Official Rules, Prizes & Dates

Launch Together Business Plan Competition
Prizes Rules and Regulations Timelines/Deadlines Other Rules Frequently Asked Questions Launch Together Business Plan Competition Template

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1. PRIZES
1. Cash Prize: $2,500 cash.
2. RULES AND REGULATIONS
1. Entry Process: the following steps must be completed in order to submit a valid entry for the ibovo Launch Together Business Plan Competition.
  1. Create a member account on ibovo.com. You must be an ibovo member to register for the LaunchTogether competition.
  2. Register for the competition at LaunchTogether.com. Register on the home page by providing your First Name, Last Name and Email Address (this information must match your ibovo member account). The application does not represent an entry to the competition, it simply serves as your intent to submit an entry to the competition after ibovo.com launches.
  3. Create a Team on ibovo.com for your venture and create at least one Role on your team. Make an offer to at least one other ibovo member to fill a team role and at least one other ibovo member must accept your offer to join your team. Your team must have at least one other member active member when the business plan is submitted and throughout the review and winner selection period.
  4. Submit an eligible business plan to launchtogether@ibovo.com. Entries must adhere to the Formatting & Submission requirements contained in section 2(g), as well as all other eligibility requirements listed within the Competition Rules & Regulations. Note, only one business plan may be submitted per team and the business plan submission must be sent by the Team Lead who previously registered at LaunchTogether.com.
  5. If you registered for the competiton PRIOR to the launch of ibovo.com, all above steps are applicable to you. However you will receive an email from ibovo on or before June 12, 2010 allowing you to automatically activate your member and team profile.
    1. Note, it is your responsibility to ensure your e-mail account filters are configured to accept all messages from ibovo.com. If you do not receive the e-mail notification from ibovo you will not be able to submit an entry to the competition. ibovo cannot be held responsible for messages that are not successfully received by the intended recipient due to e-mail filtering issues or for any other reason.
2. Eligibility: in order to be eligible to enter and win the Launch Together Business Plan Competition, the entrant must meet the following eligibility requirements. ibovo will determine, at its sole discretion, if ALL of the following eligibility requirements have been met by the entrant:
  1. Entrant is 18 years of age or older on the date the competition application was submitted. Entrant has completed all steps outlined in the Entry Process, see section 2(a) above.
  2. Entrant’s business plan submission adheres to all Formatting & Submission requirements contained in section 2(g) as well as all other conditions outlined within the competition rules and regulations.
  3. Entrant is not an ibovo employee, partner, contractor or competition sponsor.
  4. Entrant is not a family member of an ibovo employee, partner, contractor or competition sponsor.
  5. Entrant has adhered to all ibovo Terms of Service posted on ibovo.com.
  6. Entrant’s submission must be for a new business idea or concept requiring start-up capital. Businesses that have formed a legal entity (or obtained an EIN number issued by the IRS) on or before January 1, 2008 are not eligible to participate in this competition.
  7. Entrant must be a US citizen or legal resident. Winning Entrants will be required to provide additional personal information such as, but not limited to, social security number for tax purposes.
  8. Only one business plan entry can be submitted per team and the entrant must be the individual designated as the Team Lead in ibovo.com. If more than one entry is received for the same Team or an entry is submitted by anyone other than the designated Team Lead, ALL entries will be deemed ineligible.
3. Confidentiality:
  1. ibovo recognizes that entrants may be concerned about the confidentiality of their business plans. Entrants are permitted to exclude any information they regard as confidential. The name of your Team, business name, business description included within the Executive Summary of your submission, first name, last name, city, state and country will be considered “public information” and may be used in public documentation related to the competition. While we will take measures to ensure the protection of intellectual property and preserve the confidentiality of each submission, ibovo cannot take further responsibility to protect the intellectual property or other rights of each entrant. Protection of such rights is ultimately the responsibility of each entrant.
4. Winner Selection & Notification:
  1. ibovo will designate judges from within its organization to review entries. At its own discretion, ibovo may also engage outside contractors or volunteers to review entries.
  2. Designated judges will use their own discretion in evaluating entries. The decisions of individual judges are final. The following are some of the elements that judges will be asked to consider in order to narrow the field of entries to those that will be considered for cash prizes:
    1. Clarity of Product/Service description
    2. Soundness/Completeness of Operational Plan
    3. Strength of Management Team
    4. Strength of Marketing Plan
    5. Quality of Financial Analysis
    6. Overall Feasibility of Venture
  3. ibovo reserves the right to use any method it deems appropriate to ultimately select the winner of the cash prize.
  4. ibovo will select the winning entry for the cash prize within a reasonable timeframe after the submission deadline (actual review period will depend upon the total number of entries received). ibovo cannot and will not provide any feedback to entrants regarding their business plan submission (other than to confirm the business plan was received). Only the winner of the cash prize will be contacted. The winner will be contacted at the e-mail address provided in the competition entry and must respond within 10 calendar days.
    1. Note, it is your responsibility to ensure your e-mail account filters are configured to accept all messages from ibovo.com. ibovo cannot be held responsible for messages that are not successfully received by the intended recipient due to e-mail filtering issues or for any other reason.
  5. The decision of ibovo is final, including the interpretation of the Launch Together Business Plan Competition Rules. As such ibovo may disqualify any entrant or entry that it believes has violated the rules of the Launch Together Business Plan Competition.
  6. ibovo intends to post information concerning the winning entrant on launchtogether.com within 30 days after the cash prize is distributed to the winner.
5. Disbursement of Cash Prizes:
  1. The cash prize will be distributed to the selected entrant following the end of the competition. ibovo will distribute the cash prize directly to the individual entrant who has been selected as the winner of the cash prize and will not be involved, either voluntarily or by request, with any entrant and/or team decisions concerning the allocation or use of the cash prize.
  2. The cash prize is taxable and ibovo must have the winning entrant’s social security number before a check can be issued. Failure to provide a social security number or other information required for check distribution will lead to forfeiture of the prize.
6. Core Sections of Business Plan Template: applicants must complete each section of the business plan template. Applicants who fail to complete one or more sections will be disqualified from the Launch Together Business Plan Competition. The following sections are required: Return to Top
  1. Cover Page
  2. Executive Summary
  3. Products / Services
  4. Marketing Plan
  5. Operational Plan
  6. Management and Organization
  7. Financial Plan
7. Formatting & Submission Requirements:
  1. Business Plan Submissions must be submitted in a format readable in Microsoft Word 2002 (or higher) or Adobe Acrobat (PDF).
  2. Required Font Type: Times New Roman, Arial, Tahoma, or Verdana.
  3. Required Font Size: 12 pt.
  4. Required Margins: 1 inch left, right, top, and bottom.
  5. Business Plan entries must not exceed 10 pages (not including cover page).
  6. Business Plan entries must be sent via e-mail to launchtogether@ibovo.com after all other entry requirements have been met. Business Plan entries will not be accepted by any other method.
  7. The cover page must include the following:
    1. Team ID
    2. Team Name
    3. Team Lead First Name and Last Name
    4. Team Lead Legal Address
    5. Team Lead Email Address

