2. Submit the Intent to Compete form by the appropriate deadline
The Intent to Compete Form will be used to confirm eligibility of the team members, advisor(s) and technology. Innovation Challenge organizers reserve the right to disqualify any team, at any time, for not meeting the below terms and conditions.
Each team must meet and agree to the following eligibility requirements in order to compete in the UMass Innovation Challenge:
At least one team member must be an active UMass Amherst student.
At least 50% of the members of each team AND ownership of the idea or venture must be comprised of graduate/undergraduate students or alumni of the University of Massachusetts or an entity which is at least 50% owned by such persons.
Team members are restricted to participation in a single team.
Secured Capital Arrangements
The amount and source of secured capital arrangements must be clearly identified and disclosed to the Berthiaume Center and must be submitted on your “Intent to Compete” form.
Teams with funding in excess of $250,000 from sources outside of its own members are not eligible to compete.
If at any time during the competition a team receives funding from sources outside of its own members that puts them in excess of the allowed $250,000 then they will be disqualified.
Qualifying Ideas & Ownership of Concept/Technology
All team members must certify that all work submitted in the plan is ORIGINAL to the team.
The team leader does not need to be the owner of the idea, concept, or technology, but the owner(s) must authorize use and public disclosure of the technology/idea in the Innovation Challenge.
Contestants/teams must be present for judging and ceremony/dinner or risk forfeiting prize.
Prize money will be disbursed in accordance with University policies and may be subject to state and federal taxes. No other disbursement arrangements will be made.
Team members must all sign "Prize Agreement Form" prior to Minute Pitch, Seed Pitch and Final Business Plan competitions.
Winning teams should acknowledge support from the Innovation Challenge (just as funding agencies require acknowledgement).
Teams must claim their prize funding within 12 months, or it will be forfeited.