* “VietChallenge” in these Rules and Regulations means the Organizing Committee of the VietChallenge 2017 Competition, which is hosted by the Association of Vietnamese Students and Professionals in the United States.
1. Screening Round:
The competition is only open to teams. Each team must have at least two members, and at least one member must be a Vietnamese citizen or of Vietnamese heritage. All team members must be at least 18 years of age.
Each application must present a business idea in at least one of the four following fields:
- Technology (i.e., business ideas that involve the application of science or engineering to solve a problem in the market);
- Agriculture (i.e., business ideas that solve a problem in the market related to farming, livestock raising, and food process, distribution, or supply);
- Healthcare (i.e., business ideas in biotechnology, medical treatment, diagnosis, illness prevention, healthcare equipment and services, pharmaceuticals, and related life sciences);
- Clean Energy (i.e., business ideas related to (1) energy that is collected from resources that are naturally replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat, and/or (2) any process, product, or service that reduces negative environmental impacts through significant energy efficiency improvements, the sustainable use of resources, or environmental protection activities.
VietChallenge reserves the right to disqualify any applications that do not fall within any of the foregoing fields.
There is no limit to the number of applications a team can submit.
b. Entry Materials
1) Mandatory Materials
Each competition entrant must create and submit an online entry form via our website at www.vietchallenge.org and submit the following materials:
(a) Submit a pitch deck in the form of a 6-slide presentation file. The pitch deck shall address all of the following questions:
- What market does your team address?
- What is the problem in that market?
- How big is the market?
- How does your team address the problem?
- Why is your solution better than the existing methods?
- Your team profile (relevant expertise)
(b) Submit a one-to-three-minute video pitching the team’s business idea.
2) Optional Materials: A competition entrant may submit other documents and materials in support of their application.
3) Unless otherwise agreed with entrants, VietChallenge has the right to publish and distribute participants’ Entry Materials, Mandatory Materials, and Optional Materials, including for purposes of promoting the competition or showcasing its participants to VietChallenge’s investors and public, and training. If a team does not want VietChallenge to publish and/or distribute its Entry Materials in any manner, it shall inform VietChallenge of its request via our email at email@example.com.
VietChallenge retains the right to approve or reject such request.
4) All materials have to be in English.
Past winners of the VietChallenge 2016 Final Round are not eligible to apply.
d. Conflicts of Interest
Volunteers, judges, mentors, and Members of the Organizing Committee of VietChallenge 2017 and Direct Relatives of the Members of the Organizing Committee MAY NOT apply. Direct Relatives means spouses, parents, children, and siblings whether by blood, adoption, or marriage. The list of the Members of the Organizing Committee, as may be updated from time to time, can be found here.
VietChallenge 2017 begins accepting applications at 00:01 a.m. U.S. Eastern Standard Time (EST) on October 1, 2016. The application deadline is 11:59 p.m. U.S. Eastern Standard Time (EST) on November 30, 2016. No late submission shall be accepted and VietChallenge only accepts applications that meet all the requirements from the above sections 1(a) to 1(e).
2. Semi-Final Round:
a. On December 15, 2016, VietChallenge will announce the 16 most qualified teams selected from the Screening Round of VietChallenge 2017. If a team withdraws from the Semi-Final Round or is disqualified from continued participation in the competition, VietChallenge will replace such team with a team from the pool of applicants at our discretion.
b. Within 2 weeks after December 15, 2016, VietChallenge will assign mentors to the Semi-Final Round teams (one mentor for every two teams), with assignments based on each mentor’s background, qualifications, and interests. Each mentor will hold a 30-minute to 1-hour webinar session about business pitching and business plans for his or her assigned two teams. After that, each mentor will schedule three 30-minute sessions with each team up until the date of the Semi-Final Round. Participation in these four sessions is mandatory and shall be counted toward as 10% of the team’s overall grade in the Semi-Final round.
c. Mentorship Participation Grading: The active participation in mentorship sessions will account for 10% of the overal grade of the semi-final. Each mentor will grade their teams and assess mentorship participation as follows:
(1) Participation in the introduction webinar session: 30%
(2) Participation in the three 30-minute sessions: 30% (10% for each session)
(3) Asking questions in the sessions and office hours: 20%
(4) Showing progress during the mentorship program: 20%
d. Semi-Final Round:
i. The Semi-Final Round will be held on February 4, 2017.
ii. Each team will have 15 minutes to pitch their business ideas remotely to a board of judges, in which:
(1) 5 minutes shall be allocated for pitching; and
(2) 10 minutes shall be allocated to Q&A
iii. Each team is required to submit documents they plan to present at the Semi-Final Round no later than January 30, 2017. Any late submission shall not be accepted unless otherwise decided by VietChallenge.
iv. The Board of Judges of the Semi-Final shall select 5 teams out of 16 semi-finalists that have the highest overall grades based on their semi-final performance and the mentorship participation scores.
e. Each Semi-Finalist’s presentation will be recorded by VietChallenge and VietChallenge has the right to publish and distribute these videos to its investors and the public for purposes of promoting the competition, showcasing its participants to its investors and the public, and training.
