GRA/TAG Business Launch 2007

   GRA/TAG Business Launch 2008

Frequently Asked Questions

 

 

•1.      How is this different from a business plan competition?

Most business plan competitions originated in graduate business schools to help students learn about entrepreneurship.  In recent years, some of the business plan competitions have resulted in new businesses being formed, but this is the exception.  This competition is focused specifically on attracting proposals to launch certain new high tech businesses in Georgia.

Among the key differentiators are:

• 1. A $100K cash prize along with a suite of professional services estimated to be worth an additional $200K to the winner.
• 2. The opportunity for some entrants to receive mentoring from an experienced and successful high tech entrepreneur in Georgia.
• 3. The opportunity for semi finalists and finalists to present to a preeminent panel of judges that will include successful entrepreneurs and investors.
• 4. While students are welcome to enter, this competition will target a much broader audience including experienced entrepreneurs and industry executives.

 

•2.      Who are GRA and TAG and why are they involved with this?

The Georgia Research Alliance, GRA, (http://www.gra.org/), is a private, non-profit corporation created to drive Georgia's strategy for capitalizing on university research to build a vibrant, technology-rich economy.  GRA is an internationally acclaimed model for bringing business, research universities and state government together to create and sustain a vibrant, technology-driven economy for Georgia.

The Technology Association of Georgia, TAG, (http://www.tagonline.org/) is a private, non-profit corporation and Georgia's preeminent technology association.  TAG is both a world-class technology membership organization and an engine for economic development for Georgia.  TAG's goal is to build, connect, and enable; people, company, and community to foster a rich environment for technology growth.  

Both GRA and TAG are interested in accelerating the growth and formation of high tech companies in Georgia.

 

•3.      What are the key dates?

Preliminary entries are must be received electronically by TAG by midnight February 18, 2008.  Final entries must be received electronically by TAG by midnight April 15, 2008.  Semifinalist will present and defend their plans to a panel of judges on May 7, 8 & 9.  Finalists will present and defend their plans to a panel of judges June 4, 2008 at IBM.  The winner will be determined and announced by TAG immediately following the final presentations and the deliberation period.

 

 

•4.      What are the entry requirements?

All entrants must legally reside in the State of Georgia as of February 18, 2008 and agree to launch and/or maintain the businesses in Georgia upon winning the competition.  As part of the entry, each entrant will be required to agree to specific terms and conditions of the competition, submit a completed questionnaire, and an executive summary.  To receive the cash prize and professional services, the winning company must launch and maintain the business in Georgia for a period of at least 3 years.  If the winning company moves a majority of the business outside Georgia within 3 years, the winning company must repay the cash prize, plus 8% interest.

 

•5.      Why does the winning company have to repay the $100K if the company leaves the State?

The $100K cash prize is from state funds and GRA and TAG must be good stewards of these public funds.  If the winning company moves a majority of the business outside of Georgia within 3 years, it must repay the $100K cash prize plus 8% interest or negotiate an agreement acceptable to TAG in order for the public funds to be reinvested for economic development within Georgia.  TAG will make a final determination as to whether a company "has moved a majority of the business outside Georgia" and will have discretion to negotiate a variety of forms of repayment for the value of the cash prize plus interest.

 

•6.      What is the format and purpose of the preliminary entry that is required by February 18, 2008?

The preliminary entry is comprised of two sections: (1) a completed questionnaire and (2) a general summary of the business proposed.  The format for the summary is not specifically defined but often is a one or two page summary that provides an overview of the business concept.  Receiving the preliminary entry prior to the formal entry allows entrants to request a mentor in time to refine their plan prior to submission on April 15, 2008.

 

•7.      What is the format for entries due on April 15, 2008?

The formal entry due on April 15, 2008 will consist of two sections: (1) executive summary and (2) business plan.  The executive summary is a narrative summary of the business plan and cannot exceed two pages (12 point type).  For suggestions about the executive summary click here.  The business plan is a more detailed description of the business proposal and cannot exceed 20 pages (12 point type).  For additional information about each of these areas click here.  The business plan should address the following areas: (1) market, (2) technology, (3) management/organization structure and (4) financials.  Entries must be submitted electronically (preferably as Microsoft Word or Adobe PDF files) to Kimberly@TAGonline.org. You will receive a confirmation email within 24 hours that your application was received. If you do not receive a confirmation email within 24 hours of submitting your application, please contact Kimberly Wood at (404)920-2022.

