Competition Guidelines

The King’s College Entrepreneurship Prize competition will open for applications during January 2018.

The Entrepreneurship Prize competition will be advertised online within the University and on the King’s College website, plus on noticeboards around King’s. King’s Members will be contacted by email about it.

In 2018, there will be a first prize of £20,000, a runner-up prize of £10,000, and a third prize of £5,000.

Stage one: submission of a one-page Business Idea

Prizes of up to £1,000 will be awarded for the best business ideas.

Entrants

  1. You may enter the King’s College Entrepreneurship Prize as an individual or as part of a team.
  2. Eligible individuals must be a King’s Member: current graduate or undergraduate students, or alumni.
  3. Eligible teams may have up to 6 members. At least one person within the team must be a King’s Member and designated as the Team Leader. During the competition, communications will be sent to the Team Leader.
  4. Entrants must not seek advice or approach the judging panel, the Entrepreneurship Panel, individually, for the duration of the active competition. Any entrant questions should be emailed formally to for the attention of the whole Panel.
  5. Existing businesses may be entered into the competition provided that all other entry criteria are satisfied.
  6. It is the responsibility of the entrant/s to ensure that the content of their Business Idea and Plan is not subject to any rights or permissions from any other third party.
  7. Entrants may submit more than one entry per competition year. Each entry must have a separate entry form.
  8. Entrants may participate in the competition in multiple years. However, no two submissions may be identical.
  9. Entrants must abide by the Health and Safety Policy of King’s College Cambridge (available on request).
  10. For current students: participation in this competition should not be prioritised above existing academic commitments and the terms of study at the University and in College.

Entries

  1. Each proposal must be lawful and the original work of the entrant/s.
  2. All proposals will be treated per the attached statement of ethics.
  3. When submitting your one-page Business Idea on paper, please ensure that you complete the 2018 entry form. Each entry form must be signed and dated by each team member and sent to Amy Ingle, Development Office, King’s College CB2 1ST.
  4. The deadline for submission of your one-page Business Idea is 12 noon on 21 February 2018.
  5. Stage one entrants will be notified whether or not their Business Idea has been awarded a prize by 30 March 2018.
  6. If entrants would like feedback on their Business Idea submission, they may email for this by no later than 12 April 2018.
  7. If the Entrepreneurship Prize judges like your idea, the owners of winning Business Ideas may be asked for four pages of supplementary information on them, and rewarded accordingly.
    Your supplementary information package could include:
             -  A summary of the business idea
             -  Market analysis
             -  Competitive landscape analysis
             -  Key Performance Indicators (KPIs) to include additional social impact KPIs, if relevant
             -  Team
             -  Financials
             -  Progress to date
  8. Select supplementary packages will be chosen and the owners invited to prepare a full Business Plan, to present to the judges during June 2018.
  9. Entrants will be notified whether or not their supplementary information package has been successful by 24 April 2018.
  10. If entrants would like feedback on their supplementary information package, they may email for this by no later than 30 April 2018.

Stage two: preparation and Lyons Den presentation of a Business Plan

Further investment may be awarded to your business.

Three awards will be offered following the Lyons Den presentations:
o Top prize: £20,000
o Runner-up prize: £10,000
o Third prize: £5,000

The Entrepreneurship Panel look forward to reviewing the full and detailed Business Plans of those invited to partake in the Lyons Den presentations. Your Business Plan will look at the areas summarised previously in more detail. It may also address, but is not limited to including, your:
                      -  Strategic plan going forward
                      -  Communication plan
                      -  Marketing plan
                      -  Operational plan
                      -  Scheduling
                      -  Risk Management
                      -  Detailed budget

Please use available online resources to guide you in the creation of your business plan should you not already have one.

  1. Winning entrants from the first round of the competition are asked to accept or decline their invitation to prepare and present a full Business Plan. There is no obligation on entrants to accept this offer. However, should they proceed with their idea in the future, the College and Entrepreneurship Panel would be keen to be kept informed.
  2. Current students must obtain the written consent of their Tutors and Directors of Studies before accepting the offer to present a Business Plan.
  3. All Business Plan submissions must relate to the Business Idea proposed in round one of the competition.
  4. Prior to the Lyons Den presentation, each applicant will be asked to submit electronically a business plan or model and also a copy of the slides or material that pertains to their presentation. 
  5. The deadline for the electronic copy of your Business Plan and related presentation material is 9am on 21 May 2018.
  6. All presentations will take place during June 2018. Should it be the case that an entrant team comprises exclusively or mostly of undergraduates who have exams until early June, an exception to this presentation date may be made so as to give priority to exams.
  7. The entrant/s will give a presentation to the Entrepreneurship Panel of duration no longer than 10 minutes after which there will be questions and a discussion for a further 15 minutes. 
  8. Should any entrant or members of the entrant team live or be overseas at the time of the presentations, they will be required to Skype or FaceTime in (or equivalent).
  9. Stage two entrants will be notified whether or not their Business Plan has been awarded further investment by 30 June 2018.
  10. Stage two winners will be publicised on the College website and in College communications to its Members and Friends.

Post-competition

  1. King’s College asks the final three winning entrants, as decided at the Lyons Den:
           -   To participate in a photograph, to be used by the College in King’s communications and potential future
                Entrepreneurship Prize marketing.
           -   To write an impact statement in the 30 days following an award presentation.
           -   To provide a 6-month progress update statement, to include an appraisal (and, if necessary, adjustment) of
                KPIs and acknowledgement of key points of learning thus far.
            -  To provide an 18-month progress update statement, in line with that produced at 6-months.
            -  To be willing to return to College in subsequent years to talk to other potential entrepreneurs about the
               Entrepreneurship Prize competition.
  2. The College will make available to winning entrants opportunities to apply, without obligation, to members of the Entrepreneurship Panel for funding, mentoring or financial introductions.

Additional items

  1. The College is not obliged to accept submissions at any round if they are received after the respective deadline.
  2. The Entrepreneurship Panel is appointed at the discretion of the College.
  3. All prizes are awarded at the discretion of the Entrepreneurship Panel. The Entrepreneurship Panel decide the specific values of the funding awarded during the competition to entrant/s, the date at which the funding is disbursed, and any conditions attached to its use. All judging decisions and their conditions are final and not subject to appeal.
  4. The College may choose to feature any participating business in future PR and marketing for the Entrepreneurship Prize.
  5. King’s College reserves the right to withdraw funding if it is not used for the purposes for which it was intended or if the Entrepreneurship Panel believes the use of the funding brings the Entrepreneurship Prize, King’s College or the Entrepreneurship Panel into disrepute.

 

If you would like any further information, please email enterprise@kings.cam.ac.uk