Terms and Conditions of Entry - 2007/8
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By submitting a Questionnaire or a Business Plan, each competitor (Competitor) in your team (Team), as nominated on the Questionnaire Registration Form, agrees to be bound by the following terms and conditions (Terms and Conditions of Entry).
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1. Interpretation
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1.1 The Challenge
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The Melbourne University Entrepreneurs’ Challenge (MUEC) is an initiative of Melbourne Entrepreneurs Inc. (ME), with the support of University of Melbourne (UOM) and the Melbourne Business School (MBS). MUEC is supported by a number of external sponsors as published on the Website (Sponsors). MUEC is managed on a day-to-day basis by an Organising Committee, with support from the Executive and Steering Committee.
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1.2 Organising Committee
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The Organising Committee is comprised of volunteers from MBS, and is responsible for the day to day management and running of the competition.
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1.3 Executive Committee
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The Executive Committee is comprised of representatives from MBS and Melbourne Ventures and is responsible for overall coordination of the competition, including existing and new sponsorship, and for providing advice and support to the Organising Committee.
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1.4 Steering Committee
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The Steering Committee is comprised of representatives of MBS, UOM and ME, and is responsible for strategic direction of MUEC and for providing advice and support to the Executive and Organising Committees.
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1.5 Judges
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The Judges are individuals selected by the Organising Committee to be members of the panel which is responsible for assessing the Questionnaires, Business Plans and Final Pitches (Judging Panel). Judges are business, industry or academic experts external to ME who may or may not be associated with our sponsors.
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1.6 Mentors
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The Mentors are selected by the Organising Committee to provide specific assistance to you and your Team in relation to the preparation and presentation of your Business Plan and, subject to invitation, the Final Pitch. Mentors are business, industry or academic experts external to ME who may or may not be associated with our sponsors.
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1.7 Defined Terms
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Any terms defined in the Guidelines for Entry have the same meaning in the Terms and Conditions of Entry.
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2. Entry
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2.1 Mode of Entry
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To enter MUEC, your Team must complete both stages of the registration process:
1. Submit a Questionnaire Form outlining your business idea
2. Submit a Registration Form signed by each team member
These forms are available from the web site at the following location: www.muec.mbs.edu
Entries must be received by 1pm on Thursday 15th of November 2007 in the following ways:
Questionnaire Form:
• E-mail to muec@mbs.edu, and
• Submit 6 (six) printed copies to MUEC 2007/2008, 200 Leicester St, Carlton VIC 3053
Registration Form:
• Either e-mail to muec@mbs.edu, fax to 9349-8498 or hand deliver to MUEC 2007/2008, 200 Leicester St, Carlton VIC 3053.
Your submission must comply with the requirements as set out in the Guidelines for Entry.
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2.2 Correspondence
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Any correspondence from the Organising Committee to your Team will be directed by email, or such other means as the Organising Committee chooses, to the Primary contact person listed on the Questionnaire Form for your Team.
Entrants may correspond with the Organising Committee by sending a letter to: Stuart Picken, Lead Organiser, Melbourne University Entrepreneurs Challenge 2007/08, 200 Leicester Street, Carlton, Victoria 3053.
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2.3 Eligibility
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(a) 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%)
(b) The spirit of MUEC is to encourage students throughout Victoria to develop and refine their new venture creation and business planning skills in a safe, stimulating environment. In accordance with this spirit, students are expected to have been major contributors to the development of the business, which must be evidenced by the following:
(1) At least one student must hold a senior position in the venture's start-up management team (i.e. CEO, CFO, COO, CTO, President, etc).
(2) Students must participate in the pitch of the business plan to the judges in the semi-final and final rounds; or
(3) Students must be able to answer questions from the judges in the semi-final and final rounds.
If the judges feel that the spirit of the competition has been violated, MUEC retains the right to disqualify the entry.
(c) Your Team cannot submit business ideas that have already received outside funding from external third party private investors, venture capital firms or other industry sources. Funding by Government Grants is acceptable.
(d) If you receive funding from private investors, venture capital firms or other industry sources prior to the completion of the competition your entry will become ineligible.
(e) You may not be a Competitor if you are currently:
(1) a member of the Steering Committee;
(2) a member of the Executive Committee;
(3) a member of the Judging or Mentoring Organising Committees;
(4) a Judge;
(5) a Mentor;
(6) an employee or member of a Sponsor (except ME and UOM).
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2.4 Changes to Team Members
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(a) You can remove or appoint members of your Team at any time up to submission of the Business Plan by following the procedure in clauses 2.4(b), (c) and (d) below.
(b) You must submit any proposal to remove or appoint Team members in writing to the Organising Committee with the majority support of your Team. Your proposal must state that any proposed new Team member agrees to be bound by the Terms and Conditions of Entry as amended from time to time.
(c) Your proposal to remove or appoint a Team member must receive approval from the Organising Committee to be effective. Approval is at the discretion of the Organising Committee.
(d) The Organising Committee will communicate the outcome of your proposal to your Team in accordance with clause 2.2 above within 10 working days of the Organising Committee receiving a request for the change.
