Frequently Asked Questions (FAQ's)
Q: Is there a special format for the summary?
No. There is no specific format for the summary but it should be in narrative form. Make sure that your narrative clearly and fully answers the questions listed in the rules. While grammar, punctuation and writing style are not a line item on the scoring rubric, each does make a definite impression on the reader. Mistakes will make your summary harder to understand and may signal the reader that you do not have sufficient attention to detail.
Q: Who can enter?
A: Any Full-time student enrolled in a West Virginia college or university. Both undergraduate and graduate students may compete.
Q: Do you have to be studying business?
A: No. You only need a good idea.
Q: Do I need to have a business plan now?
A: No. If you advance, you will have instruction on how to write a complete business plan for your idea. You may be able to earn up to 3 credit hours and will use FastTrac educational materials developed by the Ewing Marion Kauffman Foundation, the leader in entrepreneurship education.
Q: How Much does it Cost?
A: It is absolutely free. Should you advance all costs are covered by the competition. If chosen for the final round, you will also receive a $1,000 stipend to spend on your business plan.
Q: Do I have to start the business in West Virginia?
A: Yes, the goal of the competition is to create strong West Virginia businesses.
Q: I have an idea but don't have all the skills I need to make it a business.
A: Use the Team Builder feature on our website to connect with other students throughout the state who have the skills you need.
Q: How will the competition be judged?
A:
Round 1 -
A group of judges from the academic, technical and business communities will score
each plan using an objective scoring rubric with a scale of 1-10. The scores will be averaged
and up to 10 teams in each category will advance.
Round 2 -
Elevator Pitches will be judged by the WVEI conference attendees using an objective scoring rubric with a scale of 1-10.
Interviews will be judged by a select panel using an objective scoring rubric with a scale of 1-10.
Up to five teams in each category will be selected based on the following:
- 33.33% Round 1 Score
- 33.33% Round 2- Elevator Pitch Score
- 33.33% Round 2- Interview Score
Final Round -
Judging teams will be made up of technology and business professionals. The same team will score
both the written plan and the oral presentation using an objective scoring rubric.
