Eligibility

Any registered full time student in their last year of studies at NAIT during the 2010-2011 academic year or who have graduated a NAIT program within the 2009-2010 academic year. Must be between the ages of 18 and 35 and a current Alberta resident. Submissions can be entered by an individual or group.

Competition format and entry guidelines

Consists of a written or typed (Microsoft Word or Adobe PDF format), completed, and professional quality business plan. All submissions must be accompanied by:

• A non-disclosure agreement, which can be downloaded from the right hand side of this webpage. This agreement can be submitted by any of the following means but requires a signature. Once received, it will be signed on behalf of the YTP-Hatch Business Plan Competition and a copy will be returned.
• A non-proprietary description of the owner and business idea reflected in the business plan. This is a non-confidential, basic overview of who the applicant is as well as what their business idea involves. The details involved in this description will be used for marketing and promotional purposes as outlined in section 1 (b) (iv) of the non-disclosure agreement.

Submissions will be screened according to the contest criteria and successful entries will move on to phase two of the competition.

The phase one submission of contest entries will be accepted

• in person to Sandra Spencer 780.722.6663
• electronically at sspencer@sifenait.com
• by fax 780.471.8380 Attention: Sandra/Monique, or
• by mail to:

SIFE NAIT
C/O novaNAIT – Applied Research and Technology Transfer
W207
11762 – 106 Street NW
Edmonton, Alberta, Canada
T5G 2R1

All entries must be received no later than Friday, November 5, 2010 at 5:00 p.m. 

Contest entries submitted after the closing date will not be accepted for the competition. SIFE NAIT, NAIT, and novaNAIT are not responsible for lost or misdirected entries. By submitting an application to the 2010 Hatch Business Plan Competition, all entrants named on the submission are in agreeance with Contest Rules and have followed applicant guidelines. It is presumed all entrants have read and fully understand all contest details and rules surrounding the contest.

Successful entrants will be contacted and invited to give a ten minute presentation on their business plan to the panel of judges in November 2010. This will be followed by a ten minute question and answer session with the panel. Presentations may include confidential detail and will be conducted under non-disclosure conditions. The panel will then choose the challenge winner whom will be notified.

Panel

The winning entrant of the YTP-HATCH Contest will be determined by a select panel which will include representation from SIFE NAIT, novaNAIT, and the business/investment community. All information submitted as part of the selection process into the YTP-HATCH Contest will be released to the judging panel exclusively and only for the purposes of the Contest. The information submitted for entry of the Contest may be used for promotional purposes by SIFE NAIT. The winner may be requested to provide additional non-confidential detail for marketing and promotion.

Criteria

Submissions to the YTP-HATCH Contest will have their business plans judged on the quality of the plan and the following criteria: Technology, Science, and/or Knowledge focus, Idea Innovation (new and creative), Commercial & Technical Viability, Marketability and Potential for Economic Impact in Alberta. Submissions must include at least all five aspects of the criteria.  

Prize details

CAD $20,000 cash to be held in trust for the winner to be used for costs directly related to implementing the winning business plan. The winner will also have availability of a board of advisors, incubation space in novaNAIT’s Duncan McNeill Centre for Innovation for up to one year. Certain guidelines and responsibilities will be discussed upon acceptance of this opportunity in regards to long term expectations and considerations. Any cash prize or services left over at the end of the term must be returned and an account of funds spent will be reported.

Limit of liability

By entering the YTP-HATCH Contest, participants agree to release, discharge and hold harmless NAIT, their legal representatives, their affiliates, subsidiaries, partners, agencies and their respective officers, directors, employees and agents, from any damages which may arise out of participation in this contest, or out of the acceptance, use, misuse or possession of the prize. By participating, you agree to these Official Competition Rules and to the decisions of the panel, which are final and binding in all respects.  

Unused services will not be awarded

The contest winner will be required to work cooperatively with SIFE NAIT and novaNAIT to facilitate the appropriate support throughout a maximum 1 year period. Failure to do so will void the prize. The prize is for up to $20,000 cash to be used for expenses directly related to implementing the business plan and if the winner does not incur eligible expenses during the support period to utilize all designated support, the excess value will not be awarded to the winner.

No substitution of prizes

No substitution or transfer of the prize will be accommodated or permitted.

Publication

Acceptance of any prize or support constitutes permission for SIFE NAIT, its affiliates, sponsors, subsidiaries, advertising and promotional agencies, to use the winner's name and likenesses, as well as details submitted in the non-proprietary description, for advertising and promotional purposes without additional compensation. The winner further grants to SIFE NAIT, the right to use and publish their identity online, in print or any other media, in connection with the SIFE NAIT HATCH Contest or its affiliated programs.

Release

By entering the YTP-HATCH Contest each participant agrees to release and hold harmless NAIT , their legal representatives, any prize providers, partners/community partners and all sponsors and each of their respective parents, subsidiaries, affiliates, directors, officers, employees and agents from any and all liability for any injuries, loss or damage of any kind arising from or in connection with the YTP-HATCH Contest or support services provided, including, but not limited to, advice given, studies authored or provided, referrals, products and/ or services developed and all other related materials. Restrictions, conditions and limitations apply. By entering, each participant further agrees that, in the event there is any conflict or other inconsistency between the Official Competition Rules and any advertisements, promotional or marketing materials, emails or announcements relevant to the YTP-HATCH Contest, these Official Contest Rules will govern.