PNG WECREATE Challenge

Business Model Competition

Official Rules

The WECREATE Challenge Business Model Competition is designed to foster entrepreneurship and an entrepreneurial spirit, grow jobs through startups, and increase awareness of the resources available to grow entrepreneurs in PNG. 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 WECREATE Challenge Business Model Competition (the “Competition”).

Who can enter the Competition?

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

  • You must be a woman
  • The model must be an original idea for a business from idea up to five years in operation.
  • Applicants need not be based in Port Moresby, but they need to be able to attend regular coaching sessions and events in Port Moresby from January to June 2017.
  • Company officers/members are 18 years or older at the time of entry and are legal residents of PNG.

How do I enter?

Fill out the official WECREATE Challenge 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 October 24, 2016 through December 07, 2016.

  • Judges will review submitted Business Models and those selected to enter the Competition will be notified of their acceptance on or before 16 December 2016.
  • If selected for the Competition a comprehensive Business Model and financial projections will be required for submission by 8 February 2017. Instructions and a link to an online Business Model long form will be sent to those invited to participate in the Competition.

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

What can I win?

Participants are rewarded with connections to industry leaders, world class coaching and mentoring, ongoing support through an intensive business incubation process, and the opportunity to build a game changing business. The winners will be determined from all eligible entrants and announced at the PNG WECREATE Challenge Competition Celebration to be held May 2017. Winners must be present to accept awards. All finalists will be expected to participate in or attend the PNG WECREATE Challenge Competition Award Celebration and may be required to make a brief presentation about their companies during the celebration.

NOTE:

There is no guarantee, expressed or implied, that any business will receive an award. Additionally, there is no guarantee, expressed or implied that any business will receive funding. 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 representatives from a diverse range of backgrounds. 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
  • Realistic time-frame for company growth

The entrants to the Competition will be judged on the merits of their business models with three presentations made to the panel of judges. The first presentation will include the top twenty-five business models. The second presentation will include the top twelve business models and the final round of presentations will include the top seven business models.

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 Papua New Guinea WECREATE Challenge Award Celebration in late May 2017.

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.Teams that have entered a model into any other business model or business plan Competition must disclose this at the time of entry or as soon as they enter their model in another Competition 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.

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 Kila Tau via email: [email protected]