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Open for Business Business Plan Competition Resources |
Business Plan Competition - Rules & FAQ
Rules
- Each business plan will be submitted by an entry team. An entry team can be just an individual and has no limit on size. The entry team creates the business plan but is not necessarily the management team of the business. Individuals may be involved in multiple entry teams, but we recommend focusing on your best idea.
- Each entry team must have at least one student currently enrolled in an undergraduate or graduate degree program. The student must be actively involved in the venture (i.e., actively participating in development of the business plan and presentation or actively working on the business). See the FAQ for how to find a student.
- Businesses may already be underway. Priority will be given to start-ups, early-stage enterprises, or major expansions. New capital requirements should be a minimum of US $50,000.
- All entry team members must be in agreement with InterVarsity’s Doctrinal Basis, a statement of core evangelical Christian beliefs. However, businesses proposed should not plan on employing Christians exclusively.
- Should the business plan reach the finals, at least one member of the entry team must be present at the final judging panel on December 28, which will take place at the Open for Business Conference. The panel is a major factor in determination of the winner, so we encourage key team members to be present. Winners will be announced at the Conference on December 30.
- The decisions of the judges as to the finalists and winners is final. InterVarsity Christian Fellowship/USA reserves the right not to name any winners, if in the sole discretion of the conference organizers, none of the entries have sufficiently met the competition objectives.
Frequently Asked Questions
- I've already started up my business. Can I submit an entry?
- I have a great idea. I need a student. What do I do?
- I’m a student. I’m looking for ideas and/or partners. What do I do?
- What resources can help me learn more about building a triple-bottom-line business?
- I have security or confidentiality requirements. What do I do?
- How do microfinance and microenterprise fit into this competition?
- What if my friend is really eager to participate in the competition with me, but she’s not a Christian?
- How will the money be distributed?
- I have a question not answered here. What should I do?
I've already started up my business. Can I submit an entry?
Yes. We accept business plans from start-ups that are still looking for capital, or existing businesses that have a plan for some substantial expansion. Your current capital needs should be at least US $50,000.
I have a great idea. I need a student. What do I do?
We’ve set up an online forum for people to trade ideas and connect with others interested in participating in a business plan. Visit it here.
I’m a student. I’m looking for ideas and/or partners. What do I do?
We’ve set up an online forum for people to trade ideas and connect with others interested in participating in a business plan. Visit it here.
What resources can help me learn more about building a triple-bottom-line business?
There are an increasing number of resources, both from Christian and mainstream sources, that we'll be listing on our Resources page.
I have security or confidentiality requirements. What do I do?
We understand that a number of business plans will have concerns about security (e.g., you partner with a Christian in a sensitive location) or intellectual property (e.g., you have a new product idea).
Please be as forthright as you would be to a potential major investor, but note any constraints you have. Readers and judges will keep your business plans confidential and we will be sensitive to your requirements in any public communication.
However, it is your responsibility to protect your intellectual property. Before submitting your plan, we urge you to evaluate with advisors or legal counsel your need to protect your property, and to do so if appropriate (patent filings, copyright notices, etc.).
How do microfinance and microenterprise fit into this competition?
Microfinance is the provision of financial services to very small accounts (e.g., a $50 loan to open a bakery). Microenterprise is a small-scale business (e.g., the bakery itself), often run by a single person and enabled through microfinance. Microenterprise development has received much press in the past few years and is very effective in extremely poor places as well as environments without strong legal infrastructure. Christian Microenterprise Development (CMED) is a critical strategy in business as mission, and some of the world’s largest and most effective microfinance institutions operate from a Christian worldview. They will be participating in Urbana 06 and the Open for Business Conference.
Your business plan may choose to incorporate a microenterprise strategy. For example, you may know a microenterprise community that produces a great product and your business plan is to create new markets for that product. Or you may have a new product idea that is suited for production through microenterprises.
We will not, however, entertain proposals for new, independent microfinance organizations. There are already a number of high-quality, Christian microfinance organizations that have great scale, experience, and expertise. Business plans involving new microfinance banks should involve partnership with an existing organization.
What if my friend is really eager to participate in the competition with me, but she’s not a Christian?
That’s a great friend! Many people who are not Christians find themselves in triple-bottom-line businesses because they are compelled by the vision and social commitment. Experience from the field indicates that Kingdom-oriented Christians are required in critical decision-making positions in order to direct the business toward Kingdom ends, though that does not preclude non-Christians from serving on a senior management team.
We need to know that a business plan is committed to a Kingdom vision from the start. One way we check that is by asking all finalist team members to sign a Statement of Agreement to our Doctrinal Basis. At this stage, if someone on your team is not Christian, we encourage that person to actively participate, even come to the Open for Business Conference, but not be listed on the entry team.
If someone is not a Christian and is in full support of the objectives of this business plan competition, this could be a great conversation starter: what barriers or challenges face your friend in trusting Jesus with his or her life, if the vision is already compelling?
How will the money be distributed?
The Judges will determine the top three winners, and the Open for Business Venture Fund, LLC (the “Fund”) will aim to invest $25,000, $10,000, and $5,000 in the top three finishers respectively. Funding will provide no more than one-third of new capital requirements; funding may be reduced for smaller business plans at the judges’ sole discretion. The Judges reserve the right to withhold an award if they do not feel that any venture meets the prize criteria. The Fund will distribute twenty percent (20%) of the monies awarded to each top finisher within one month of the conclusion of the Open for Business Conference. The remaining eighty percent (80%) will be held by the Fund until the entrants have demonstrated clear progress in the development of their business, as determined by the Advisors of the Fund, some of whom will be judges. The judges will work with each team to set an evaluation point and defined business milestone(s) to evaluate progress and approve the release of the remaining monies to each winner.
I have a question not answered here. What should I do?
Ask us by sending an email to questions@ofb.intervarsity.org! Like the section title suggests, we'll post the frequently asked questions as they come.
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