) is open to Humber and Guelph-Humber students in good academic standing who have or will complete full-time studies between May 1, 2016 and August 31, 2017. 2. At least one member of the team must be a Humber College or Guelph-Humber student or recent graduate. 3. Previous entrants who have not won are eligible to enter the competition. Previous winners are not eligible to enter the competition. How to Enter To enter the New Venture Seed Fund competition, applicants must submit the following entry requirements by Thursday, March 16, 2017 at 4:00pm through https://humbercfe.fluidreview.com: i. Full name, home and mailing address, telephone number and email address, as well as student number, for each applicant or team member. If submitted by a team, the lead team member must be clearly identified. Please Note: The college will communicate only with the lead member. The lead member must be a Humber College or Guelph-Humber student or recent graduate. ii. A resume for each applicant or team member. Each resume must not exceed two pages (11 point font minimum). The resume should include a chronological record of education and work experience. iii. A business plan that covers all of the sections and details included in the Business Plan Evaluation Criteria found in Appendix A. iv. Other materials that you wish to include to add credibility to your submission, such as video, sketches, and letters of reference can be uploaded on the application site under supporting material. Prototypes or samples may be dropped off at the Centre for Entrepreneurship building (Lake Shore Campus, G Building) or the Humber Research Office (North Campus D224). v. Disclosure of all applications for other seed funding, either in progress or completed. 1 P age
vi. vii. Permission for the Centre for Entrepreneurship and the New Venture Seed Fund adjudication panel to review submitted materials, their academic record, and speak to faculty and program coordinators in order to assess the NVSF proposal. Permission for the Centre for Entrepreneurship to use their names, city of residence and images for promotional purposes. Please Note: Applicants will retain ownership of all intellectual property contained in their submissions. Humber College, the Centre for Entrepreneurship and their employees relinquish any interest in any intellectual property submitted through this contest. Selection Criteria 1. Selection criteria includes: i. Quality and completeness of the business plan, ii. Capacity for generating employment, iii. Estimated potential for sustainability, iv. Academic record, and v. Experience 2. All applicants will be contacted regarding the results of their application no later than April 13, 2017. 3. Unsuccessful applicants may be offered further assistance in developing and launching their new venture. Awards Funding 1. Successful applicants will be assigned a mentor with whom they will develop a written plan specifying milestones and deliverables, and detailed schedule of startup expenses for application of contest funds. Please Note: Guidelines for eligible and ineligible expenses are found in Appendix B. 2. The Dean of Applied Research & Innovation (ARI) must approve the plan and schedule of expenses before any funds may be committed or used. 3. Agreed-to expenses will be paid directly by Humber Applied Research & Innovation in the form of directly purchasing supplies or equipment, paying an invoice, or reimbursing outof-pocket expenses. Funds cannot be used to cover expenses incurred before the plan and schedule of expenses are approved by the Dean of ARI. 4. All funds must be spent by March 30, 2018. 2 P age
Information Sessions Advice about the development of the full and complete submission is available through the following information sessions: Lakeshore Campus 3199 Lake Shore Bvld., Etobicoke, Ontario Date Time Location Tuesday, January 24, 2017 1:00 p.m. to 3:00 p.m. G105 Thursday, January 26, 2017 1:00 p.m. to 3:00 p.m. G105 North Campus 205 Humber College Blvd., Toronto, Ontario Date Time Location Monday, January 23, 2017 5:00 p.m. to 7:00 p.m. D109 Wednesday, January 25, 2017 5:00 p.m. to 7:00 p.m. D109 Summary of Important Dates: Date Time Item Where Monday, January 23, 2017 Tuesday, January 24, 2017 Wednesday January 25, 2017 Thursday, January 26, 2017 Thursday, March 16, 2017 Thursday, April 13, 2017 Monday, April 17, 2017 5:00 p.m. to 7:00 p.m. 1:00 p.m. to 3:00 p.m. 5:00 p.m. to 7:00 p.m. 1:00 p.m. to 3:00 p.m. Information Session Information Session Information Session Information Session 4:00 pm Final application due 4:00 pm Winners Notified Meetings with Winners Begin Humber North Campus D109 Humber Lakeshore Campus G105 Humber North Campus D109 Humber Lakeshore Campus G105 www.humber.ca/cfe or humbercfe.fluidreview.com Via email To be arranged 3 P age