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3. TIMELINES/DEADLINES
1. Submit registration: submit a registration to enter the Launch Together Business Plan Competition at http://www.launchtogether.com on or before November 14, 2010.
2. Create Role(s) and Recruit Team Member(s): you must create at least one Role for your team, make an offer to at least one other ibovo member to fill a team role and at least one other ibovo member must accept your offer to join your team on or before the business plan submission deadline.
3. Submission of Business Plan: submission of eligible business plans will be accepted starting November 15, 2010 and the deadline will be 11:59pm EST on Sunday, December 26, 2010.
4. Notification of Winners: actual target date will be posted here as soon as the competition deadline is reached. Timeframe for reviewing entries is contingent on the total number of entries received by ibovo.
5. Distribution of Prizes: within 30 days after notification (contingent on the winning entrant providing all required information for cash prize distribution).
4. OTHER RULES
1. Submission of a registration at launchtogether.com or creation of a ibovo team/role does NOT serve as an entry to the Launch Together Business Plan competition. Acceptance of a registration by ibovo is not an indication that you are eligible to participate in the competition.
2. Submission to, and acceptance of a Business Plan entry by, ibovo is not an indication that you are eligible to participate in the competition.
3. ibovo reserves the right to update competition rules at any time prior to the business plan submission deadline by posting amended rules at launchtogether.com.
4. ibovo reserves the right to cancel this competition at any time and without notice.

