Rules

Pakistan StartUp Cup
Business Model Competition
*Official Rules*

The StartUp Cup Business Model Competition is designed to stimulate entrepreneurial activity, grow jobs through startups, and increase awareness of the resources available to grow entrepreneurs in Pakistan. All winners will be selected on an objective basis as determined by the criteria set forth below. You must read and comply with these rules to enter the Pakistan StartUp Cup Business Model Competition (the “Competition”). This Competition is void where prohibited by law.

Who can enter the Competition?

The is open to all participants who meet the following criteria:

  • The model must be an original idea for a business from idea up to five years in operation.
  • Applicants need not be based in Islamabad, Karachi, Faisalabad or Lahore only, but they can be anywhere from Pakistan
  • Company officers/members are 18 years or older at the time of entry and are legal residents of Pakistan.
  • Not-For-Profit submissions will not be accepted.
  • Women-led businesses/ideas will be given special consideration and 50 percent of the participants invited to build a business workshop will be women-led businesses/ideas.
  • Prize winners from previous edition of Pakistan StartUp Cup (2013 & 2015) are not eligible to apply in 2016 edition.
  • Each person can submit on one idea. Submission of multiple entries/ideas may result in disqualification.

How do I enter?

Fill out the official Pakistan StartUp Cup Business Model submission short form. Your submission must contain the following information:

  • Your business idea
  • Need and/or solution being filled
  • Product and/or service
  • Market size
  • Target customer
  • Revenue streams
  • Management team
  • Strategy to market
  • Funding requirements, if any

Submissions will be accepted by April 6, 2016. (submission deadline for Faisalabad is 21st April).

  • Judges will review submitted Business Models and those selected to enter the Competition will be notified of their acceptance by email.
  • All selected participants will be required to attend ‘Build a Business Workshop’ in either Islamabad or Lahore or Karachi or Faisalabad.
  • If selected advance further after the workshop, a comprehensive Business Model and financial projections will be required for submission . Instructions and a link to an online Business Model long form will be sent to those selected.

All information will be kept confidential. The judges may require verification of certain information during the review of the business model. Only complete online business model forms will be considered.

Any questions regarding submission of business models should be addressed to startupcup@tieislamabad.org

. Organizers of the Competition will not respond to direct inquiries regarding the contest other than general administrative questions.

What can I win?

The winners will be determined from all eligible entrants. The winners will be presented awards at the Pakistan StartUp Cup Competition Celebration to be held later this year. Winners must be present to accept awards. All finalists will be expected to participate in or attend the Pakistan StartUp Cup Competition Award Celebration and may be required to make a brief presentation about their companies during the celebration. The maximum award distribution for the winning business model shall not exceed PKR 1,000,000 for First Place, PKR750,000 for Second Place and PKR500,000 for Third Place>. In addition, the winning business model may receive entrepreneurial/TiE Islamabad Strategic Partner support, and introductions to additional funding sources. Additional prizes may be awarded to other entrants. Other entrants must be present to accept these awards.

NOTE: There is no guarantee, expressed or implied, that any business will receive an award. Should no entries into the Competition meet the entry criteria, should no entry have a reasonable chance for success and should the selection committee determine no winner exists for that year of the Competition, no award will be made for that year and any award money will be used for the following years’ Competition. The odds of winning a prize depend on the skill of the entrants and the number of entries received. All taxes associated with the prize are the sole responsibility of the prizewinner. Prizes are not transferable.

How will the judges decide on a winner?

Decisions will be made by a panel of judges consisting of seasoned entrepreneurs from the community. The judging panel will evaluate the plans on the basis of:

  • Reasonable opportunity for success of the business model
  • Company meets an identifiable need and actively tests market response
  • Company has a strong execution strategy
  • Company has identified and allocated resources to be successful
  • Company utilizes resources effectively
  • Company has a believable competitive advantage
  • Company has a sound target market and customer base
  • Revenue and profit models that fit
  • Strong, coachable management team
  • Contribution to the uniqueness of Pakistan
  • Realistic time-frame for company growth

The entrants to the Competition will be judged on the merits of their business models and how they progress or develop their business model during the course of the competition.

In the event of a tie, the judges will select the model that has the higher score under “Reasonable opportunity for success of the company.” All decisions regarding the criteria will be made solely by the organizers and sponsors. All decisions of the judges are final. These Official Rules and the decisions of the judging panel are final and binding in all respects.

How do I find out if I won?

The winners will be announced at the Pakistan StartUp Cup Award Celebration . In addition to complying with the conditions set forth, as a condition of receiving a prize, each winner must sign an affidavit of eligibility and publicity/liability release. Failure to sign and return all of these forms within 14 days following notification will result in disqualification and an alternate winner may be selected. Non-compliance within this time period may result in disqualification and selection of an alternate winner. Return of any prize/prize notification as undeliverable may result in disqualification and selection of an alternate winner. The Winners list will be available after the official awarding of prizes at the Pakistan StartUp Cup Award Celebration.

What are the other conditions of the Competition?

Other Funding.  Teams that have already secured funding from any source must disclose the amounts and sources at the time of entry, or as soon as they become aware of any funding commitment during the duration of the Competition.

Original Work of Authorship.  All entries must be original and free from any claim of copyright or other restriction relating to the Competition.

Number of Entries.  No individual may be included as a “team member” on more than one business model, and no business may enter more than one business model.

Payment of Prizes.  The cash awards paid by the sponsors/judges do not constitute an investment in the winning business model. Sponsors/judges will not receive equity in the winning companies in exchange for the prize money. Awards to the winners of the Competition will be issued in the name of the company as set forth in the plan and the sponsors/judges do not assume any liability for any subsequent distribution.

Competition.  No responsibility is assumed and entrants waive all claims for lost, late or misdirected entries, or for any problems of technical malfunction of any telephone or network lines, computer online systems, servers or providers, computer equipment, software, failure of any email or entry received by Organizers and/or Sponsors on account of technical problems or traffic congestion on the Internet, the website or any combination, thereof including, without limitation, any injury or damage to entrants or any other persons’ computer resulting from any causes, including without limitation downloading any materials in the promotion. Entrants who violate these Official Rules, tamper with the operation of the Contest or engage in any conduct that is detrimental or unfair to Sponsors, the Competition, or any other entrant (in each case as determined in Organizers’ sole discretion) are subject to disqualification from entry into the Competition. Organizers reserve the right to lock out any entrant whose eligibility is in question.

Release and Waiver.   By entering, participants, without limitation, release and hold harmless Organizers, Sponsors, Judges, Coaches, and their respective directors, officers, employees, and agents from any and all liability for any injuries, loss, or damage of any kind in connection with the Competition. By entering this Competition, you agree to waive any right to claim ambiguity or error in these Official Rules or in the Competition itself. If you have any questions about these Official Rules or the Competition, please contact startupcup@tieislamabad.org.

Who are the sponsors of this Competition?

The sponsor of the Pakistan StartUp Cup is TiE Islamabad.