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2.5 Originality
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(a) The business idea that forms the basis of your Teams Questionnaire or Business Plan must originate from one or more of the members of your Team as nominated on the Questionnaire Registration Form or appointed in accordance with clause 2.4.
(b) If an idea has been patented by, or is the property of, a third party, the originator of the idea must agree in writing to the use of the idea by your Team and must be expressly credited in your Questionnaire and Business Plan.
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3. Assistance
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Your Team will be entitled to use the services of Mentors that have been arranged by the Organising Committee. This Committee will endeavour to ensure there are sufficient Mentors available for all Teams, but cannot guarantee that this will be the case.
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4. Prizes and decision
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4.1 Eligibility for prizes
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Teams must reach the final round to be considered eligible for prizes regardless of category. All teams reaching the final stage are eligible for prizes from each category and must be present at the Finals Awards Ceremony to receive the award.
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4.2 Main Prize
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$15,000 cash proudly sponsored by the Melbourne Business School.
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4.3 KMPG Prize
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20 hours of free consultation with KPMG Senior advisors (approximate value $15,000). This service will cover areas including Business Structuring, Accounting and Taxation.
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4.4 Second and Third Prizes
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Prizes to the value of $10,000 which includes $5,000 in cash and the balance in services and/or products from the sponsors the nature of which is at the sponsors' discretion.
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4.5 Sustainability Prize offered by NetImpact
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Teams which are determined by the Judging Panel to have met the criteria for the Sustainability Prize, as specified by NetImpact, will be eligible for a minimum of $2,500 cash. Negotiations are under way for additional prizes whose details will be advised as and when appropriate. NetImpact may, at their discretion, approve the award of prizes to multiple teams.
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4.6 Bio21 Institute Prize
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Teams which are determined by Bio21 to have met the criteria for the Bio21 Institute Prize will be eligible for six months' rent free accommodation and incubation at the Bio21 Incubator, with the use of laboratories. This prize is for a bio-technology related project.
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4.7 Date and notification of decision
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The names of the Teams to receive a prize under this clause 4 will be announced at the Final Awards Ceremony.
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4.8 Finality of Decision
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The decisions of the Judging Panel will be final. No communication will be entered into with any person in relation to any decision of the Judging Panel.
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5. Other issues
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5.1 No liability
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Subject to clause 5.2, none of the Steering Committee, Executive Committee, Organising Committee, the Judges, the Mentors, the Sponsors or any employee or agent of the Sponsors will be liable for:
(a) any costs incurred or loss or liability suffered by you or your Team in relation to MUEC;
(b) any lost expectation of profits by you or your Team;
(c) any failure by you to understand your rights in relation to Intellectual Property, or the rights of the Organising Committee, the Sponsors or any third party in relation to Intellectual Property; or
(d) any other benefit you or your Team may expect to gain by participating in MUEC.
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5.2 Confidentiality
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(a) Judges and Mentors will be appointed on the basis that they are prohibited from disclosing or using any details of your Business Plan, Questionnaire or any other information submitted by you in connection with MUEC, except in accordance with the terms of the Confidentiality Agreement, and in their capacity as Judge and/or Mentor.
(b) MUEC cannot accept any responsibility for the performance by any Judge, Mentor or member of the Organising Committee, Executive Committee or Steering Committee of their obligations in respect of confidentiality.
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5.3 Intellectual Property
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If your Questionnaire or Business Plan relies substantially on any copyright or other rights, any rights conferred by statute, common law or equity in or in relation to inventions (including patents), registered or unregistered trade marks, registered or unregistered designs, circuit layouts or confidential information or any other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields (Intellectual Property), it may not be necessary for the purposes of MUEC to specify all of the technical details of that Intellectual Property. The Questionnaire and Business Plan are intended to outline a business idea and the prospective market and financing and marketing details. Competitors should not include technical details to a level which might affect their capacity to protect and, at some future point, exploit their Intellectual Property through registered rights.
You should also ensure that you understand your rights in relation to Intellectual Property and the protection of those rights.
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6. General
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6.1 Change of Terms
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The Organising Committee may change the Terms and Conditions of Entry at any time prior to 9am on Wednesday 7th of September 2007, without specific notice to you. The amended Terms and Conditions of Entry will be effective immediately upon being posted on the Website. Important changes to the Terms and Conditions of Entry may be highlighted on the homepage of the Website for your convenience; however, you acknowledge that it is your sole responsibility to regularly visit the Website to read any changes to the Terms and Conditions of Entry.
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6.2 Taxes
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You will be solely responsible for any taxes, duties, charges or levies to be paid to any person in connection with any money (including any prizes) you pay or receive in connection with MUEC.
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6.3 Termination
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The Steering Committee or the Organising Committee may at any time and for any reason:
(a) disqualify you or your Team from MUEC if the Organising Committee, in its absolute discretion, determines that such disqualification is warranted; or
(b) discontinue MUEC by posting a notice to that effect on the Website
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