Prize Rules

Prize rules for the Silicon Valley Business Plan Competition

 

1st Place ($10,000)

2nd Place ($5,000)

3rd Place ($2,500)

  • 25% of the prize will be paid as soon as the announced winners’ paperwork is processed.

  • The team will decide how the prize money will be allocated to the team members. 

  • The remaining 75% of the cash award will be disbursed upon the winning teams submitting evidence of start-up expenses incurred, including the following: 

    a) incorporation, b) patent application, c) legal and professional services, d) advertising and marketing material, e) books, classes, conferences, and trade publications, f) association fees, g) consulting expenses, h) market research, i) communication and IT services (such as telephone, Internet, email, and webpage services), j) travel, k) insurance (liability, error & omissions), l) rent for facilities, m) equipment purchases, and n) office supplies. 

  • Salaries and benefits are not valid expenses for progress. Discussions with the SVBPC Director can help determine what other activities, if any, are appropriate.

  • When submitting reimbursement claims, please explain the purpose and reason for incurring the expense, unless the reason is self-evident. All reimbursement items, including online orders, must have proof of payment (e.g., credit card receipt, confirmation of payment from vendor, etc.)

  • Order confirmations or shipping confirmations will not meet the requirements unless the credit card number is listed as the payment method. Depending on your online bank, sometimes it is possible to print just the relevant transaction. Alternatively, you may have to submit a copy of your bank statement or credit card statement, along with your reimbursement claim, and black out confidential information, including details relating to other transactions.

  • To receive the full cash prize (i.e., the 75% post-SVBPC disbursement), winning teams must have at least one member with a SJSU connection integrally and significantly involved in developing the business after the completion of the SVBPC.

  • Winning teams should claim their cash awards within a year from the date of the announcement of their award. Failure to do so will result in forfeiture of their claim.

  • Winners are strongly urged to aggregate their expense receipts and submit claims in two or three lump sums (preferably a minimum of $1,000) to expedite the processing of the disbursements.