•8.      How will the judging process work?

There will be three phases to the judging process.  The first phase will determine the semifinalists.  For the semi-finalists, a second and more detailed review will be made which will include presentations to a group of judges.  All semifinalists will be offered feedback from the judges.  Following the semifinal presentations, a group of four finalists will be selected.

The plans of the finalists will be provided to the final judges approximately one week before the final judging event.  (The plans for the finalists also may be provided to certain local high tech investors.)  At the final judging, each entrant will have 20 minutes to present his/her plan and then answer questions from the judges for approximately 20 minutes. 

The judges will make a recommendation to the President of TAG who will be solely responsible for the final decision.

 

•9.      What will be the judging criteria?

The judges will evaluate each proposal carefully from a variety of perspectives with particular emphasis on the four areas identified in question 7 above (Judging Criteria.)  The judges will consider the written submissions, oral presentations and responses to questions.  After careful consideration, the judges will make a recommendation to the President of TAG who will make the final decision.

 

•10. How is the cash received?

The winner will receive the $100K in cash as part of a grant agreement with TAG.  As part of the grant agreement, the winner must submit a plan for the use of the cash.  The grant agreement specifies certain restrictions on the uses of the funds.  Following approval of the planned use of funds by TAG, the funds will be distributed.  The rate of distribution generally is determined by milestones in the approved plan.

 

•11. In addition to the $100K in cash, what professional services will the winner receive?

The specific services will be determined by TAG and tailored to the winner's needs and situation.  For a list of the services, click here.

In addition, the winner will receive priority consideration for membership in ATDC (Advanced Technology Development Center), Georgia's oldest business incubator, and the opportunity for ongoing coaching and mentoring from some of Georgia's most successful high tech entrepreneurs. 

 

•12. Can the winner receive additional cash in lieu of the professional services?

No

 

•13. In what ways and to what extent is this a public/private partnership?

The $100K cash prize is from public funds which GRA invests to stimulate economic development in Georgia.  All of the other costs are from private sources.  GRA and TAG estimate that approximately 75% of the total cost of the competition (which includes awards, services and administration) is funded by private sources.

 

•14. Who are the mentors, what are their roles and how does someone obtain a mentor?

The mentors are successful high tech entrepreneurs in Georgia who have expressed their desire to give back to the community by helping others be successful.  Mentors are available to help entrants refine their proposal prior to submission.  The specific role of the mentor will be determined by the mentor and entrant.  For more information, click here.  A limited number of mentors will be available and no entrant is required to use or is guaranteed a mentor.  Mentors are not allowed to have any communications with the judges nor do they have any unique insights into the judging process or criteria.

 

•15. Why are only certain industries targeted?  Are more competitions planned?

To increase the odds of the business being successful and remaining in Georgia, GRA and TAG are targeting certain strategic high tech industries.  These industries use communications and computing technologies intensively and have some scale in Georgia, along with a support network such as suppliers, customers, partners, employees, university research, etc.  Georgia is fortunate to have several strategic high tech clusters and GRA and TAG expect to hold future competitions that target some or all of these.  For the initial competition in 2006, Information Security and IP/Communications Convergence were selected and for 2007, Financial Technologies and Logistics Technologies were selected.  For 2008, Internet Technologies has been selected.

 

•16. Can existing companies enter?

Yes, in some limited cases.  The competition is aimed at "new" businesses, however the time and effort required to launch a successful business in the targeted areas may require that an entrepreneur form a company and begin certain limited functions before any meaningful business operations occur.  These functions could include prototype or Intellectual Property development and for these or similar reasons up to $500K in external funding may be allowed.  Market trials may also be required and for this or a similar reason some limited revenue may be allowed.  The judging process will take all these factors into consideration when making a recommendation to TAG's President and the decision made by the TAG President is final.

 

•17. How will information in the entries be handled?

If you communicate with us via email or otherwise provide information to us through this site or via any other means, all information you provide is provided on a non-confidential basis.  Given the nature of the competition, GRA, TAG and all other participants will not agree to any nondisclosure provisions.