Eligibility and Guidelines
The following guidelines are applicable for the graduate, undergraduate and alumni B.E.T.A. (Babson Entrepreneurial Thought and Action®) Challenge.
The B.E.T.A. Challenge focuses on action: the major milestones each business has achieved to date and the credibility of future goals.
- The following individuals are eligible to apply for the 2016 competitions:
- All Babson students that were enrolled fall 2015 or spring 2016
- Any alumni with an undergraduate and/or graduate degree from Babson.
- Olin College of Engineering or Wellesley College venture that is in the John E. and Alice L. Butler Venture Accelerator and has submitted a participation agreement.
- All applications must be for a seed or an early stage startup. This is defined as having less than $1 million in revenue and less than $500,000 in investment.
- All student applicants who will be competing in the B.E.T.A. Challenge must be in good standing with Babson College and the community. Good standing is defined as having a minimum cumulative grade point average of 2.0 and a record of exemplary citizenship. All applicants from Babson, Olin and Wellesley must agree to release a copy of their official academic transcript and disciplinary record to the Blank Center staff. The Blank Center staff reserves the right to disqualify any applicant who does not meet the minimum grade requirement and/or is ineligible to be enrolled at their respective institution as a result of a disciplinary action.
- Babson alumni who have volunteered or intend to volunteer as a 2016 B.E.T.A. Challenge evaluator are not eligible to apply to the B.E.T.A. Challenge.
- All past B.E.T.A. Challenge finalists, Douglass Foundation Graduate Business Plan winners and John H. Muller Jr. Undergraduate Business Plan winners are not eligible to apply to the 2016 competitions. Those that are applying with a different venture may be eligible. Please contact Antonette Ho for more information.
- Individual students/alumni or groups are eligible to submit their application to the B.E.T.A. Challenge. The lead entrepreneur of any group must be a current Babson student, Babson alumni, or an Olin/Wellesley venture that is in the John E. and Alice L. Butler Venture Accelerator. If a group is comprised of both alumni and students, the status of the lead entrepreneur determines which challenge the group can apply for.
- Student applicants must have a faculty sponsor in order to participate. All student applicants must find a faculty member willing to sponsor them. Butler Venture Accelerator faculty advisors at the Pursue and Launch and Grow levels can be considered as a faculty sponsor. The faculty sponsor must be willing to review and provide input on the submission and agree to sponsor the submission. The faculty sponsor submitted will be verified for accuracy. Staff members, unless teaching a course at Babson, are not considered faculty. A faculty sponsor is optional for alumni applicants.
- Students/alumni submitting an application must commit to present their business in person during the semifinalist round (Venture Expo) on Wednesday, April 6, 2016, and the final competition on Wednesday, April 13, 2016, if chosen.
- The application requires the following:
All applicant(s) must agree that the materials they are submitting are their original work. The applicant(s) will retain all rights to the materials regarding their use at all times prior to and following the competition.
In order to be considered for the B.E.T.A. Challenge, faculty sponsor (if applicable) and two documents (executive summary and slide deck) must be successfully uploaded through the submission site. A confirmation from the submission site must be received in order for the submission to be considered for the B.E.T.A. Challenge.
By participating in the competition, applicant(s) give the competition organizers the right to post the executive summary and slide deck on a password protected website in order for alumni evaluators to access the business submissions, post comments, and assign a numerical value to the business. Applicant(s) also give the right to share the executive summary and slide deck to the faculty sponsor, the B.E.T.A. Challenge faculty committee, judges of the semifinalist round (Venture Expo) on Wednesday, April 6, 2016, and judges of the finalist competition on Wednesday, April 13, 2016.
In the event the applicant(s) would like to update the information in the business materials during the semifinal presentation, they cannot rewrite the original submission documents, but can update the content (including financial projections) by submitting an update summary document. The substance of anything new (i.e. any progress to date) that the applicant(s) intend to say during the final presentation must be included in this update summary document. Please also include the name and phone number of the contact person(s), and copies of any documentation they may have been shared with investors. The information submitted will be verified for accuracy. The update document must also include future timeline, current challenge and what the grand prize would be used for. The update summary document must not be more than one page. The update summary document must be emailed electronically to Antonette Ho by Friday, April 1, 2016 at 12 pm EST (no exceptions will be made).
All finalists must submit their final presentation slide deck electronically to Antonette Ho by April 12, 2016 at 12pm EST (no exceptions will be made). Prezi is not permitted.
All semifinalist applicant(s) will be asked to sign an audio video release form to express the right to video tape their final presentation and to allow Babson College the right to use the business presentation within the College for faculty, staff, students, and to be part of the archives at Babson.
Award money to the finalists of the B.E.T.A. Challenge is seed money for the advancement of their ventures. Award money will be distributed to the business, not the individual(s). The finalist businesses must be established as a legal entity before May 1, 2016. Recipients are responsible for all taxes, if any.
The winner(s) of the B.E.T.A. Challenge will be determined by a panel of expert judges who will judge the application based on demonstrated success of the business in achieving major milestones through taking action. In the event that there is no business that demonstrates significant progress, no prize will be awarded.
- Faculty sponsor (if applicable)
- Executive Summary—two page limit in .doc, .docx or .pdf format. Samples are available at the Blank Center for viewing. Please contact Antonette Ho for more information.
- Slide deck—maximum 10 slides in .pptx, .ppt or .pdf format. The 10 slide limit includes cover slide. The slide deck must cover the following:
Emphasis will be placed on actions taken to date; tasks completed; and the steps to move the venture forward. Samples are available at the Blank Center for viewing. Please contact Antonette Ho for more information.
- Description of venture
- Industry represented
- Target market, include market analysis
- Value proposition
- Backgrounds/roles of team member(s)
- Milestones completed to date (i.e. completed feasibility study, created website, etc.)
- Timeline of future goals.
- Overall potential of opportunity (i.e. has economic and/or social growth potential, can be self-sustainable in current market, can generate revenues from potential/existing customers, etc.)