University of Dundee

Venture Competition 2022 Terms & Conditions - Updated December 2022

UNIVERSITY OF DUNDEE, established by Royal Charter dated 20 July 1967 and a registered Scottish charity (charity number SC015096) and having its principal office at 149 Nethergate, Dundee DD1 4HN is running a competition which is entitled ‘Venture Competition’. 

The purpose of the Venture Competition is to support the establishment of new companies or assist in the growth of early-stage start-up or pre-spinouts for the purpose of bringing to market innovative ideas developed by Staff, Students and Recent Graduates of the University of Dundee only and therefore any prizes awarded are solely for growing such new companies in accordance with these Terms & Conditions.

1. Definitions used in these Terms & Conditions

Entrant(s)

Means the eligible individual(s) and/or team(s) entering the Competition.

CFE

Means University of Dundee - Centre for Entrepreneurship

RIS

Means University of Dundee - Research and Innovation Services

External Judging Panel

Means the two panels constituted of external business experts chosen by CFE for the purpose of the selection of the prize winners from specific categories of the Competition.

Finalists

Means up to five (5) Entrants for each prize category as chosen by the Stage 1 Judging Panel to progress to Stage 2 of the Competition.

Stage 1 Judging Panel

Means the panel of experts appointed by CFE for the purpose of the initial Stage 1 assessment of all applications for the Competition and selection of the Finalists, which may consist of CFE, RIS or University of Dundee and any external representative(s) chosen by CFE.

IP

Means any intellectual property rights of any description including but not limited to patents, copyrights, design rights (registered or unregistered), trademarks, know-how and database rights.

Supervisor

Means the line manager or academic supervisor of Staff or Students.

Student(s)

Means any undergraduate or post graduate student currently matriculated at University of Dundee.

Staff

Means any person currently employed by University of Dundee by a contract of employment.

Recent Graduates

Means an individual who has graduated from University of Dundee within the last 5 calendar years (1st January 2017 onwards). (Note: For the Postgraduate Research Award Category this is open to individuals who have graduated within the last 2 years (1st January 2020 onwards).

Terms & Conditions

Means these Terms & Conditions of the Competition.

Stage 1 Closing Date

Tuesday 1 February 2022 at 11.59pm

Stage 2 Closing Date

Thursday 17 February 2022 at 12noon

Private Judging Session Date

Pitch Showcase Final Date

Winners


Prize

Prize Receivers Terms and Conditions Agreement 

Wednesday 23 or Thursday 24 February 2022

Friday 25 February 2022 from 4pm-6pm

Means the lead applicant of the business and all subsequent team members listed.

Means the contribution from the CFE to the winners 

Means a legally binding contract between the CFE and the Winners stating the conditions of spending of the Prize

 

2. ELIGIBILITY TO APPLY FOR THE COMPETITION.

2.1 The Competition is only open to individuals who are legally entitled to reside and work in the United Kingdom and who are also:

a)    Staff and Students (all Staff and Students should gain permission from their Supervisors, as appropriate, to enter the Competition and those engaged in research shall require further written permission/clearance from RIS prior to making an application); or

b)    Recent Graduates; or

c)    Staff, Students and Recent Graduates who are entering with a Company (that they have already setup) which must be dormant, non-trading or trading (but trading for no longer than 24 months) with a total secured company monetary income (incl. but not limited to grants, investment, loans, revenue, prizes), not higher than £25,000, before the Stage 1 Closing Date to be eligible to apply (any such Staff, Students and Recent Graduates must provide CFE with information (such as bank statements, company accounts etc.) that supports the aforementioned requirements for application under this category c).

2.1.1 All Entrants must be eligible to start a Limited Company in the UK (https://www.gov.uk/limited-company-formation).

2.2 For Entrants under category c) above who have a Company that is actively trading, prior written approval from CFE will also be required following submission to CFE from the Entrants as to how an application to the Competition would benefit their established Company’s ambitions.

2.3 For Entrants under category c) above, CFE shall decide, in its sole discretion, whether a Company has met the requirements sufficient to be able to proceed with an application.

2.4 All Companies and proposed businesses as detailed in an Entrant’s application must be based and headquartered in Scotland with the exception of the Postgraduate Researcher Award Category.

2.5 Team (2 or more members) applications will be eligible to apply however, the same business idea cannot be entered by a person both individually and as a member of a team. Only one member of the team must satisfy the condition of eligibility under this Clause 2. One team member must be named as the lead Entrant (who must satisfy the conditions of eligibility) and all other members of the team must be individually named. The lead Entrant must apply to the appropriate category within the Competition. The lead Entrant will be the point of contact for the Competition and the assumed prize winner (if applicable), unless otherwise agreed with CFE in writing.

