i.d.e.a.WF Rules and Procedures
To be eligible the proposed business must meet these criteria:
- The business plan must project that by October 2021 over 50% of the business’s revenue will come from outside of Wichita, Archer, and Clay counties and that it will create at least 3 new jobs (full-time equivalent).
- Firms must agree to headquarter and operate primarily from within the Wichita Falls area for a period of at least 3 years after first receiving any prize money.
- Firms compete in the “Startup- GO” category if revenues total less than $50,000 in the two preceding years (January 2016 – December 2017).
- Firms compete in the “Expansion- GROW” category if revenues total less than $250,000 but more than $50,000 in the two preceding years.
- Note: Firms with revenue above $250,000 total in the 2 preceding years are not eligible for i.d.e.a.WF.
Entry Fee: $100 (Cash, check made to “Lalani Center,” or money order)
- Paper size: 8.5 by 11 inches (portrait orientation)
- Minimum of 11 point font size. The type of font used should be similar in size to Times New Roman or Arial font.
- Include a cover page, which does not count toward the page limits, with this information:
- Company/Team Name
- Company/Team “snail mail” address
- Names of all participants/owners (greater than 20% ownership stake if equity has been formally assigned)
- Email address and phone number that i.d.e.a.WF should use to contact the lead member of the team
- Deliver six (6) copies of all submissions. Please don’t use fancy (or bulky) folders or binder. These just add bulk to the packages that go to the judges.
- The maximum length of the Executive Summary is 2 pages. The maximum length of the business plan is 10 pages, exclusive of the financial statements/projections and appendices. Financial statements may include 3 years of pro forma projections and up to 3 years of previous statements for existing firms. Judges are not obligated to read information contained in the appendices. Again, the cover sheet does not count toward the page limit. If a team chooses to use both sides of a sheet of paper, that counts as 2 pages even though only a single piece of paper is used.
Intellectual Property, Disclosure Issues, and Legal Issues
Originality and Intellectual Property Rights
All participants are certifying that the ideas and concepts outlined in the submissions to i.d.e.a.WF are the original work of the participants. If intellectual property is involved, participants have obtained the legal rights to use (or have identified plans to obtain these rights) and there are no legal impediments to launching the business.
Waivers and Releases
Participants agree to waive all claims against i.d.e.a.WF, any and all judges, reviewers, mentors, other sponsors, and/or participants in the competition for any actions that occur as part of, arise out of, or are in any way related to participation in this competition. Participants understand that no confidentiality of any information is provided and that protection of highly confidential trade secret information and other intellectual property is the responsibility of team members. i.d.e.a.WF will not require competition judges, mentors, or reviewers in the competition to sign nondisclosure documents. i.d.e.a.WF reserves the right to use photos taken during the competition for publicity
To assess the potential to build a thriving business, the judges use the following criteria:
- Market need for product or service proposed by entrepreneur
- Innovativeness of product or service
- Quality of management team
- Growth potential. This assessment of potential includes the quality of investment opportunities for potential equity investors and lenders as well as the number and types of jobs created in the region.