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5. FREQUENTLY ASKED QUESTIONS
1. Is it free to register with ibovo?
  1. Yes, registering with ibovo is completely free. In addition, you will be able to use standard features completely free of charge. If you like you can also take advantage of our premium Web Conferencing and Team Workspace services to more efficiently and effectively work with your team members to complete your business plan submission. These premium services are available to you at a very competitive monthly rate.
2. Must the entry be a for-profit venture?
  1. No, applicants may submit business plans for non-profit ventures as well.
3. Is there an entry fee or additional purchase required?
  1. No, there is no entry fee or additional purchase required.
4. Is there a limit to the number of individuals that may be on a team?
  1. Yes, there cannot be more than 20 members on a team.
5. Can I submit an entry for more than one team to the Launch Together Business Plan Competition?
  1. No, you may only submit one entry to the Launch Together Business Plan Competition.
6. How do I submit my entry?
  1. All entries must be submitted via email to launchtogether@ibovo.com. Any entry submitted elsewhere will not be reviewed.
7. How will I know that my entry has been received by ibovo?
  1. You will receive an automated email confirming receipt of the plan. ibovo will not provide any other information beyond confirming your plan was received. Please note, we will not review the plans until the day the competition ends.
8. Can I invite a friend, family member, or colleague to join my team?
  1. Yes. You may invite anyone you like to join your team so long as they are also a registered member of ibovo.
9. Will I still be eligible to enter the Launch Together Business Plan Competition if I am unable to find or recruit a team member?
  1. No. You must recruit at least one team member in order to be eligible to enter the Launch Together Business Plan Competition.
10. How and when will cash prizes be paid out?
  1. See contest rules for information concerning cash prize distribution.
11. How will the cash prizes be split among team members?
  1. Cash prizes are awarded to the Team Lead who submitted the business plan (i.e., the person who created the team profile). While our hope is that the Team Lead will use their cash prizes to seed their startups, there is no obligation to do so. ibovo assumes no responsibility for the division of any cash prizes among members, or agreements thereof.
12. Are there any formatting requirements for the Business Plan submission?
  1. Yes, there are formatting requirements. These requirements are contained in Section 2(g). Any business plans that fail to adhere to the formatting and submission requirements contained in Section 2(g) will be deemed ineligible.
13. Where should I send questions regarding the Launch Together Business Plan Competition?
  1. You can direct any questions not answered by the F.A.Q. to launchtogether@ibovo.com. While most questions will be answered within 24 hours, please allow up to 5 business days for a response.

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6. Launch Together Business Plan Template

Overview: the entire submission must be no more than ten (10) pages, not including the cover page. Each section outlined below is mandatory, and must be submitted in the order outlined below. Failure to do so will result in immediate disqualification from the Launch Together Business Plan Competition. Please note, we have made content and word limit suggestions for each section, however, these are just suggestions. You should feel free to adapt each section to the needs of your overall business plan. We encourage you to look through business plan templates available through non-profit organizations like the Small Business Administration, SCORE, and Community Development Business Centers. You may include charts where relevant. The words included within the chart will count against applicable word limits.
Cover Page: the cover page must be no more than 1 page, and should include the following information:
1. Team ID
2. Team Name
3. Team Lead First Name and Last Name
4. Team Lead Legal Address
5. Team Lead Email Address
Executive Summary:
1. Word Limit Suggestion: 250 words.
2. Purpose: the purpose of an executive summary is to introduce a reader to your venture.
3. Content: give a general description of your venture. The description may include, among other things a brief description of your product or service, your target market, details/background on the owners, trends in your business or industry, legal form of the business.
Products / Services:
1. World Limit Suggestion: 500 words.
2. Purpose: the purpose of the product/services section is to describe your product and/or service offerings in depth.
3. Content: describe your product or service in depth. This section may include an explanation of the features and benefits of your product or service, the pricing fee/leasing structure of your product or service, factors that will give you a competitive advantage (including any unique or proprietary features, if applicable).

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Marketing Plan:
1. World Limit Suggestion: 1,000 words.
2. Purpose: the purpose of the marketing section is to discuss your market, customers, competition, and promotion strategy.
3. Content: describe your marketing plan in depth. This section may include an overview of your market (size of market, growth potential, and trends in your market), customer base demographics (age, gender, income level, education level, occupation, social class, and geographic location) competitor analysis (list and detail major competitors; competitor analysis of your strengths, weaknesses, opportunities and threats relative to your competitors), and your marketing/promotion strategy (discuss what marketing campaigns and strategies you will use to target/attract customers).
Operational Plan:
1. World Limit Suggestion: 750 words.
2. Purpose: the purpose of this section is to discuss how your company will operate.
3. Content: this section may include among other things, your personnel plan (broadly identify the type of people you will need to run your business, and associated costs), the location of your business (at home, rent office space, purchase commercial real estate), legal formation requirements, suppliers and distributors (list the any suppliers and distributors critical to your venture), and inventory (where it will be stored).
Management and Organization:
1. World Limit Suggestion: 250 words per team member.
2. Purpose: the purpose of this section is to introduce your management.
3. Content: this section may include among other things, a list of your key team members, a brief biography for each team member, any relevant work experience, educational experience, or special skill sets germane to your venture.
Financial Plan:
1. World Limit Suggestion: 750 words.
2. Purpose: the purpose of the financial plan is to explain
3. Content: this section may include among other things, startup expenses, 12 month profit and loss projection, projected cash flow, balance sheet, and break-even analysis.
Appendix:
1. Limit: two appendices, not more than 1 page each. The appendix will not count against page limits or word limits within the overall plan, or any individual section.
2. Content: you may include an appendix for any relevant details

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Official Rules, Prizes & Dates

Launch Together Business Plan Competition