1. The applicant is a Memorial student or the team is at least made of 50% Memorial students co-founders from any of Memorial University’s schools and faculties. Students from the College of the North Atlantic and other non-students are eligible to be part of a competing team if they otherwise adhere to the eligibility criteria, and the team they are on is both led by and comprised mainly of Memorial students co-founders (the presenter will need to be a Memorial student co-founder). If the startup is under an incorporated business (which is not required for this competition), Memorial students need to own at least 50% of the company.
2. The startup needs to have less than 10 employees (including part-time employees).
3. The applicant(s) must intend to create the start-up in Nfld. If the startup is incorporated, it needs to be registered in Nfld.While these eligibility criteria provide general parameters, eligibility will ultimately be determined at the sole discretion of the MCE.Competition CriteriaAll applications will be judged on the following aspects:
- The entrepreneur/team (motivation/drive, coachability, skills and strong commitment to go full-time).
- The idea (market validation, actively engaged potential customers, market size and prototype)
- Te execution plan (milestones and need for funding).
* In lieu of a prototype, service-based startups will be expected to create a visual on their customers’ experience with the service and on the corresponding value-added.
** Applicants must be committed to their idea and their involvement in it. This competition is for those who are entirely serious about launching their own businesses.