2.6 All applications will be subject to the absolute discretion of the CFE regardless of an Entrant meeting the eligibility under the sections provided for above and therefore the CFE’s decision on whether or not an Entrant is eligible to apply for the Competition will be final and not open to appeal.

2.7 All Entrants are responsible for performing all appropriate due diligence in relation to their business idea prior to entering the Competition. However, any applications that are deemed to be unacceptable or inappropriate, for any reason, may also be rejected at the absolute discretion of CFE. Such decision shall be final and not open to appeal.

 2.8 All current CFE Staff are ineligible to apply to the Venture competition.

3. COMPETITION APPLICATION PROCESS

3.1   Entrants must submit their application online at https://www.dundee.ac.uk/entrepreneurship/venture/ (the "Competition Website"), completing each part of the form. A brief, clear and convincing outline of the business idea upon which the application is based shall be outlined. Applications which are not fully completed will not be accepted.

3.2   By submitting the application, the Entrant is acknowledging that they have read and agreed to the Competition Terms & Conditions and warrants that all the information submitted in their application is true and accurate.

3.3   The categories and related prizes for the Competition can be found at the Competition Website.

3.4   All dates related to the stages of the Competition and related events are subject to change by CFE at any time. Any change shall be published on the Competition Website and Entrants shall ensure that they regularly monitor the Competition Website for such changes.

3.5   The Closing Date for receipt of all applications is noted within the 'Stage 1 Closing Date' definition above. Late applications will not be accepted.

3.6   University of Dundee shall have no liability to Entrants for any applications lost, corrupted or delayed in transmission whatsoever and therefore Entrants make such submissions entirely at their own risk.

3.7   Prior to applying, each Entrant must ensure that it either owns or has the necessary rights to use and to commercially exploit all Intellectual Property (IP), related to/involved in the business idea on which they base their application. Staff and Students should discuss all IP involved in their applications with their respective Supervisor and/or RIS prior to submitting their applicationStaff should be aware that all IP that they have created in the course of their employment and/or research activities will be owned by University of Dundee in accordance with University of Dundee court guidelines and postgraduate Students should check the terms and conditions of their research funding to see if they are required to transfer ownership of their IP to University of DundeeStudents should also be aware that if University of Dundee becomes involved in developing or exploiting their IP, University of Dundee will normally insist that the Student transfer ownership to University of Dundee for all such activities.

3.8   Entrants shall be required to provide supporting evidence, upon request from CFE, in relation to their right to use and to commercially exploit any IP which is included by an Entrant in their application. Failure to have sufficient rights to IP may have a detrimental effect on an Entrant’s ability to progress into further stages of the Competition.

3.9   Note: Entrants should only apply if they (or members of their team) are available to exhibit and pitch at the live Competition pitching final at University of Dundee’s Dalhousie Building on the Pitch Showcase Final Date if selected as one of the Finalists.

3.10 By entering the Competition, each Entrant acknowledges that the names of the winners and runners-up will be posted on the Competition Website and published in promotional material regarding future editions of the Competition without any further prior notice. By entering the Competition each Entrant VOLUNTARILY AND WITHOUT COMPENSATION AUTHORISES University of Dundee for such uses of their name for promotional and news purposes related to the Competition by University of Dundee, sponsors of the Competition, funders of the Competition and any other party that University of Dundee decides in its sole discretion, without further prior notice. Please email entrepreneurship@dundee.ac.uk before the Stage 1 Closing Date if you would like to opt out of this potential publicity and promotion.

3.11 By entering the Competition each Finalist VOLUNTARILY AND WITHOUT COMPENSATION GIVES University of Dundee PERMISSION to take and use their photographs and any film footage of their, including voice recordings, to be used by University of Dundee in any reasonable manner it sees fit for the promotion of the Competition without further prior notice. Use shall include use by University of Dundee and sponsors of the Competition, funders of the Competition and any other party that University of Dundee decides in its sole discretion without further prior notice. Finalists should email entrepreneurship@dundee.ac.uk before the Pitch Showcase Final Date if they wish to opt out of this potential publicity and promotional opportunity.

 

4. STAGE 1: Assessment of Online Applications. 

4.1   Following the Stage 1 Closing Date, the Stage 1 Judging Panel shall evaluate each valid application which has been submitted for the Competition.

4.2   The Stage 1 Judging Panel shall select the Finalists and their decision shall be final.

4.3   Entrants shall not contact any member of the Stage 1 Judging Panel in relation to the Competition, unless invited to do so. In the event of any unauthorised contact being made or any attempt to influence the judging process, an Entrant may face immediate disqualification at CFE’s sole discretion.

