American Entrepreneurship Award
Entrepreneurship Award Corp., (d/b/a The Entrepreneurship Alliance) a Delaware not-for-profit Corporation (“EAC”), is sponsoring the 2017 American Entrepreneurship Award (the “AEA”), a program seeking to provide start-up capital, in the form of interest-free loans (an “Award”), to the winning finalists of two entrepreneurship award competitions (each, an “Award Recipient”) pursuant to the rules and eligibility requirements, as well as the other terms, conditions, and covenants set forth below (the “Award Rules”). By submitting an application for an Award, an individual entrepreneur participating in the AEA and his or her management team (collectively the “Participant”) are agreeing to be legally bound by the Award Rules.
The Award will provide Award Recipients with early-stage financial assistance, as well as mentorship and free business support services (in conjunction with EAC’s partner organizations), for purposes of supporting an early-stage enterprise owned by such Award Recipient (the “Selected Enterprise”), that is duly formed and actually doing business (or intending to do business) in either the borough of the Bronx, New York or Miami-Dade County, Florida (each, a “Target Community” and together “Target Communities”). A single Award Recipient will be selected by our distinguished panel of judges for each Target Community. For 2017, EAC will make available a total of USD $125,000 to be used for funding the Awards.
I. Rules and Eligibility
1. Entry Form Competition:
Participants must create an account and complete an on-line entry form on the AEA website to enter the AEA business plan competition (the “Competition”).
All Participants must be 18 years of age or older. Collaborating documentation establishing age eligibility may be required.
The Selected Enterprises must each operate in one of the Target Communities.
All Participants must be legal residents or U.S. citizens. Collaborating documentation establishing residence eligibility may be required.
5. Start Ups Only:
The business ideas or enterprise models presented by Participants must still be in the start-up phase of development. Operating businesses that have earned more than $25,000 in revenue or have been formed prior to January 1, 2013 are not eligible to enter the Competition.
6. Excluded Applicants:
The Competition is open only to for-profit businesses. The following are not eligible to participate: non-profit organizations, investment vehicles that invest in the securities of other entities, gaming and gambling businesses, offshore entities, and established franchises. Furthermore, none of EAC, the judges of AEA (the “Judges”), Libra Group, AEA’s partner organizations or any of ,their respective employees, officers, directors, agents and representatives (collectively, the “Reviewing Parties”), as well as any of their respective family members, are eligible to participate in the Competition.
7. Individual and Team Entry:
Participants may enter the Competition only once per application cycle, either as individuals or as part of a team. If entering as a team, the team must appoint one individual as the team leader and main contact. The team’s entry form must list all individuals on the team.
Entry forms (including business plans and all requisite information) must be submitted on the AEA website no later than midnight, Thursday, April 27, 2017. Partially completed applications will not be accepted. Applications can only be submitted once. A Participant who submits an application on behalf of an existing business entity represents and warrants he or she has requisite authority to act on behalf of such entity.
9. The Competition:
Review of applications will occur over three rounds: First Round. AEA staff will select applications with respect to each Target Community from the entry forms submitted as of May 31, 2017. Such selections shall be made in the sole and absolute discretion of AEA staff. Second Round. AEA staff will forward selected applications for each Target Community for the Judges’ review. EAC shall be entitled to conduct background checks on Participants selected for the second round and may contact third parties for additional information on the Participants. Third Round. From the second round’s pool of Applicants, the Judges will invite a small number of Participants to participate in the third round, comprising a live “Pitch Event” corresponding to and held in one of the Target Communities. Participants may not withdraw their applications once notified they have reached the third round.
In order to progress to the third round, selected Participants must commit to personally attend the third round ceremonies for their respective Target Communities and execute a Photo License Agreement, granting the Reviewing Parties the right to use the Award Recipients’ photographs and images for promotional purposes.
10. The Award:
The Judges, in their sole and absolute discretion, shall present the Award to Award Recipient(s) for each Target Community, who shall be selected from among the presentations made during the third round of the Competition. All decisions of the Judges are final. Each Award Recipient will be required to execute various binding agreements relating to the Award, including, without limitation, (i) an Award Agreement, and (ii) a Promissory Note that shall establish, among other things, the terms and conditions under which the Award Recipient will be required to repay to EAC the principal amount corresponding to the Award.
The Award will be dispersed to Award Recipients in the form of an interest-free loan, in an amount not exceeding USD $25,000 for each Award Recipient; such interest-free loan shall be repaid in accordance with a repayment schedule acceptable to the EAC that will be described in detail in the respective Promissory Note. Award Recipients should consult their own tax advisors with respect to any potential tax obligations relating to the Award.
11. Confidentiality and Intellectual Property:
Each Applicant hereby grants access to his or her application materials to the Reviewing Parties. EAC offers no guarantee of confidentiality, either explicit or implicit, in connection with any data or information presented or discussed by Participants. The Reviewing Parties will not sign non-disclosure agreements in connection with any application materials.
