University of Dundee

Venture Competition 2018 Terms & Conditions - Updated November 2017

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 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.

COE

Means University of Dundee - Centre of Entrepreneurship

RIS

Means University of Dundee - Research and Innovation Services

External Judging Panel

Means the panel constituted of external business experts chosen by COE for the purpose of the selection of the prize winners from each category of the Competition.

Finalists

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

Internal Judging Panel

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

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 2 calendar years (1st January 2016 onwards). (Note: Recent Graduates who were engaged in post-graduate study should only apply for the Post-Graduate Student Category).

Terms & Conditions

Means these Terms & Conditions of the Competition.

Stage 1 Closing Date

Tuesday 6th February 2018 at 4.59pm

Stage 2 Closing Date

Tuesday 20th February 2018 at 12noon

Competition Final Date

Friday 23rd February 2018 between 10.00am and 8.00pm

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 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 COE with information (such as bank statements, company accounts etc.) that supports the aforementioned requirements for application under this category c).

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

2.3 For Entrants under category c above, COE 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.

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 will be the point of contact for the Competition and the assumed prize winner (if applicable), unless otherwise agreed with COE in writing.

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

2.7 All applicants 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 COE. Such decision shall be final and not open to appeal.

 

3. COMPETITION APPLICATION PROCESS

3.1   Entrants must submit their application online at http://UoD.ac.uk/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 these 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 COE 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 Intellecutal 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 application. Staff 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 Dundee. Students 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 COE, 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 Competition 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 Competition 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 Internal Judging Panel shall evaluate each valid application which has been submitted for the Competition.

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

4.3   Entrants shall not contact any member of the Internal 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 COE’s sole discretion.

4.4   Finalists will be notified of their selection by COE by email by Friday 9th February 2018 before 5pm and the list of Finalists will be published after such notification. 

4.5   COE will also email each Finalist with a digital ‘Venture 2018 Stage 2 Proposal Form’ template 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 COE by Friday 9th February 2018 before 5pm. COE will be unable to provide specific application feedback to each Entrant. COE 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 COE (entrepreneurship@dundee.ac.uk) by the deadline of Tuesday 20th February 2018 before 12noon. Late submissions will not be accepted.

5.2   Submitted Venture Competition Proposal Forms will then be sent by COE to the External Judging Panel in advance of the ‘Live Venture Competition Pitching Final’ on the Competition Final Date which Finalists must attend in order to continue in the Competition. Note: The judging will be conducted in front of a live public audience and therefore Finalists shall not include any information in their Venture 2018 Stage 2 Proposal Form that they would not wish to discuss in front of such a public audience.

5.3   Entrants are assured that any internal or external people gaining access to online applications for the Competition and/or Venture 2018 Stage 2 Proposal Form will have to sign a Non-Disclosure Agreement with University of Dundee beforehand to maintain confidentiality for all Entrants.

5.4   Note: The winner(s) from the New Ideas award category of the COE ‘Enterprise Challenge 2017' Semester 1 competition, as previously advertised, will be offered the opportunity to automatically progress directly to Stage 3 of the Venture Competition 2018 as Finalists and will be provided the opportunity to update their Venture Competition Proposal Form before the above deadline.

 

6. STAGE 3: Live Pitching Final/Prize giving. 

6.1   The External Judging Panel will assess the Finalists at the Live Venture Competition Pitching Final based on their previously submitted Venture 2018 Stage 2 Proposal Form and the Finalist’s 3-minute live public pitch (with 5 minutes Q&A) on stage.

6.2   Assessment of the Finalists by the External Judging Panel will be based upon the Venture 2018 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 7pm at the final of the Competition on the Competition 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 COE, including the launch of the 2019 Venture Competition.

6.5   All 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.

 

7. Prize Terms.

7.1   In order to receive the payment of a cash prize of the Competition, as awarded by the External Judging Panel, a  winner must comply with the following provisions:

a)     spend the grant prize 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 COE 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)     spend the prize funds awarded by 31st July 2018 at the latest;

c)     keep all receipts of expenditure of the prize funding awarded and make them and other statements and/or information available to COE upon request; and

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

7.2   COE 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 the conditions above.

 

8. GENERAL TERMS OF THE COMPETITION:

8.1   University of Dundee may collect and process the following data about the Entrants: name, e-mail address, address, telephone/mobile number, relationship to 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 1998 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.

8.2   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.

8.3   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.

8.4   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.

8.5   University of Dundee reserves the right to amend or alter these terms and conditions or 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 cancellation of the Competition. 

8.6   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. 

9       GOVERNING LAW AND JURISDICTION:

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