At least one member of each team must be a UNC student, faculty member, staff member or alumnus. The UNC-affiliated team member must be a founding member of the idea/venture and cannot be a token team member added to gain eligibility for the competition. This generally means the UNC team member has at least 25% ownership of the venture.
This competition seeks to foster the development of ideas into viable 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 rights. Generally, to be eligible, a venture:
Exceptions may include:
If you have any qustions about eligibility, please email email@example.com before submitting your intent-to-compete.
In general, teams may re-enter the Carolina Challenge competition if they fall into one of several categories:
No faculty or staff teaching or working in the field of entrepreneurship at UNC may compete in the Challenge. This includes but is not limited to: the Center for Entrepreneurial Studies, KickStart, Launching the Venture and the Entrepreneurship Minor.
Each team must consist of at least two members, one of whom is affiliated with UNC (see above). There is no maximum number of team members. Team members may be added and subtracted until the completion of their final plan; however, one member must always be a member of the UNC-Chapel Hill community.
At least two team members, including a UNC founding team member, must be present at each round.
Teams may change teammates at their descretion from round to round. For example, teams may pick up additional teammates as they progress to later rounds.
Each round will be divided into multiple "Tracks," which will be determined based on the application pool. Tracks often include: Traditional or Low Tech, Technical or High Tech and Social, In 2012, a Faculty/Staff/Alumni Track was added, and any team that has 50% or more ownership by Faculty, Staff or Alumni will be placed in this track.
Teams may designate their preferred track, but organizers retain the right to place teams in the track deemed most appropriate for the event. A venture cannot be entered in more than one track.
Non-local entrants will be able to compete remotely (via teleconference) in the Elevator Pitch Round. Organizers will determine the need for remote presentations on an as needed basis in future rounds. Teams are required to appear in-person at the Track Finals and Finals in Chapel Hill.
An individual may not compete on two teams in the same round. If an individual's team does not proceed to the next round, that individual may join another team in the next round.
Specifics about round requirements may change year to year depending on the applicant pool. After a team’s initial submission, you will receive specific instructions.
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. Paperwork for prize money must be submitted within 60 days of the end of the competition or prize money will be forfeited.
Prize money will be split equally between all team members listed in any round unless a written, signed agreement is submitted indicating some other arrangement. Carolina Challenge Prize Money Agreement if NOT EQUAL.doc. For example, if your team has 3 individuals in the first round and then adds a 4th individual for the final round, each teammate will receive 25% unless a written agreement is submitted. Teammates who drop out from earlier rounds will also receive equal prize money unless the form is submitted, including the signature of the dropped teammate.
Teams are encouraged to dress respectfully and appropriately based on their ideas and how they feel they should be represented. This often means business casual (khakis and collar shirt or equivalent), but may mean busines formal (suit and tie) if appropriate for your venture.
All participants agree to allow the organizers to use their likenesses for the purpose of promoting the event in the future.
The authors of the business plan retain all rights to their work, unless it was created using UNC materials or resources, in which case property rights must be worked out with the university. To learn more about these university-wide regulations, please refer to the following website. The judges and audience present at various public events will not be required to sign non-disclosure agreements. The Competition retains the right to record the events and use the records for educational or promotional purposes.
All participants agree to allow Challenge organizers to use their submitted materials for educational or promotional purposes for future Challenge events.
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 through in their initial application.
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.