The competition is for new, independent ventures in a seed position:
- Booked Revenues: Existing companies that have booked revenue are not eligible to enter the competition.
- Professional Investment: Any existing company or idea that has received angel or venture capital financing is not eligible for this competition. Funding less than $100,000 from personal sources, including “family and friends”, is allowed.
- Venture Type Exclusions: The following ventures are generally excluded from the competition: buyouts, expansions of existing companies, real estate syndications, tax shelters, franchises, licensing agreements for distribution in a different geographical area, and spin-outs from existing corporations.
- Team: Applicants must enter in a team of 2 or more members.