Participants will retain all intellectual property rights to the contents of their submission, provided that the Reviewing Parties may make photocopies, photographs, and video and/or audio recordings of any data or information divulged, presented, or discussed by any Participant throughout that Participant’s participation in the AEA. By submitting an application, Participants hereby grant the Reviewing Parties the right and license to use such materials and to conduct such due diligence as the Reviewing Parties determine is necessary or desirable for purposes of evaluating the Participants’ application and carrying out the AEA as described herein.
In addition, the Reviewing Parties will have the right to publicly post certain information about selected Participants and their applications on the public areas of the Reviewing Parties’ websites, including, but not limited to, name and category of business, logo, and an abstract.
II. Applicant Representations and Covenants
By submitting an application, Participants represent and warrant that:
1. The information included in the application is true and accurate.
2. EAC takes no responsibility for any arrangements between Participants and third parties.
3. Participants may only include their own original work in support of their respective applications. All Participants represent and warrant that the ideas and materials contained in the application will not infringe upon the rights, including privacy and intellectual property rights, of any third party, and shall not otherwise violate any copyright, trademark or other applicable law. To the extent that any materials submitted incorporates any third party copyrights, trademarks or other intellectual property rights, Participant represents and warrants that all necessary licenses, permissions and clearances for their use have been obtained.
4. Participants agree to be bound by the Award Rules as they may be amended by EAC, in its sole and absolute discretion, from time to time. Receipt of an Award is contingent upon Award Recipient satisfying all requirements set forth in these Award Rules and documents and agreements referenced herein. By submitting an application, a Participant also agrees to release, discharge, indemnify and hold harmless the EAC and each of the other Reviewing Parties and each of their respective officers, directors, employees, agents and representatives, from and against any claims, expenses, damages or liability due to any injuries, damages or losses to any person or property of any kind, including but not limited to invasion of privacy, defamation, slander, libel, violation of right of publicity, infringement of trademark, copyright or other intellectual property rights, property damage, or personal injury, resulting in whole or in part, directly or indirectly from (a) the submission of an application to the AEA, (b) acceptance of any Award or participation in the Competition or any Competition-related activity (including any travel or activity related thereto), or (c) the broadcast, transmission, performance or use of any a Participant’s image, business ideas and any submissions relating to the application or the Competition. Participant hereby releases EAC and each Reviewing Parties from any injuries, damages or losses suffered or allegedly suffered by Participant as a result of any malfunction or other problem with the AEA website, any error in the collection or retention of information submitted by the Participant and/or any error or omission made in the printing, offering, broadcast or announcement made in connection with the application process, the Competition or the actual grant of an Award.
5. No member, officer, director, employee or shareholder of the Participant has a business or close family (parent, sibling, spouse, partner or significant other) relationship with any officer, member, director or senior management person of any Reviewing Party.
III. Other Conditions
1. Applicants risk disqualification if they or someone on their behalf communicates or attempts to communicate with any Reviewing Party (other than submitting applications and providing further data or information as requested) in an attempt to influence the results of the AEA. Furthermore, Participants will be disqualified immediately upon any indication of (and will indemnify and hold the Reviewing Parties harmless against any claims relating to) (i) fraud, embezzlement or theft, (ii) willful misconduct, (iii) intentional violation of any law or regulation, (iv) any unauthorized disclosure of any trade secret or confidential information, or (v) charges of felony or any misdemeanor involving moral turpitude.
2. The EAC reserves the right, in its sole and absolute discretion, to amend the Award Rules from time to time and to cancel, terminate or modify the application process, the Competition and the requirements for granting an Award, in each case without providing prior notice.
3. The AEA does not discriminate against any Participant on the basis of race, color, creed, ethnicity, gender, disability, age, sexual orientation, gender expression, military status or marital status.
4. Participants hereby consent to AEA performing background checks on the Participant and its principals.
5. Waiver and Severability: The AEA may, at its sole and absolute discretion, waive any term or condition herein. Such waiver will not be deemed a waiver of any other term or condition, whether similar or different. If any term or condition herein is deemed invalid or unenforceable, that provision will be construed, limited, modified or, if necessary, severed, to the extent necessary to eliminate its invalidity or unenforceability, and the other provisions will remain in full force and effect.
6. Governing Law: Participants are responsible for complying with all applicable federal, state and local laws and regulations relating to the Competition and all other matters contemplated by these Award Rules. The Award Rules and the matters contemplated herein shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provisions that would cause the application of any other state’s laws. Any and all disputes, claims and causes of action arising out of or connected with these Award Rules, the Award application, the Competition, the Award or any other matter relating thereto, shall be resolved exclusively by the state and federal courts located in New York, New York.