Official Rules

  1. Description
    1. The Scheinfeld Center New Venture Challenge is a two-tiered business plan and pitch competition for college and high school students in Santa Barbara County.  Tier One includes area college students from Santa Barbara City College and other collegiate institutions, and Tier Two includes only high school students.  The competition serves as a capstone experience to SBCC students in entrepreneurship and career technical studies, and to high school students participating in a qualified entrepreneurship program or Virtual Enterprise program run by the Santa Barbara County Educational Office Regional Occupational Program (ROP) and/or other organizations. Students/Teams submit a business plan and other required forms to enter the competition. Up to ten (10) finalists are chosen to present at the competition in each tier.  Three (3) winners are chosen for each tier.  A sponsored evening awards banquet occurs a week after the competition. Students/Teams must comply with all rules and requirements and submit required forms and paperwork as described below.
  2. Official Rules
    1. All participants must follow all instructions and comply with all rules or be disqualified.
    2. All business ideas submitted must be an idea for a new company or an existing company in operation for less than one year.
    3. Any submitted data or information shall be considered information that may enter the public realm.  Protection of intellectual property or other such rights are the responsibility of each participating individual or team.
    4. The organizers of the Scheinfeld Center New Venture Challenge reserve the right to have final discretion on all matters related to the competition.
    5. Participants and teams indemnify and hold harmless the organizers of the Scheinfeld Center New Venture Challenge for any activity associated with the event and waive any and all claims of liability.
    6. Cash, in-kind, or other awards are at the sole discretion of the organizers of the Scheinfeld Center New Venture Challenge and depend upon the success of fundraising efforts and sponsorship participants.
    7. All participants shall behave in a professional manner at all times and reflect positively on his/her school.
    8. All participants are given nametags that shall be worn at all times during the event.
    9. Participants shall adhere to a professional dress code during the entire event.
    10. Participants shall attend and be on time to all sessions and activities for which they are registered and assigned.
    11. Participants shall show respect to those on stage and in the audience and will at all times respect all public and private property, including event facilities.
    12. Participants adhere to the smoke-free, drug-free, tobacco-free campus rules and will be subject to disciplinary action and legal consequences for failure to comply with these rules.
    13. Participants shall avoid profanity or other inappropriate behavior and conduct shall be exemplary at all times.
    14. Any disregard of these rules can subject participants to disciplinary action and immediate removal from the competition and the premises.
    15. For participants without a proper and valid drivers’ license, a parent or guardian shall be assigned by the participant for any transportation needs to and from the event.
  3. Eligibility
    1. Any student can participate alone as an individual or as a team member.
    2. No team can have more than five members.
    3. All students must either (1) have been enrolled in at least one course during the current academic year at Santa Barbara City College or other collegiate institution in Santa Barbara County;  or (2) be currently enrolled in one of the area high schools. A copy of a valid student ID card or proof of school registration is required.
    4. Tier Two participants from the high schools must have at least one member on its team enrolled in a qualified entrepreneurship or Virtual Enterprise program.   If a high school student is participating as an individual, then that individual must be enrolled in a qualified entrepreneurship or Virtual Enterprise program.  Written verification of participation in a qualified program is required.
    5. Individuals may only be a member of one team per annual competition.
    6. All team members must attend all mandatory competition events. (Exceptions will only be made for family and medical emergencies with written proof).
    7. Each team shall submit all the required forms and documents by the designated deadlines or be disqualified.  The team leaders must give the oral presentation when their teams are selected as a finalist.
    8. Each team or individual must have an Advisor.  This can be a teacher, faculty member, or business mentor.
  4. Submission Requirements
    1. Each individual or each team is required to submit a Registration Form (with attachments) and a Business Plan to be entered into the competition.  If a participant/team is chosen as a finalist to present in the competition, then eight (8) to twelve (12) Power Point Slides are also required.
    1. Completed Registration Form with attachments.
      1. Name and Date of Competition
      2. Team Name
      3. Advisor Name and signature of advisor
      4. New Venture Name.
      5. Names of all team members, team leader designation and signature of team leader
      6. Attached copies of valid student IDs for each team member or proof of enrollment.
      7. For Tier Two participants, attached verification of enrollment in a qualified entrepreneurship or Virtual Enterprise program. 
