The team's placement in the finals competition and the associated cash awards are based on the overall "excellence" and "feasibility" of the teams venture concept and business model, quality of completed competition deliverables, and how compelling (to the judges) the inveator pitch. Cash awards are presented whether or not the team chooses to move forward with the startup of the team's business.
Non-monetary service award packages are given to support the teams that in the estimation of the judges are the "Most Commercializable" -- that is a feasible concept, likeliness to move forward to startup, and a legitimate and interesting investment opportunity.
2013 BPC Investor Round Cash Prizes (At Least 5 Winning Teams)
- 1st Prize - $10,000
- 2nd Prize - $ 3,000
- 3rd Prize - $ 2,000
- Finalists -- $500 for each non-placing team in finals
2013 Specialty Awards (6 Awards)
- UL GREENGUARD Sustainability Award: $ 2,000
- Elevator Pitch: $ 500
- Product Showcase: $ 500
- Undergraduate Venture Award: $ 2,000
- BPC Alumni Award: $500
- GTBN Award: $500
2013 Business Model Guantlet Award Winner (Awarded in December 2012)
- Best Business Model: $500 --- WINNER: Flomera (formerly Celligent)
- Best Business Model Discovery Process: $500 --- WINNER: IVNITY
2013 Service Package Award (2 Winning Teams)
- Most Commercializable $ 25,000
- Most Innovative Technology $10,000
- Closest to Market $10,000
Cash Awards Provided By
- UL GREENGUARD Environmental Institute
- Scheller College of Business
2013 Non-Monetary Services Providers Include
- Nelson Mullins Riley & Scarborogh CCP
- HLB Gross Collins, P.C.
- Troutman Sanders
- Bondurant, Mixon, and Elmore
- Hi-Tech Partners/CollectorDASH
- Fusion Advisors
How are Prize Monies and Services Packages are Split
The two Services Packages (Most Commercializable, and Most Innovative) are awarded to the venture -- NOT to individual team members. Winning Ventures have up to one year (until March 2014) to redeem the services won. After the the one year award period, services will be provided at the discretion of the Sponsor.
The Most Innovative Technology Prize. Troutman Sanders is offering to provide pro bono legal services to the winner of the Most Innovative Technology Prize. The extent of the work is to provide legal services in the preparation of a United States patent application. Such services to be provided are to be for a value of up to $10,000. Any actual out of pocket expense (ie., any filings fees charged by the USPTO) are to be paid by the Most Innovative Technology Prize winner. Free services will not be provided for filing a non-US patent application all expenses and fees associated with such a filing are to be paid by the Most Innovative Technology Prize winner. Also legal services unrelated to the filing of a United States patent application will NOT be provided by the award.
Cash prizes will be awarded to individual team members based on team agreed to splits specificed in the team's ITC (Intent to Compete). Team will have up to the ITC deadline in late February to enter and/or adjust their suggested split. No split adjustments will be allowed after the ITC deadline.
Note that these cash awards are taxable and may be paid electronically through either the Georiga Tech accounts payable system for team members who are not Georgia Tech students and/or students who are not in some way (typically as a GRA) considered to be a Georgia Tech enployee; OR through the Georgia Tech payroll system. In either case cash winning team members must compete some documatation (including providing a social security number) immedately after the competition to ensure prompt payment. Students who have outstanding financial obligations to Georgia Tech (such as an unpaid parking ticket) will have their individual award adjusted by the amount previously due to the university.
SPECIAL THANKS To ATDC Georgia Tech, VentureLab, Atlanta Technology Angels, TechCXO, the Executive Entrepreneurs Society and many local entrepreneurial firms for providing competition judges, BPC workshop speakers, and Team Mentors.