FAQ - Melbourne University Entrepreneurs' Challenge :: . plan . pitch . pursue.

Frequently Asked Questions

Question Am I eligible to compete in MUEC? Can I enter if my team/company has already received outside funding? Is there a limit to the number of people in a team? Can 1 person enter alone? What is MUEC? I’m very busy; will it be too much work? Why would I want to compete? What if I don’t have a big idea? How can I protect the confidentiality of intellectual property? Who owns the intellectual property in my entry? How do I enter? Can I enter more than once with separate students (on different projects)? Do I submit one entry form (questionnaire) per member or one for the group? Does clause 2.3 include part time students at a Victorian university? Can we add or remove members up until the second stage business plan submission? Answer Am I eligible to compete in MUEC? Anyone can enter MUEC, if you've got a great idea and are looking for the talent to get it off the ground then MUEC is the place for you. You can network with Melbourne University and Melbourne Business School students and form a killer team. But remember, at least 30% of your Team must be, or have been enrolled, students or staff members of a Victorian University in the year of entry. Accordingly the following minimum requirements apply: (1) One such member in a team of three (33%) (2) Two such members in a team of four (50%) (3) Two such members in a team of five (40%) (4) Two such members in a team of six (33%) Back to top Can I enter if my team/company has already received outside funding? Your team cannot submit business ideas that have received outside funding from private investors, venture capital firms or other industry sources. Teams can enter the competition if they have received any sort of government funding. Back to top Is there a limit to the number of people in a team? Can 1 person enter alone? There are no fixed limits but we suggest the following: Minimum of 2 people (at least 1 student) and Maximum of 6 people (at least 2 students) The minimum is suggested to ensure the spirit of the competition is met and the workload to prepare the business case is shared. The maximum is suggested as this is best number to work with in a team to ensure all members can contribute to the judges pitching night. The best teams from past experience comprise experts from research and industry, combined with business students (particularly from the Melbourne Business School) and average 4 people. See the events calender for details on the Team Mixer event - you can use this opportunity to look for additional team members if you are short or in need of specific skills, or are looking for a team. Also, you may meet team members during the workshop nights to be held throughout October and November. Back to top What is MUEC? Now in it’s 8th year, the Melbourne University Entrepreneurs' Challenge is the premiere business plan competition in Australia. The key to MUEC’s success has been its creation of a safe environment for students to ‘learn by doing’ and gain exposure to real world Venture Capitalists and other stakeholders in innovation. Back to top I’m very busy; will it be too much work? Competing in MUEC is structured to facilitate the involvement of full time and part time students, at all levels. It is not like taking an ‘extra subject’. The first stage of the competition involves the formation of a team and the completion of a short questionnaire detailing the commercial opportunity. A selection of the most promising teams will then be invited to submit a more comprehensive business plan (no longer than 20 pages) and present that plan to the judging panel. Of these semi finalists up to six teams will be invited to present a revised plan on the finals evening. The work load only increases as you get closer to the prize! Back to top Why would I want to compete? Thanks to the generous support of our sponsors MUEC gives away up to $85,000 in cash and prizes each year. But for most the benefits extend far beyond money. All competitors are exposed to a range of workshops from leading practitioners in the fields of IP protections, idea generation, legal issues and so on. Teams that make it past the first round will also receive ‘Mentorship’ from successful and seasoned professionals. Teams will receive targeted feedback from leading entrepreneurs, investors, and business professionals comprising the MUEC Judging Panel. Back to top What if I don’t have a big idea? MUEC runs a series of ‘mixers’ with Melbourne University postgraduates so that raw innovative research can be matched with the commercialisation skills . We have also introduced a new team-building feature on the www.muec.org web site so that people with different skill sets can connect. In the past it has been teams that have drawn from different functional areas that have performed best. Those with innovative backgrounds and research should seek out students with commercialisation experience (such as the students of the Melbourne Business School), and vice versa. Back to top How can I protect the confidentiality of intellectual property? The MUEC Terms and Conditions (see MUEC website) govern the conduct of the competition. If you have concerns that issues of confidentiality may arise as part of your participation, you should ensure that your team have discussed and agreed how this will be handled in advance. The best approach is to confine your business plan and pitch to non-confidential information as far as possible. Whilst judges and mentors are explicitly required to acknowledge their obligations of confidentiality associated with the competition, teams are encouraged not to rely solely on this. In particular, you should not include information in your entry to a level of detail which might subsequently affect your capacity to protect your Intellectual Property through mechanisms such as patents. If your business intends to make use of patented or patentable intellectual property that belongs to someone other than the team (e.g. an institution) you may be asked to sign a confidentiality agreement with that institution prior to having details of the intellectual property disclosed to you, and you may not be free to disclose that information as part of your entry. In all cases you should seek professional advice if you think that disclosure or use of the intellectual property may compromise future patentability. Back to top Who owns the intellectual property in my entry? Copyright in the business plan remains with the team that created it. Note, however, that the use by your proposed business of other intellectual property which may be subject to copyright or other forms of protection (e.g. patents) may require you to secure appropriate licenses or assignments of that Intellectual Property. You should ensure that you have appropriate arrangements with the owner(s) of such Intellectual Property prior to using it as part of your entry. For more information about Intellectual Property more generally, visit www.ipaustralia.gov.au Back to top How do I enter? You must register here at www.muec.mbs.edu, download the entry form, and return to the same section of the site to submit your entry. Back to top Can I enter more than once with separate students (on different projects)? There is no problem in entering the competition twice (or even more). Just be aware that if you enter more than once, and both your teams make it to the second round, you’ll have to do 2 business plans, two presentations to the judges, etc… But there is no limit as to how many times you enter. Back to top Do I submit one entry form (questionnaire) per member or one for the group? Only 1 questionnaire for the team is required. Back to top Does clause 2.3 include part time students at any Victorian university? Yes. Back to top Can we add or remove members up until the second stage business plan submission? You can add/remove team members up to stage 2, so basically until the submission date of the business plan (early March). Back to top