Bank of China Trophy One Million Dollar Macao Regional Entrepreneurship Competition (Application Deadline: Feb 20)

※ The following information was provided by the Student Affairs Office at the University of Macau

Objective:

The Competition aims to provide an opportunity for students to create and evaluate their new business and to prepare them to start their future career in entrepreneurship.

Target:

The Competition is open to all current tertiary students of Macao higher education institutes and Macao residents studying in higher education institutes overseas.

Awards:

The Competition is sponsored by Bank of China Macau Branch. Cash awards of the Macao Regional Competition are listed below. The final 3 teams will have the right to join the Final Competition to win RMB 1 million and access the funding platform with financial support up to 50 million.

Schedule:

*The University of Macau reserves the right to change the dates due to unexpected circumstances and will update applicants if the need arises.

Judging Process:

Judging Panel

The Judging Panel will be composed of entrepreneurs, investors and academics invited by the University.

Judging Assessment

There will be 3 rounds of assessment:

Round 1 Assessment: Executive Summary

• Participating teams are required to submit a 2-page executive summary to present their business together with the application of the competition.
• The assessment will focus on the innovativeness, feasibility and viability of the proposed product / service.
• 18 teams will be selected and they are required to attend the entrepreneurship training workshop and Exchange Seminar.
• Each selected team will be assigned a mentor.

Round 2 Assessment: Trade Show, Elevator Pitch & Business Plan Presentation

   Trade Show

• The Trade Show is a half-day event.
• It is open to UM community, public, venture capitalists, investors and angels and each participant can vote for their favorable team on site. The total scoring of this part will contribute 20% of the Round 2 Assessment.
• A booth will be allocated to each finalist team to display its business proposals.

   Elevator Pitch

• The Elevator Pitch will take place during the Trade Show.
• Each team is required to make a 90-second presentation in front of the judging panel.
• Winner of Elevator Pitch will be decided based on scores given by the judging panel.

   Business Plan Presentation

• The 18 finalist teams are required to submit an enhanced business plan (no more than 15 PowerPoint slides) after attending the training workshop and seminar.
• The assessment will focus on the value proposition of the product/ services, and on the practicability of the plan execution and fundability potential.
• The 18 finalist teams will be divided into three groups with 6 teams in each group.
• Each team will conduct a 10-minute presentation in Chinese followed by up to 10 minutes of Q&A. It is not compulsory for all team members to speak in the presentation, but the whole team should be there for the Q&A section. The judging panel would ask questions to specific members of the team as per their role and expertise.
• The 6 finalist teams will enter the Final Round Presentation.

Final Round

• The 6 finalist teams will make the final presentations. The format will be the same as the Business Plan Presentation. It is not compulsory for all team members to speak in the presentation but the whole team should be there for Q&A.

Hong Kong University of Science and Technology-University of Macau (HKUST-UM) Joint Team Award

• To encourage students from the Hong Kong University of Science and Technology and the University of Macau to form joint-university teams, the subject award will be awarded to the top-scoring joint-university team among the top 18 teams. The joint-university team shall have at least one student from the Hong Kong University of Science and Technology and one from the University of Macau, while the number of members from both universities shall be at least half of the total number of team members. The joint team shall only register in the Macao Regional Competition.
• The Hong Kong University of Science and Technology and/or the University of Macau can provide transportation and accommodation supports (by financial support or arrangement) for the students concerned for their participation and preparation for the Competition. Prior approval from the authorities of both universities shall be obtained according to the actual needs. The Hong Kong University of Science and Technology and/or the University of Macau has the final discretion of the upper limit of any support. The maximum number of teams receiving such support is 5 (five), with the below details:
  • the total number of day of trips between Hong Kong and Macau during the competition shall not exceed 10 days normally for each team;
  • before the announcement of top 18, the number of times of support for each team is normally no more than 2 (two) that shall include the required team forming activity;
  • after the announcement of top 18, the number of times of support for each team is normally no more than 5 (five).
• The two universities can assist in team formation. It is recommended that interested students of the University of Macau can draft an executive summary (two pages), and send email to Innovation@um.edu.mo with their personal profile and related materials no later than 16 Jan 2019. In order to facilitate the coordination of the team forming, the suggested topics include financial technology and smart city but this is not a must.
• Students forming joint-university teams through the university coordination must participate in the related activity on 18 Jan 2019 (25 Jan 2019 as backup).

