First Capital Challenge Announces Winners
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FREQUENTLY ASKED QUESTIONS
What is the Prize?
The prizes are startup loans up to $50,000 in total, split between one or more of the finalists. Loans are repaid by a royalty of 1% on sales capped at double the amount awarded (i.e., initial principal plus a maximum of the same amount accumulated in interest). The interest rate is 10% per year. As a condition of receiving an award, winners must commit to loan guarantees as described in the Terms of Award. All funds repaid will be used to fund this competition into the future and to promote excellence in entrepreneurship in Kingston. The judges may at their sole discretion award only part or none of the available prize money depending on their assessment of the finalists' business plans and capabilities. The judges may also require further information from and about finalists and their business plans before making any awards. For details see Terms of Award.
When is the Prize Awarded?
See the Competition Schedule for details on when and where the winner will be announced.
How Does FCC Get Their Money Back?
FCC is designed to be self-sustaining with repayments from early winners funding future prizes. Thus, prizes are loans repaid from a 1% royalty on sales with principal and interest payments capped at double the amount awarded. See Terms of Award for details.
How Do I Enter?
Follow the instructions on the first page of the Entry Package (entry_package.doc) available here.
Who is Eligible?
Anyone, anywhere, who is interested in launching or growing a new business (under two years old) in Kingston is eligible, except those organizing or judging First Capital Challenge. In previous years, plans have been received from across Canada and the United States, and as far away as Japan. Even if you are already in business, if your business is under two years old or you are changing your business to take a new product or service to a new market, you are eligible. Your business must move to or already be in Kingston to received an award. If you have questions, contact us at info@firstcapitalchallenge.com.
I Already Have a Business; Can I Still Enter?
If your business is under two years old or you are changing your business to take a new product or service to a new market, you are eligible. Your business must move to or already be in Kingston to received an award. If you have questions, contact us at info@firstcapitalchallenge.com.
What Kind of Business Plan Are You Looking For?
First Capital Challenge is looking for new businesses that have strong profit and employment potential. Any kind of business is eligible. Your business plan should be a comprehensive roadmap for launching that new venture. A business plan template is provided as an example and links to a variety of business planning resources are available to guide you through the process.
Does it have to be a Technology Business?
No, any kind of business is eligible to enter First Capital Challenge. Previous winners cover a wide variety of businesses in metals, animal health, dive equipment, plants and aviation.
What Type of Oral Presentation Are You Looking For?
The Oral Presentation to the judges is the finalists' opportunity to show why they have the best plan for a new business in Kingston. In general, the "opportunity-risk" format works well for these presentations. First establish how this is going to make everyone involved a bunch of money and then address/reduce/mitigate the risks. The maximum length of the Oral Presentation is 20 minutes to be followed by up to 20 minutes of questions by the judges. An LCD projector will be provided for use with laptop PCs. See the Competition Schedule for details on when finalists will be announced and when the oral presentations will be held.
Are Submissions Kept Confidential?
FCC will endeavour to limit access to the business plan entries ("Submitted Plans") to only the judges and organizers of FCC, with the exception of the New Venture Name, the names of the team members and the explicitly labeled Public Description. The Submitted Plans will be shredded or returned at the completion of judging. However, arrangements for the confidentiality of any information exchanged during or related to FCC activities are the responsibility of the participants and FCC cannot take responsibility or liability for confidentiality of participant information. Because of the volunteer nature of FCC and the similarity of many business ideas, FCC does not use or sign non-disclosure agreements.
Participants are urged to mark as "CONFIDENTIAL" any portion of their submissions that they consider to be confidential. They are also cautioned not to disclose any patentable concepts in their submissions or presentations for which patents have not been filed.
What Outside Assistance is Allowed?
Competitors are allowed to use all resources at their disposal, except assistance from the individuals judging the competition. (Note that judges may know some participants and may have had dealings with participants in the course of other activities.) Participants are encouraged to solicit assistance from mentors, business people, employers, investors, government, friends, family, faculty, alumni, students, researchers, staff and anyone else who can help.
Are Mentors Available to Help?
FCC will endeavour to connect participants with prospective mentors; however, participants are responsible for establishing and maintaining the mentor relationships. Participants are also encouraged to find mentoring through other channels. No one is precluded from assisting entrants except the FCC judges.
How is the Competition Judged?
The Judges are volunteers, chosen by the FCC organizers, who have a wealth of experience in entrepreneurship and/or venture finance. (Note that judges may know some participants and may have had dealings with participants in the course of other activities.) The number of judges will be determined based on the number of entries received. Decisions are solely at the discretion of the judges and their decisions are final.
What will the Judges be Looking For?
In addition to a compelling value proposition, the judges are likely to focus on the following issues :
Management: It's all about people. Investors look for relevant industry experience, a depth of knowledge, a sound understanding of strategic issues, evidence of sound business judgment, unqualified commitment and the will to win. Full-time dedication to the new business and a personal investment will be expected.
Competitive Advantage: To provide for a lasting advantage in competitive markets, differentiation is essential. A company's competitive advantage could reside in its intellectual property, technical know-how, market knowledge, or business strategy.
Growth Potential: The opportunity to develop into a market leader is the result primarily of the company being in a growing and dynamic addressable market. Opportunities that can grow quickly are most appealing, but in certain circumstances those with slower growth or longer-term potential may also be of interest. Most important is to demonstrate an understanding of the market, in particular the value delivered to customers, and the economic opportunity for investors.
Risk Management: A good awareness, evaluation and plan to address the relevant risks.
What was the Tune-Up Round?
The Tune-Up Round was a pre-competition held in previous years for the best Business Concept; however, this has been discontinued.
Who Can I Contact for Further Information?
For further information, please contact the Executive Director, Barbara Caldwell (info@firstcapitalchallenge.com) at 613-531-9282.
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