Startup Prize 2024 Official Rules and Regulations

Startup Prize (sometimes referred to herein as “Startup Prize”) is a competition and business development incubator organized and owned by the Prize Foundation, Inc., a Louisiana non-profit organization (“Prize”). Prize sometimes does business as “Startup Prize.” Prize Foundation reserves the right to amend these rules at any time, in its own discretion. Further, the interpretation of these rules shall be made solely by Gregory Kallenberg, who is the Executive Director of Prize Foundation and founder of Startup Prize, in his sole discretion. Competitors in Startup Prize must abide by the following rules in order to participate in Startup Prize and to compete for the prizes and honors that may be offered by Startup Prize.

1. STARTUP PRIZE. Startup Prize is a startup business competition open to health-focused entrepreneurs from anywhere in the world. A business will be considered for competition only if it is considered to be early-stage. We are defining an early-stage business as one that is typically no more than 3 to 5 years old and does not exceed $2 million in annual revenue at the time of registration. Typically, we see companies that are pre-seed, seed or early into their Series A raise. Startup Prize reserves the right to determine the eligibility of any project. Special consideration will be given to businesses that are considered “scalable.” All qualified entries must be independently owned companies. Companies owned, financed or developed by a parent company that does not meet the “early-stage” requirements are ineligible for competition. 

For Startup Prize 2024, companies must be health-based in focus. Eligible concepts include health devices, health services, therapeutic development, health technology (web-based, app-based), nutrition, preventive healthcare, medical device, early stage and late stage drug research, surgical devices and advancements in the field, and nanotechnology in surgery/wound care.
 There will be two tracks within the competition: one in which the startup concept requires FDA approval and one in which FDA approval is not required. Each track will award a $10,000 cash grand prize. If you have questions or concerns about the eligibility of your business, please contact Startup Prize team directly.