Appendix A New Venture Seed Fund 2017 Business Plan Evaluation Criteria Executive Summary 0 5 points Provides a concise summary of the business or business idea. The Business/Product 0 5 points Describes nature of business (type and legal structure) Identifies and describes the products/services Identifies what makes the products/services special/unique Identifies business set-up (home-based, leased/owned space, location specifics) Identifies technical considerations, e.g. process/technology, proprietary info. (if applicable) Business/Produce/Innovation is viable Industry Analysis 0 5 points Identifies, at a macro level, larger industry of which the business is a part, including recent trends, current situation and outlook The Business has the capacity for generating employment and has potential for sustainability. Competitive Analysis 0 5 points Identifies principal competitors Identifies competitor s strengths and weaknesses, (e.g. quality, customer satisfaction) Explains competitive positioning Market Analysis 0 5 points Identifies target markets and market potential for the business Provides customer analysis/description Marketing Plan 0 5 points Defines marketing objectives/strategies to frame the business in the market Describes promotional strategy Provides sales forecast assumptions and projections Management Plan 0 5 points Defines management roles and assigns responsibilities Defines key competencies needed for business; assesses staff skills re key competencies Provides staffing plan and plans for staff growth (if applicable) 4 P age
Financial Plan 0 5points Provides a list of start-up costs (if applicable) Presents a list of sources and uses of funds Provides projected monthly profit, loss and cash flow statements for the first year of operation Provides annual projected profit, loss and cash flow statements Provides a projected balance sheet Critical Risks 0 5 points Identifies potential barriers or problems which could arise Describes contingency plans if problems arise Appearance 0 5 points The Business plan is professional in appearance, utilizing good grammar and correct spelling Reviewer Total (50 points possible) 5 P age
Appendix B Use of NVSF Competition Funds New Venture Seed Fund 2017 Eligible and Ineligible Expenses The following is meant to serve as a guideline for competition winners. This guide will provide clarification regarding typical eligible and ineligible uses of the awarded funds. All proposed expenses must be reviewed and recommended by the team s assigned mentor, and approved by the Dean of Applied Research and Innovation. Competition funds can be spent on items that advance the development of the winner s business in accordance with the stated business goals and milestones as per the signed agreement. All expenditures must be incurred after the effective start date of the agreed-upon spending period. Eligible and ineligible expenses are not necessarily limited to those listed below: Marketing Promotional materials i.e. branded swag items, print media, banners, posters are eligible expenditures Business cards Conference fees and other networking opportunities, if directly related to the advancement of the business Exhibitor fees (i.e. booths, advertisements) Promotional giveaways exceeding $50 If the team does not have members with expertise in the following areas, they can allocate a portion of their awarded funds towards the following: Promotional o Design for promotional material o Videography o Other PR-related work Awarded funds cannot be spent on the following: Travel expenses Legal 6 P age
If the team does not have members with expertise in the following areas, they can allocate a portion of their awarded funds towards the following: Legal services (i.e. incorporation, partnership agreements) Accounting and Finance If the team does not have members with expertise in the following areas, they can allocate a portion of their awarded funds towards the following: Accounting services o Financial statement reporting o Corporate setup Operations, including technology and equipment Inventory Approved equipment. Typical approved equipment purchases include: o Tablets, laptops, cameras, and other unique equipment essential to the advancement of the business o Computer software, i.e. software for design, sales, accounting, customer relations that is not accessible through Humber facilities Domain name registration fee Membership fees, if directly related to the advancement of the business Corporate email accounts Shipping costs and duty charges Awarded funds cannot be spent on the following: Office equipment and supplies, i.e. desk chair, desk, printer, paper, ink, etc. Vehicles Cell phones Maintenance of equipment or property Rent expenses Utilities costs Entertainment expenses, gifts, food and alcoholic beverages Business insurance Research, including product and service development Prototype development o Material costs If the team does not have members with expertise in the following areas, they can allocate a portion of their awarded funds towards the following: Web/mobile design/development Prototype development contract services Awarded funds cannot be spent on the following: Intellectual property-related costs, including Patent costs, Trademark costs, Name searches 7 P age
Human Resources Up to 50% can be allocated to the startup s team members as a bursary o The bursary will be paid out through Humber s Alumni and Advancement office as the agreed-upon milestones for that pay period are met and approved by the Dean of Applied Research and Innovation. o The startup team members will work with a CfE team appointed by the Dean of Applied Research and Innovation and the startup team s assigned mentor to determine how to allocate the bursary amongst the team members Bursaries will need to be reported on the recipient s end-of-year tax return Awarded funds cannot be spent on the following: Employee benefits Education or Professional Development 8 P age