4.4   Finalists will be notified of their selection by CFE by email by Friday  4 February 2022 before 7 pm and the list of Finalists will be published after such notification. 

4.5   CFE will also email each Finalist with a digital Venture 2022 Proposal Form for STAGE 2 (below) and invited to exhibit as above as well as deliver a final pitch to the External Judging Panel (STAGE 3).

4.6   Unsuccessful Entrants will be notified by email by CFE by Friday  4 February 2022 before 7 pm.  CFE will be unable to provide specific application feedback to each Entrant. CFE will be unable to accept any appeals for reconsideration from unsuccessful Entrants.

 

5. STAGE 2: Submission of Venture Competition Proposal Form.

5.1   The Finalists for each prize category shall be required to submit their completed Venture Competition Proposal Form by email to CFE (entrepreneurship@dundee.ac.uk) by the deadline of Thursday 17 February 2022 by 12 noon. Late submissions will not be accepted.

5.2   Submitted Venture Competition Proposal Forms will then be sent confidentially by CFE to the External Judging Panel in advance of Stage 3 the Private Judging Session on the Private Judging Session Date and Pitch Showcase Final on the Pitch Showcase Final Date which Finalists must attend in order to continue in the Competition. 

NoteThe Pitch Showcase Final will be conducted in front of a live public audience (online or in-person TBC) and therefore Finalists shall not include any information during this Live 1-minute showcase pitch ‌ that they would not wish to discuss in front of such a public audience.

5.3   Entrants are assured that the External Judging Panel gaining access to online applications for the Competition and/or ‌Venture 2022 Stage 2 Proposal Form‌ will have signed a Non-Disclosure Agreement with University of Dundee beforehand to maintain confidentiality for all Entrants and therefore can disclose more information during the Private Judging Session.

5.4   Note: The winner(s) from the New Ideas award category from the CFE ‘Enterprise Challenge' competition within the academic years 2020/21 and 2021/22 (who haven't won prize funding from the Venture competition previously) as previously advertised, will be offered the opportunity to automatically progress directly to Stage 3 of the Venture Competition 2022 as Finalists in the appropriate category whilst still having to complete Venture Stage 1 online application Form and their Venture Stage 2 Proposal Form before the above deadlines.

 5.5 The winner(s) from the Life Science Innovator of the Year award announced January 2022 will be offered the opportunity to automatically progress directly to Stage 3 of the Venture Competition 2022 as Finalists in the Staff Category whilst still having to complete Venture Stage 1 online application form and Stage 2 Proposal Form before the above deadlines.

6. STAGE 3: Private Judging Session and Pitch Showcase Final

6.1   The External Judging Panels will assess the Finalists at a Private Pitching session on the Private Judging Session Date based on the Entrants previously submitted Venture Stage 2 Proposal Form. Finalists will deliver a 3-minute pitch (with 5 minutes Q&A) either in-person or online during this private judging session where the Winner(s) will be decided by the Expert Judging Panel.

6.2   Assessment of the Finalists by the External Judging Panel will be based upon the Venture 2022 Judging Criteria for the Competition as published on the Competition Website.

6.3   The Finalists who are selected as Winner(s) of each prize category and their share of the respective category’s prize fund, will be announced before 6pm at the Pitch Showcase Final on the Pitch Showcase Final Date.

6.4   By accepting the prize, each Winner is agreeing to make themselves available to participate in reasonable promotion or publicity events organised by CFE, including the launch of the Venture 2023 Competition.

6.5   All cash prizes are awarded at the discretion of the External Judging Panel and are non-transferable.

6.6   Decisions of the External Judging Panel are final and not capable of appeal by Finalists or any person on their behalf.

6.7   Finalists shall not contact any member of the External Judging Panel in relation to the Competition, unless invited to do so. In the event of any unauthorised contact being made or any attempt to influence the judging process, a Finalist may face immediate disqualification.

6.8 The CFE reserves the right to reallocate the Prize to another Entrant(s) from the same category if there is any breach of Clause 2 by an Entrant or if any of the requirements of Clauses 8 or 9 are not met.

 

7. Pitch Showcase Final.

7.1 The Finalists who are selected as Winner(s) of each prize category and their share of the respective category’s Prize fund, will be announced before 6pm at the final of the Competition on Pitch Showcase Final Date.

7.2 Separate to the Prize Money the Finalists will deliver a Live 1-minute Pitch that is subject to a public audience vote to try and win an Apple iPad. 

7.3 Decisions of the public audience vote are final and not capable of appeal by Finalists or any person on their behalf.

8. Preconditions to payment

8.1 Before any part of the Prize is paid, the Winner(s) and the University of Dundee shall agree milestones and proposed spend (items/activities) for the payment of the Prize via a legally binding ‘Prize Receivers Terms and Conditions Agreement.’