3. Final Round
a. Mentorship Program
i. A mentor shall be assigned by VietChallenge to each finalist. A mentor shall commit at least 2 hours to work with each team on improving their pitch performance. Meetings with finalists can be conducted remotely or in person and VietChallenge will provide logistical support for these meetings.
b. Final Round
i. The Final Round of the Competition will be held at Massachusetts Institute of Technology on April 1, 2017. If a team withdraws from the Final Round or is disqualified from continued participation in the competition, VietChallenge will replace such team with a team from the pool of semi-finalists at our discretion.
ii. Each finalist shall have 15 minutes to pitch their business ideas in front of the Board of Judges and the audience of the VietChallenge Final Round, in which:
(1) 5 minutes shall be allocated for pitching; and
(2) 10 minutes shall be allocated to Q&A
(iii) Each team is required to submit documents they plan to present at the Semi-Final Round no later than March 20, 2017. Any late submission shall not be accepted unless otherwise decided by VietChallenge.
(iv) The Final Round shall be recorded and published and distributed by VietChallenge to its investors and the public. VietChallenge retains all titles and rights to publish, webcast, distribute, telecast all the Final Round content.
c. Obligations of the Finalists
i. Finalists are required to attend the Reception to be held on the evening of March 31, 2017. Details of the Reception are to be distributed later by VietChallenge. Failure to attend the Reception can result in a team’s elimination from the Final Round unless otherwise decided by VietChallenge.
ii. All teams must have at least one member representing the team at the Final Round. We do not allow remote pitching unless in exceptional circumstances, which shall be decided by VietChallenge Committee on a case-by-case basis.
iii. Right of First Refusal: Within a year from the date of VietChallenge Final Round, i.e., April 1, 2017, VietChallenge’s Priority Investors have the right of first refusal in participating in any fundraising round of a Finalist. This means that if a Finalist plans to raise funds for its project competed at VietChallenge, whether in the form of issuing ownership interests in exchange for funds or otherwise, it shall submit its proposal to all VietChallenge’s Priority Investors first with the same terms and conditions it would offer a third party at the time. Each Priority Investor shall have 30 days to respond to a proposal (“Response Period”). If all Priority Investors express that they are not interested in the proposal, or fail to respond within the Response Period, the team has the right to proceed to raise funding from third parties. If a Priority Investor is interested in the proposal, the team is obligated to negotiate with the interested Investor and shall proceed to negotiate with a third party only upon failure to reach an preliminary agreement with the interested Investor within 60 days from the date of negotiation. A list of VietChallenge’s Priority Investors shall be published on its website before the occurrence of the Final Round.
d. VietChallenge expects each Finalist to give back at least 1% of every $100,000 a Finalist is able to raise for funding their project. Even though this is not a mandatory obligation for VietChallenge 2016, VietChallenge hopes that each Finalist will exert their best efforts to give back to VietChallenge to support our cause of empowering Vietnamese entrepreneurs.
a. The winner of VietChallenge 2017 will receive a cash prize of US $20,000. Each Finalist will receive a cash prize of US $2,000 for participating in the Final Round.
b. VietChallenge shall provide a maximum of US $2,000 for transportation costs of each Finalist of which all or a majority of their members reside in Vietnam. VietChallenge shall use a maximum of US $2,000 to buy air tickets from Vietnam to the United States for members of such team, upon presentation of proof of grant of visas to the United States.
c. The net value of each cash prize, after deducting all applicable taxes and fees under applicable laws, shall be made via check or bank transfer to each team within 60 days from the date of the Final Round. Each team is obligated to provide in full proper documentation, at VietChallenge’s request, for the transfer and payment of these prizes as required by law.
5. Intellectual Property
VietChallenge takes no part in and has no liability for the domestic or international intellectual property rights of competition participants.
- Participants are responsible for their own intellectual property.
- Participants must keep confidential information confidential.
VietChallenge reserves the right to disqualify participants who engage in immoral activities, including lying and cheating, or any activity that may adversely affect the image of VietChallenge or other participants.
All work and submissions of each entrant must be original to the entrant/team.
8. Compliance & Disqualification
All participants must comply with the rules. Any violation of the rules will disqualify an entrant’s team from the competition, and result in forfeiture of any awards awarded to the team.
