OFFICIAL RULES

This page covers eligibility, requirements, and other rules of the competition.

Eligibility
At least one member of each team must be a student, faculty member, or staff member at UNC Chapel Hill. The UNC team member must be one of the founding members of the idea/venture and cannot be recruited to ensure a team's eligibility in the competition.

*Students graduating in December of the academic year of the competition are eligible to compete as a member of the University.

Team Size
Each team must consist of at least two members, one of whom is affiliated with UNC (see Eligibility). There is no maximum number of team members. Team members may be added and subtracted until the completion of their final plan; however, the founding UNC member must remain on the team.

Nature of Entrants
This competition seeks to foster the development of ideas into ventures. In general, ventures which are already well established are not eligible to compete, although they are urged to consult with the competition's organizers to determine their participation. Eligibility is also uncertain for businesses with established cash flows or non-profits with 501-C3 status and or community recognition. An established social venture embarking on a new and different branch of its work may be eligible, but should also consult with the necessary individuals.

Multiple Tracks/Single Year
A venture cannot be entered in both the social and business track in a single year.

Repeated Participation
Entrants are encouraged to enter multiple times, and can use the same venture, provided they did not win any award with that venture previously. If an entrant has won previously with a venture, to enter the competition they must have a new venture. A team cannot enter the same venture in multiple tracks if it has achieved some sort of recognition in one track.

Requirements
An initial application, which serves as a statement of intent, must be submitted by the first deadline to be eligible to compete-this date is usually set in early January. This will not be evaluated. By early February (date TBD), an executive summary must be received by the competition organizers. By early March (date TBD), a business plan must be received. By late March/early April (date TBD), a final copy of the business plan must be received. Failure to meet any of these deadlines will result in a team's ineligibility. At least two team members must be present at the Elevator Pitch Round, Semifinal Round, and Final Round to present, unless otherwise approved by the directors of the competition. For help drafting the executive summary and the business plan, entrants can refer to various resources listed on the Carolina Challenge website.

Team Presentations
Teams will have designated time limits to present their ventures to judges depending on which round they are competing in. Teams will be cut off if they have not finished when the timer expires. At the end of the presentation, a new timer for Q&A will begin. Teams may use a PowerPoint, provided it is submitted by the deadline set before the competition round date.

Available Help
In addition to the web resources listed on the website, the competition will arrange for Prep Sessions during which the basics of business plans, financials, and legality, among other topics, are discussed. Every attempt will be made to match teams desirous of mentors with mentors.

Prize Money
Checks are generally mailed 6-8 weeks after the event to individuals designated by winning teams. Exact prize money values are determined on a year-to-year basis. The winners are not required to use the money for their venture. Prize money not claimed within 30 days of the competition may be forfeited.

Dress code
The dress code varies for the different Carolina Challenge events as follows: business formal for the Semi-final Round and Final Round, business casual or business formal for the Elevator Pitch Round, and casual for all other Carolina Challenge events, unless otherwise specified.

Publicity
All participants agree to allow the host to use their likenesses for the purpose of promoting the event in the future.

Intellectual Property Rights
The authors of the business plan retain all rights to their work, unless it was created using UNC materials, in which case property rights must be worked out with the University. The judges and audience present at various public events will not be required to sign nondisclosure agreements. The Competition retains the right to record the events and use the records as they see fit.

Honor Code
It shall be the responsibility of each student to obey and support the enforcement of these rules. All team members must indicate they have read and accepted these rules in their initial application (Intent to Compete Form).

Dispute Resolution
All decisions by judges and The Carolina Challenge are final. For complaints, questions, concerns or to report possible rules violations, contact the faculty advisor, Patrick Vernon. These rules may be revised at any time if the purpose of the revision is made in the interest of fairness for all competitors. Revisions will be communicated to all participants as quickly and fairly as possible.