This is a business competition for people serious about starting a business in Nevada, right now.
- Resident of the State of Nevada with valid Nevada driver’s license (or identification card);
- Over 18 years of age by December 31st, 2012;
- All entrants must be at least a 2-member team (you have until your pitch to find a teammate and a matching service will be available to help you find a partner if necessary);
- One idea per person and one team per person; stick with your best idea; and
- You must not currently reside in prison.
The Business Venture
- Your business idea must be for the establishment of a FOR-PROFIT business that will reside in the state of Nevada.
- The business may be a start-up or early stage venture.
- An early stage venture for purposes of this competition is one that has not earned more than $1,000,000 (one million U.S. dollars) and has not received more than $100,000 (one-hundred thousand U.S. dollars) of investment.
- The proposed business cannot be primarily based upon licensing, franchising, and selling the product of another firm. However, the proposed business can involve licensing technology expertise from another company.
- Copyright, patent, and other intellectual property infringements and/or use of ideas or work not belonging to you will be disqualified without exception.
A final prize of $100,000 will be awarded to one team at the end of the Project Vesto competition at an awards ceremony scheduled for spring 2013 (TBA) and distributed according to the following schedule:
- 25% at the end of the competition in the form of a check to one individual designated as the team leader;
- 25% to the business entity formed by the team once the entity is formed within the State of Nevada and once all required Nevada licenses (including state business license) are obtained;
- 50% following milestone achievements (which will be established between Project Vesto and each team) once the business is formed and operating.
Course of the competition
Entrants will submit a 1-page business model canvas to become eligible for a 5-minute pitch to a panel of investor / judges. No materials other than a 1-page business model canvas and text fields as specified below will be accepted. The team leader of each team must provide the following:
- One-page max document or image
- Contact (Team Leader) Name
- Business Concept Name
- Contact (Team Leader) Email Address
- Year of birth (Team Leader) – for age verification
- Desired Pitch Location (Elko, Reno or Las Vegas)
- Agreement to Rules
Finalists are determined based upon a judging rubric during the 5-minutes pitches which will also be used to deliver quantitative and qualitative feedback to participants. Finalists will be chosen solely at the discretion of the judges; no appeals will be accepted. Also, please understand that neither Project Vesto nor the competition judges will sign or agree to sign and form of non-disclosure agreement. The audience for each pitch will be limited to judges, Project Vesto facilitators, and facilities staff as necessary. Each team will pitch for 5 minutes immediately followed by 5 minutes of Q&A time (for a total of 10 minutes combined) during their assigned time-slot at one of the locations in Las Vegas, Reno, or Elko, Nevada (facilities TBA). No setup time. No projector, powerpoint, prezi, or Keynote setup provided. Keep it simple. If it can’t be digested in less than five minutes, don’t waste your time.
Online Voting Rules
- By logging into, creating content on, or submitting an entry on the Ves.to website, you agree to the term and conditions as well as the rules for this contest including, but not exclusive of, the Online Voting Rules.
- Real World Conditions – The team with the most votes at the end of the competition wins the top prize.
- Voting will take place at the www.ves.to website.
- Each finalist team will receive one WordPress Page upon which to display their content and collect votes.
- Anything that you upload to, post, display, or update on the site has entered the Public Domain.
- Online Voting for about 4 weeks (revised launch date To Be Determined – thank you for your patience).
- Wedgies and NIREC will allow viewing of the results of these polls for the first three quarters of the contest. During the final quarter of the contest, voting will remain open, but results will be private. Results will be unveiled in public by NIREC at their discretion when the competition is completed.
- One vote per person per device
- We allow voters to vote as many times as they like, but we only count their last vote. For example, if a voter votes for option A, then B, then C, we will only tally one for vote option C.
- Website or Contest Corrulption
- Fraudulent voting, gaming of the system, buying of votes, bribery for votes, sweepstakes for votes, regifting of prize monies, or any unethical behaviors will be grounds for disqualification. We will find out.
- NIREC & Wedgies monitor fraudulent voting by latest technologies, machine learning and best technological practices. By the nature of a realtime poll, Wedgies actively removes fraudulent votes as they happen. Wedgies and NIREC reserve the right to remove votes en masse if we deem them fraudulent. Recognized cheating by the participants can result in their disqualification from the competition.
- If for any reason the Contest is not capable of running as planned or if in the sole discretion of NIREC, the administration, security, fairness, integrity, or proper conduct of this Contest is corrupted or adversely affected, NIREC reserves the right to cancel, terminate, modify or suspend the contest.
- Contest and Official Rules Subject to Modification by NIREC
- The Contest and these Official Rules are subject to modification, cancellation, or limitation at NIREC’s sole discretion, with or without notice, including to persons who have already entered the Contest. All changes or modification of the Contest or these Official Rules will be posted on this Website.
- If you do not agree to these Online Voting Rules, you may choose to remove yourself from the contest by emailing Daniel.Herr@nirec.org prior to the start of online voting.
We reserve the right in our sole discretion to disqualify and/or remove anyone from the competition for any reason.
All set? Register for Project Vesto now.