Business Plan Competition Terms and Conditions
By submitting to this competition, participants are agreeing to the following Terms and Conditions:
- Participants who are one of the winners of the competition will be invited to work with a class of students who will help launch and grow their business idea. The class begins in February and runs until the end of the spring semester. Winners who aren’t ready to participate in the upcoming course MUST participate in the next class.
- All winners agree to participate in the Small Business Ownership program. (Winners of the Business Plan Competition will have their course tuition waived. However, those who do not complete the Small Business Ownership program will be responsible for repaying the course tuition.)
- All winners understand that seed money will be spent within 12 months from completing the Small Business Ownership program. All winners understand that the seed money provided is to help grow their business and monies are not provided in a check given to spend as they wish.
- Participants must draw down funds by submitting a funding proposal. CCBC’s Center for Business Innovation has the discretion to approve or deny funding usage. All winners can participate in 4 hours of coaching provided by CCBC Center for Business Innovation.
Examples of what funds may be spent on
- Website services
- Marketing brochures
- Sales brochures
- Logo design
- Market research
- Direct mail campaigns
- List services
- Promotional cards
- Business cards
- Advertising campaigns
- Online campaigns
- Social medial campaigns
- SEO campaigns
Examples of what funds may NOT be spent on
- Legal fees
- Utility fees (phone, electric, water, etc.)
- Computer hardware
- Municipal fees
- Vehicle expenses
- Trade association fees
How do winners receive the seed money?
Participants understand in order to receive funds they must follow the following steps:
- Submit a funding proposal to Dennis Sullivan (firstname.lastname@example.org; cc: Angella Kevas, email@example.com) that includes the item(s)/service(s) you wish to purchase along with an explanation of how the purchase(s) will help you grow your business.
- Request will then be approved or denied. Suggestions or other options will be made if request is denied.
- Once a request is approved, participants may either make a purchase and be reimbursed or submit an invoice. All receipts must be submitted for reimbursement or after a purchase is made.
- Participants understand a check will be disbursed to them in the name of the business or the owner in the amount that was approved. Participants must complete a W9 form.