Frequently Asked Questions
I am concerned that someone is going to steal my idea. What protections does the Baiada Institute offer to ensure that this does not happen? Does the Baiada Institute require judges to sign Non-Disclosure Agreements?
Most judges are venture capitalists and business development professionals, and you will find that you will never get a VC to sign an NDA. They just don’t do it. They see so many ideas come across their desks that they don’t want to get themselves into a legal issue if they fund an idea that looks something like another idea they might have read in a business plan at some point. This is a great opportunity to get feedback on your idea from professionals who wouldn’t otherwise have or take the time to look at it. We would encourage you to take advantage of it; but if you are that uncomfortable that your idea will be stolen, then you should not enter the competition. You should never share any specific intellectual property information in a public forum. If you believe you have protectable assets then you should only provide general information and do not provide detailed drawings, algorithms, and other invention secrets.
Is there a minimum or maximum number of team members allowed for a venture?
No, you can have as many, or as few, people as you want on your team. Teams led by one person are allowed, as long as the Team Lead is a currently enrolled, degree-seeking Drexel student or a Drexel alumnus.
Can I enter more than one idea into the competition?
No. We are looking for quality over quantity and want you to put your best efforts into a single submission. There are, however, no restrictions on being part of multiple teams so the team lead may want to join another team as a contributing member. Please remember, however, that the team lead must perform the final presentation if you are selected as a finalist.
Is a business plan required?
No. While business plans can be very useful, especially for startups in growth mode, the purpose of this competition is to provide you with a more interactive experience than a typical business plan competition. We also believe that live interaction, as much as possible, is more important to early stage ideas than having someone who is not familiar with your or your business read a document that essentially contains a large set of unvalidated assumptions about your idea and your business model.
If I win, do I have to invest the prize money in my business?
You do not; the money is yours to do with what you want - though we hope to see you invest it in the business!
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