Registration Method:

Eligibility:

• The team is NOT required to be a business registered company. The team can be an early stage company that had established no more than 3 years. The company can be at inventor stage or seed stage where there is an idea, a concept, or even a product, but little or no income has been generated yet.
• Companies that have received prior investment of more than RMB10,000,000, or ventures that have been in establishment/ operation for more than 3 years, are NOT allowed to join the Competition.
• Winning teams of One Million Dollar Entrepreneurship Competition from all regions are NOT eligible to join the Competition.

Formation of team:

• The size of each team must be between 2 to 5 members, among which at least 1 member or above should be

1) Current tertiary students of Macao higher education institutes; or

2) Macao residents studying in higher education institutes overseas.

• The joint-university team shall have at least one student from the Hong Kong University of Science and Technology and one from the University of Macau, while the number of members from both universities shall be at least half of the total number of team members. The joint team shall only register in the Macao Regional Competition.
• All team members must be registered members of the team. Changes of team members are not allowed after Round 2 Business Plan submission.
• Each team must have at least 1 member with at least 20% ownership in the proposed company. The equity of the company should not be changed during the Competition.
• A team leader should be identified for each team, who will be point-of-contact with the Competition organizer.
• Each participant can only join up to 1 team. And each team can only join 1 regional competition which is closest to their place of study. The team will be disqualified from the entire competition if repeated registration is found.

Registration Detail:

• Registration is open from now on until 20 February 2019.
• Please fill in the e-form and submit a 2-page Executive Summary for application. Here is the application link: https://bit.ly/2PcyFbH
• For UM students who are interested in forming a joint-university (Hong Kong University of Science and Technology – University of Macau) team, please send your draft executive summary, personal profile and related materials to ICI.Innovation@um.edu.mo by 16 Jan 2019.
• Team name has to be the same as company name and it is not allowed to be changed during the competition.
• Each team is ONLY permitted to submit 1 Executive Summary for Round 1 Assessment.
• There will not be a limit on the topics for submission, however, we encourage applicants to focus on the technology and innovation driven business. The topics can be related to nanotechnology, information technology, renewable energy, environment, healthcare, financial services, logistics and social enterprise, etc.
• All the materials should be submitted online. Hard copies will be accepted.
• All the materials should be written in Chinese. Entries must be the original work of entrants.
• 6 shortlisted teams from Round 2 assessment are required to join the Final Round of regional competition, as well as the activities of Grand Final.
• Organizer reserves the right to verify the team’s company information.

Writing Guideline:

Round 1 Assessment: Executive Summary (2-page in PDF format)

1. Please state the team name, name of team leader and team composition. Please use the product/ service as file name.
2. It is a summary of the entire business plan which should provide information on feasibility and viability of the proposed product/ service.
3. The focus should be on the innovativeness of the proposed product, service or business model.
4. It should introduce your business and product, and highlight its strengths.
5. It should be written in single space in A4 size. Please use 12-point 新細明體 and insert page number. The size of file should not exceed 4M.
6. Additional pages, cover page, appendices are not allowed and will result in disqualification.
7. Below are some suggested contents for reference:

• Mission Statement - it explains what your business is all about; what problem you are trying to solve and how. It should be explained in a few sentences.
• Company Information - it covers the date of your business establishment, the names of founders and their roles, as well as number of existing employees.
• Products/ Services - briefly introduce your products or services and provide proof on its feasibility and viability. We will not accept any technology or innovation that is violating the physical law or assuming the product is produced based on a technology only can be realized by imagination.
• Potential Market – it explains why there is a need in your target market and how your business satisfies their needs.
• Summary of your company’s future plans.

Round 2 Assessment: Business Plan (no more than 15 PowerPoint slides in PDF format)

The business plan should be condensed and to explain the value proposition of your product/service, and should explain the practicability of the plan execution and fundability potential. Below are some suggested contents for reference:

1. Brief outlines such as name of your business, description of your product/ service.
2. Summarize the problem or opportunity that you have identified in the market and address how your product or service address the problem.
3. Product development plan. What is the target market size? General pricing plan for the products or services.
4. Marketing strategies to attract customer base, distribution plan, sales channel.
5. Main competition to the company. Competitive advantage by explaining how the product/service differs from other offerings.
6. Briefly summarize the team competence which makes your business plan happens.
7. Startup budget: budget plan and projected cash flow. Exit Strategy.

Enquiries:                                                  

For any enquiries, please contact:

• Career Development Centre of Student Affairs Office, University of Macau: Tel: (853) 8822 9903, Email: career@um.edu.mo
• Centre for Innovation and Entrepreneurship of Institute of Collaborative Innovation, University of Macau: Tel: (853) 8822 4619, Email: Innovation@um.edu.mo