      8. Certification of adherence to Official Rules.
      9. Submit the Registration Form with all required attachments on or before the stated deadline. If you submit 72 hours prior to the deadline, you may be given an opportunity to correct any omissions. Any Registration Form and attachments received after that point, will be too late to correct any omissions and your submission will be disqualified as incomplete. Therefore, early submissions are encouraged.
    2. Business Plan
      1. General Requirements
        1. Not more than 20 pages, 1.5 line spacing (8.5"x11"), Executive Summary included and attachments/appendices included.
        2. Font size no smaller than 11pt (Times or Times New Roman).
        3. Margins of one (1) inch on all sides
      2. Required Components of the Business Plan:  Business plans come in many different forms, depending on whether you are using a computer program, business model canvas tools, or just starting from scratch.  The list below are suggested topics to include in your plan, but you must, at a minimum, submit an organized paper conveying your concept and key components of your business idea.
      1. Table of Contents
      2. Executive Summary with suggested topics:
        1. Concept & Mission
        2. Factors which Prove Viability of Concept
        3. Funds Sought/Financial Summary
      3. Value Proposition with suggested topics:
        1. Identification of Problem or Pain
        2. Description of Solution, Products/Services
        3. The Value or Gain to the Customer
      4. Market Analysis & Summary with suggested topics:
        1. Market Opportunity, Channels to Customers
        2. Customer Relations
        3. Competitive Analysis
        4. Revenue Streams
      5. Distribution & Logistics (Partners, resources, activities)
      6. Team Description/Advisory/Mentors (Why You?)
      7. Financial Plan with suggested areas to cover:
        1. Cost structure and pricing
        2. Expenses
        3. Cash flow and revenue projections
        4. Break even Analysis
        5. Sources and Use of Funds
      8. Proposed Offering (Equity investment, Loan)
      9. Special Considerations (Optional): Address some special consideration unique to your business such as social benefit or community involvement.
    3. For finalists chosen to present: A slide deck of approximately 8-12 slides that addresses the following topics, in the order you choose to best follow your pitch must be submitted by the deadline:
    1. Introduction/Opportunity/Problem
    2. Solution/Product or Service Description
    3. Market & Customer Analysis (size of market supported by research)
    4. Revenue Model/Business Model
    5. Marketing and Distribution Channels
    6. Financial Projections (revenue, costs, margins, break even)
    7. Team/Advisory Board
    8. Funds Needed and Use of Funds
  5. Important Dates
    1. There are several important registration, submission and information session dates and deadlines from the time registration opens until the competition.  Participants must follow the dates and information contained in the electronic calendar.
  6. Judging Criteria. Students/Teams will be judged based on the following criteria: 
  7. The overarching consideration by the judges is the overall viability of the idea and plan. At the collegiate level, the judges must consider the likelihood that there will be a resulting actual business in the next 12-24 months and its survivability over 3-5 years. At the high school level, the judges will assess the concept's basic viability and realistic potential of the idea to become an actual business. The criteria below acts only as a guide to the judges for scoring during the pitch, but the ultimate decision is based on the judges' sole and independent discretion and agreement on the first, second and third place winners in each tier.
    1. Market Value (15%)
      1. Potential value of the market
      2. Expected profitability for this market
    2. Value of the Product or Service (15%)
      1. Creativity of the new product/service
      2. Customer need satisfied
      3. Receptiveness of potential customers based on market research
    3. Competitiveness (15%)
      1. Potential to succeed past rival companies
      2. Potential to achieve a leadership position
      3. Timing from development to market
    4. Operational Plan (10%)
      1. Production methods, Distribution and Logistics
      2. Ability to overcome potential obstacles
    5. Team (10%)
      1. Leadership demonstration
      2. Has specific capability required for the venture fulfilled
    6. Capital Requirements and Financial Forecast (10%)
      1. What type and amount of capital investment is needed?
      2. Source of investment and capital requirement
      3. How the venture will be funded
      4. Timing to be financially self-supporting (cash-flow positive)?
      5. Possibility and amount of expected return
    7. Overall Appeal of the Pitch & Presentation (10%)
      1. Conveyance of the vision
      2. Professional Demeanor
      3. Enthusiasm and commitment expressed
    8. Overall Viability of the Concept and Plan (15%)
      1. Was the plan effective in communicating the business components?
      2. Collegiate: How likely will the business be up and running in the next 12 months?
      3. High School:  How likely will this concept become a viable business?
      VII. Winners/Awards
    1. There are three winners from each tier.  Winners are announced at the end of the competition.  Awards are distributed the week following the competition at the awards banquet.