VietChallenge may update the competition rules throughout the competition. All updates will be posted on the VietChallenge website at www.vietchallenge.org from time to time. These Rules include by incorporation any material posted on the VietChallenge website; in the case of conflict, the Competition Rules & Regulations supersede any other materials.
10. Governing Law
These Rules and Regulations shall be governed by the laws of Massachusetts. Any dispute between VietChallenge and a participant shall be resolved amicably by both parties. Each party has the right to submit the dispute to a competent court of Massachusetts only in case both parties have failed to amicably reach an agreement to resolve the dispute within 180 days from the date of the dispute.
Date: September 28, 2016
- “The competition” or “the VietChallenge competition” means the 2017 VietChallenge Competition
- “Entrant” means each member of every team competing in the competitions.
- “Participant” means all parties playing an active role in the competitions, including mentors, judges, entrants, affiliated third parties and speakers
- “Sponsors” means all corporations or entities that sponsor the competitions.
- “We”/“Us”/“Our” refers to VietChallenge.
2. Information that we collect
When you and your team (collectively referred to as “you”) register with us, we collect some personal information from you, including your name, address, telephone number, and email address. We also collect additional information to be used in the competitions. The type of information collected varies depending on your role in the competitions, as described in the Competition Rules.
We also collect information about your interaction with our website. For example, we collect certain standard information that your browser sends to every website you visit, such as your IP address, browser type, and language, access times and referring website addresses. We may also use website analytics tools on our site to retrieve information from your browser, including the site you came from, the search engines and keywords you used to find our site, the pages you view within our site, the links you click on, your browser add-ons, and your browser’s width and height.
Additionally, we may use technologies, such as cookies and web beacons, to collect information about the pages you view, the links you click and other actions you take on our sites and services. A cookie is a small text file that is placed on your hard disk by a Web page server. Cookies contain information that can later be read by a Web server in the domain that issued the cookie to you. Cookies cannot be used to run programs or deliver viruses to your computer. A web beacon is a single-pixel gif which assists in delivering cookies on our website and allows us to count users who have visited those pages. We may use web beacons from third parties in order to help us compile aggregated statistics regarding the effectiveness of our promotional campaigns or other operations of our website.
3. How we use your information
We may use information that we collect about you to:
- Verify participants’ eligibility to enter the competitions
- Match entrants with mentors and judges
- Share information you have voluntarily provided about yourself with matched participants and VietChallenge staff in order to operate the competitions
- Match an entrant with the event, category or services best suited to your company’s needs;
- Communicate with you by e-mail, postal mail, telephone and/or mobile devices about the competitions;
- Perform auditing, research, and analysis about your use of our website so that we can make improvements;- Ensure the technical functioning of our network;
- Develop new services;
- Manage our business; and
- Perform functions as otherwise described to you at the time of collection.
4. Choices for personal information
Most browsers are initially set up to accept cookies, but you can reset your browser to refuse all cookies or to indicate when a cookie is being sent. However, some VietChallenge features and services might not function properly if your cookies are disabled.
5. Information sharing
Your personal information consists of the information you submitted regarding yourself, your company, and other information you submitted to us. We may share your personal information with entrants, judges, mentors, and VietChallenge staff insofar as it is necessary to run the competitions. However, participants and sponsors will only have access to personal information that you disclose as part of your participation in the competitions.
We only share personal information with other companies or individuals outside of the competitions in the following limited circumstances:
- We have your consent. We provide opt-out functionality for the sharing of any sensitive personal information;
- We have a good faith belief that access, use, preservation or disclosure of such information is reasonably necessary to (a) satisfy any applicable law, regulation, legal process or enforceable governmental request, (b) detect, prevent, or otherwise address fraud, security or technical issues, or (c) protect against harm to the rights, property or safety of VietChallenge, its users or the public as required or permitted by law.
We may share aggregated and non-personal information with third parties, including advisors, advertisers and investors, for the purpose of conducting general business analysis. For example, we may tell our advertisers the number of visitors to our website and the most popular features or services accessed. This information does not contain any personal information and may be used to develop website content and services that we hope you and other users will find of interest.
6. Access to your personal data
We make good faith efforts to provide you with access to your personal information and either to correct this data if it is inaccurate or to delete such data at your request if it is not otherwise required to be retained by law or for legitimate business purposes.
7. Children’s privacy
Our website is a general audience site, and we do not knowingly collect personal information from children under the age of 13.
8. Visiting our websites from outside the United States
When we receive formal written complaints at this address, it is our policy to contact the complaining user regarding his or her concerns. We will cooperate with the appropriate regulatory authorities, including local data protection authorities, to resolve any complaints regarding the transfer of personal data that cannot be resolved between VietChallenge and an individual.