The competition is segmented into tracks largely so that the most appropriate judges can be recruited based on their expertise. Many teams could be in multpile tracks. For example, a technology company with a social mission, or a traditional business model with some scientific discovery as part of the product. Teams may indicate preferred track, but organizers have the right to put teams in the track deemed most appropriate based on the applicant pool in any given year. Tracks often include: Traditional, Social, TEchnologica and Scientific, but may change depending on the applicant pool.
A social venture needs to have a primary focus on some social or environmental mission. There can be a lot of grey area, in which very profitable businesses can include important social missions. It is the team's responsibility to convey to the judges their focus on mission vs. financial bottom line. Most teams that indicate a preference for the social track will be put there, and it will be the team's responsibility to convey to the judges why they should be considered a social venture.
Yes.
No, but to win the finals you will need someone on your team who can communicate business principles, and if your team lacks that skill, it will reflect poorly on your ability to assemble a winning team. We encourage any team to compete in the Elevator Pitch Round. If get through that round, you might consider adding more teammates with specific skills to help you win future rounds. See rules.html about adding teammates.
While this is a very tough question to answer briefly, here are some initial things to think about.
With a great idea, a lot of hard work and some luck. See judging criteria. There is a clear correlation between amount of time teams spend on preparing and how well the teams do.