Your goal is to get as many term sheets as possible from the student teams. There will be 2-3 startups at each regional finals event (4-5 at Global Finals). They are your competition in getting terms sheets. The startup with the most term sheets will receive a plaque as “Startup of the Year” for your VCIC region.
Pre-Event Monday 5 p.m.: Business Plans
Please send your business plan (or robust deck w/attachments) by Monday 5pm so that we can distribute your materials to teams prior to the event. Teams will have the chance to do research before the event kicks off on Friday morning. The more you share with teams prior to the event, the more deeply they can dive into your business and the better the chances for more term sheets on Friday. If you hold back key information, you can expect to be asked the same question 6 times as teams come through for due diligence. It may be easy for the teams to tell the judges that they could not invest in your startup because you were not forthcoming with the information they needed.
Event Day (usually Friday) 8:30 a.m. | Venture Pitch
We kick off the event Friday with 10-minute venture pitches from 2-3 startups (including you). You may email your updated PPT or bring a thumb drive or laptop (if Mac, bring dongle). Please arrive by 8:30 a.m. to test technology. Note that this audience will have done their homework and will already be familiar with the materials you submitted earlier in the week. You may want to tailor your pitch more like a second meeting than a first. There will be no Q&A after the pitch, as teams will have the opportunity to sit down with you one-on-one.
10:00 a.m. | Due Diligence
After pitches, we’ll break out into meeting rooms. Each startup will have its own room and teams will file through one by one. You’ll have 14 minutes with each team. Here are some guidelines:
- #1: Try to get as many term sheets as you can get, just like you would in the real world. If you stick to that agenda, you will be behaving like a normal startup in front of a normal VC, and the exercise will be most beneficial for everyone.
- Please be consistent – treat the last team just as you treated the first. Be careful not to start answering things differently as the day wears on.
- Please be NATURAL – some teams will be better at getting good information. You do not have to give the exact same reaction to every team, though your data should remain consistent.
- Please be CONCISE – teams are under immense time pressure.
- Feel free to ask them questions, too. You will have to choose an investor, just as they are choosing investments.
- There is no limit to what teams may ask about or ask for. It is your choice what you give them.
- You may bring handouts. If you do, bring enough for all teams in case they all ask for it. It is okay to give handouts only to teams that ask or that ask in a certain way.
- You cannot give them anything after the Q&A session – if you didn’t bring it, they don’t get it.
- Judges will be evaluating how well teams get key information and build a rapport.
After 14 minutes, you’ll be asked to leave the room quickly so that the judges can have 3 minutes of Q&A with the team.
11:45 a.m. | Lunch with VCs
At the end of the due diligence sessions, you’ll have a chance to get direct feedback from the judges who were in your room. Take advantage of the opportunity to ask the VCs how you handled the questions, what you might do better next time, what information they would have asked for, etc.
12:15-3:30 p.m. | Free Time and Entrepreneurs’ Choice Vote
You’ll have time to catch up on work for a few hours in the middle of the day. During this time, we’ll ask for your vote for your favorite team – all things being equal, who would you prefer as an investor. The team with the most votes will receive the Entrepreneurs’ Choice Award at the end of the day.
3:30 p.m. | Selection for Negotiations
We will know by 2pm how many of the six teams submitted a term sheet for you. However, we will not know which teams are going to be selected by the judges to negotiate until after the judges have voted at 3:30. Note, the startup with the most term sheets will be awarded “Startup of the Year” at the awards ceremony.
4:30 p.m. | Awards Ceremony
Please join us as we hand out awards to top MBA teams as well as the “Startup of the Year” award. This is also a good opportunity for some more networking with VC judges.