1. REGISTRATION. All competitors must register for the First Qualifying Event by Friday, April 21, 2024 at 11:59pm CT and for our Second Qualifying Event by Friday, May 31 at 11:59p CT. Registration is free for both events. Each startup may register no more than 2 attendees per qualifying event. The completed Entrepreneur Canvas and Portal application must be fully completed and submitted by 11:59pm CST on Monday, July 1, 2024. Each competitor grants to Startup Prize a limited license of use for the purpose of the competition for all materials submitted to Startup Prize upon submission (explained in section 4 below). If a company is disbanded or fails to participate in any required events, a new registration form and fee must accompany the new business.
2. ATTENDANCE. There will be two qualifying events (one online and one in person in Shreveport, LA). To be eligible to advance to the finals, a competitor must fully attend and participate in at least one of these qualifying events. In particular, at least one team member from each applying startup must participate in at least one Startup Prize Qualifier in its entirety. Further, there will be one final event (also referred to as the “FINAL FINAL”) limited to the finalists selected by Startup Prize judges. All competitors chosen for that event must attend and participate in the final round in order to be eligible for the grand prize or any other prize, award or honor granted by Startup Prize. The FINAL FINAL will be held in person in Shreveport, LA in conjunction with our Innovation:Health Conference August 23-25, 2024. Startups invited to Startup Prize FINAL FINAL will receive a stipend to help offset travel costs as well as one hotel room per startup for the weekend.
3. LIMITED LICENSES FOR PROMOTION AND REVIEW; CONFIDENTIALITY. By submitting an application through the Portal, each competitor is agreeing to grant a limited license to Startup Prize to use the competitor’s image, name and logo for purposes of marketing and making press announcements concerning Startup Prize. Each competitor submitting an application through the Portal will be deemed to have consented to the Prize Foundation/Startup Prize officers, staff and judges reviewing any materials submitted to Startup Prize, whether submitted through the Portal, by hand delivery or otherwise. Also, the Prize Foundation/Startup Prize officers, staff and judges are NOT agreeing, expressly or implicitly, to hold any materials submitted by a competitor in confidence. If any competitor separately seeks funding or advice from a judge or other person associated with Startup Prize, it is up to that competitor to obtain any confidentiality agreements the competitor feels may be necessary to protect their interests.
4. FINE PRINT. It is the primary applicant’s responsibility to obtain any licenses, release forms, liability or other insurance, and other customary permits, permissions and protections as is customary to the industry in which your business is operating. Teams are responsible for complying with all federal, state, and city regulations, including any necessary permitting. Startup Prize does not require any of these items by default, but we do expect that you comply with those who do for the safety and legality of your business. Startup Prize is not legally responsible for any aspect of the development of your business.
   Over the course of the competition, contact with your business’s primary team member and other people involved may be made at any time by Startup Prize representatives. The primary applicant should be the main point of contact each team has with the offices of Startup Prize. All decisions, questions, or issues will be communicated to the primary contact only. From there, the primary contact may disseminate any pertinent information. This is to avoid confusion and prevent multiple calls about the same issue.
   All work and submissions of competitors must be original to the applying entrant/team. If there is a question about the rights to your work, you will be asked to provide evidence of original production or rights to materials and elements used in conjunction with your project. This extends to logos, plans, presentations, products, prototypes, and marketing items. Startup Prize takes no part in and has no liability for the domestic or international intellectual property rights of competition participants. Competitors are responsible for their own intellectual property. Participants must keep confidential information confidential. By submitting its application, each participant agrees to defend, indemnify and hold harmless Prize Foundation and Startup Prize from and against all claims and liabilities resulting from the participant’s activities, including, without limitation, intellectual property violations. Prizes must be accepted as awarded. All taxes associated with Startup Prize awards are the sole responsibility of the prize winner(s). Prizes are non-transferable.
   Prize money should be used towards furthering the awarded business. None of the prize money awarded may be used for repayment of personal investment in the business or repayment of other debt. Winning teams understand and agree that, if any material misrepresentations are discovered or if a winning team is not able to satisfy the above requirements, the team may be disqualified and/or the company may be required to repay any cash and prizes that have been received plus 8% annual interest. Startup Prize reserves the right, at its discretion, to revoke passes and access to the events from any competitor or other person who is acting in opposition to the spirit of Startup Prize, as determined in the sole discretion of the Executive Director of Startup Prize. Competitors who engage in immoral activities, including lying and cheating, or any activity that may adversely affect the image of Startup Prize or other participants, shall become ineligible for the competition. Competitors in Startup Prize and the business which they submit are subject to ALL applicable federal, state, and local laws.
5. DISCLAIMER REGARDING LEGAL, ACCOUNTING AND OTHER ADVICE. During Startup Prize, competitors and others may hear presentations by, or talk individually with, volunteer attorneys, accountants and other professionals. Such professionals may also distribute materials in relation to their area of expertise for Startup Prize. Any information and/or opinions conveyed are based on general principles and on limited or no facts about a specific enterprise; therefore, a participant should not rely on such information and/or opinions, but instead should engage and consult with the participant’s own professionals. Any information or opinions received by a participant from a volunteer professional(s) is not warranted by relationship or accountant-client relationship is created by participation by professionals in Startup Prize activities or related events. To create a relationship with such a professional, you must specifically and personally engage the services of the professional and the professional’s firm by written engagement contract.
6. FOLLOW UP REQUEST. Startup Prize requests that all competitor teams give significant consideration to the following requests:
   • Contribute your time. Startup Prize participants (particularly finalists and winners) will often be invited to come back and participate as mentors and speakers during future competitions. While this is not a requirement of participation, we would love for all entrants to be willing to come back, as they can, to give back to the program and the community.
   • Tell us how you’re doing. Startup Prize is a non-profit endeavor, and we count on the impact the program has to help us fund each new competition. We therefore ask that those applying be willing to share requested information with Startup Prize for reporting purposes for up to three years after participation in the competition is complete.
   • Consider paying it forward… literally. Sponsorships, grants and donations give us the ability to provide free registration as well as travel stipends, accommodations and prize monies. We ask that startups that have gained connections and investments to propel themselves further consider making a tax-deductible gift to the organization to pay it forward for their fellow up and coming startups.

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BY PARTICIPATING IN Startup Prize, YOU ACKNOWLEDGE AND AGREE TO THE CONDITIONS AND LIMITATIONS SET FORTH IN THE ABOVE PARAGRAPHS. ANY VIOLATION OF THESE RULES WILL DISQUALIFY A competitor FROM THE COMPETITION AND RESULT IN FORFEITURE OF ANY PRIZES AWARDED TO THE competitor.