 

9. Prize Terms.

9.1   In order to receive the payment of a Prize of the Competition, as awarded by the External Judging Panel, a Winner must comply with the following provisions:

a)     provide an overview (approved by CFE) of how they intend to spend the Prize, including agreed milestones between the CFE and the Winners, which is awarded exclusively for the original proposition and proposal that was presented and pitched to the judging panels of the Competition and only on the items/activities as listed below:

i)                Legal costs (e.g. incorporation, shareholders agreement, company secretary service, registered address service);

ii)               Product/Service development including physical prototyping and web/app prototyping (e.g. sub-contractor costs, 3D printer costs);

iii)              IP costs (e.g. patenting, trademarking) or part contribution towards a IP audit funded via Scottish Enterprise/Intellectual Property Office for example; and/or

iv)             Accountancy fees (e.g. to support financial planning for a full business plan) or to transition from being a sole trader to an incorporated company,

prior approval will be required in writing from CFE before a winner shall be entitled to spend any prize money on items not specified in the list above. Prize monies shall not be used for director, employee or core team wages.

b) Winners shall be paid the Prize in two instalments of 50% of the total Prize subject to Clause 8

e) claim the prize funds awarded by 31  July 2022 at the latest;

d) spend the prize funds awarded by 31  December 2022 at the latest;

e) keep all receipts of expenditure of the Prize funding awarded and make them and other statements and/or information available to CFE upon request; and

f)    provide a short final report to CFE on how the business is progressing once the funds have been spent.

9.2   CFE reserves the right to demand a refund of any monies awarded or any part of it to the extent to which a Winner is unable to demonstrate that he/she has fully met all of the Clause 9 conditions.

 

10. The Winner’s Obligations

10.1 The Winner should conduct themselves in a diligent and professional manner, exercising reasonable skill and care and acting in accordance with all applicable laws.

10.2 – The Winner should ensure that any taxes due in relation to the Prize are paid in line with HMRC policy or the relevant state body.

11. GENERAL TERMS OF THE COMPETITION:

11.1   University of Dundee may collect and process the following data about the Entrants: name, e-mail address, address, telephone/mobile number, relationship to the University of Dundee and a photograph.  PERSONAL DATA will be collected and processed for the purpose of the Competition.  Personal data will not be sent to third parties different from the judging panels for the purpose of reaching a decision.  Personal data will be processed and kept in accordance with the relevant provisions of the Data Protection Act 2018 and University of Dundee’s Data Protection Policy.  University of Dundee's Data Protection Policy can be accessed at: http://www.dundee.ac.uk/information-governance/dataprotection.

11.2   The Entrant acknowledges that University of Dundee is a public authority under the terms of the Freedom of Information (Scotland) Act 2002 and has statutory obligations for disclosure of certain information if requested.  The University of Dundee Freedom of Information Policy can be accessed at: http://www.dundee.ac.uk/information-governance/freedomofinformation.

11.3   All Entrants agree not to disclose any CONFIDENTIAL OR COMMERCIALLY SENSITIVE INFORMATION obtained/disclosed to them throughout the duration of the Competition to any third party who is not subject to these same terms and conditions.

11.4   Information included in the applications will be kept confidential by University of Dundee. It will not be used for purposes other than the Competition, without the prior written approval of the Entrant. Only a limited number of persons involved in the organisation of the Competition, including the judging panels, will have access to such information, strictly on a need-to-know basis.

11.5   University of Dundee reserves the right to amend or alter these terms and conditions, or to change the Competition prize categories and associated prize funding, or to cancel the Competition at any time without prior notice being given to any Entrants or prospective Entrants. University of Dundee shall NOT be liable to any prospective Entrant to the Competition, nor to any Entrant, for any costs, expenses, loss and/or direct, indirect or consequential damages incurred or arising out the amendment or alteration of these Terms & Conditions or prize categories or cancellation of the Competition. 

11.6   University of Dundee reserves the right to disqualify any Entrant in the event that University of Dundee reasonably believes that such Entrant has materially breached any of these Terms & Conditions. 

11.7   The Centre for Entrepreneurship (CFE) at the University of Dundee has a privacy notice (https://www.dundee.ac.uk/entrepreneurship/privacynotice) which outlines the types of personal information that the CFE is likely to collect, the ways in which we collect, and process personal information and your rights as a data subject as outlined by General Data Protection Regulation 2018. The privacy notice is valid from 25 May 2018. We review our privacy notice regularly and it was last reviewed and updated September 2019.[J(9] 

12        GOVERNING LAW AND JURISDICTION:

These Terms & Conditions are governed by Scots Law and subject to the exclusive jurisdiction of the Scottish courts.