Frequently Asked Questions
1. Who is eligible to participate in the Challenge?
SVC Asia is open to anybody and everybody with an innovative idea or business solution that addresses social issues in Asia, regardless of age and nationality. However, the proposed ventures should be independent entities, i.e. not subsidiaries of an existing corporation or legally-linked to a government entity. Existing non-profits can participate, however they should propose a new venturing idea or a new plan to transform their existing non-profit operation into a financially more sustainable business.
2. Do I need to have an incorporated business before I can apply to the competition?
No, you do not need to incorporate/register your venture before applying. Be it just an idea or a newly started venture, you are welcome to apply. However do note that in the event you are picked as one of the prize winners, your venture has to be legally incorporated in order to receive the prize money.
3. If I have applied to the competition in the past, may I reapply?
If you applied for SVC Asia in the past, you are welcome to reapply as long as your idea or venture meets our eligibility criteria.
1. Is there a size limit to team formation?
While there is no limit to the number of members you can have on your team, our recommendation is to apply as a team of 3 to 6 members. It is also possible to first apply as an individual, but we encourage you to build a team to realistically help you execute your idea/venture.
2. Can my team include students from different universities and different countries?
Yes, there are no restrictions to team composition.
3. May I join more than one team?
You may only be a member of up to two different teams. However this is not advisable as there could be a conflict of interest and could signal a lack of commitment to the judges.
1. How do I submit my idea?
You will need to create a Submittable account to enter the challenge. If you already have a Submittable account, there is no need to create a new one. Once you open a Submittable account, you would be able to access the questionnaire. You can also save your inputs and continue working on it at a later time.
2. Do I have to submit a video?
Video submission is optional during the pre-qualification round. However, if your idea/ business solution is selected as one of the top 10 entries/ top 60 entries, you will be required to submit a 2-minute video to showcase your idea/business solution, the team behind the venture, a working prototype (if you have), or the community you wish to impact. It could be in any form – narration, animation, direct pitch etc. Please contact us should you have any enquiries about the video submission.
3. Will my video be made public?
Yes, it will be. The top 10/ top 15 entries in the Idea/ Enterprise stage will be posted on the Challenge website (http://socialventurechallenge.asia) and the Asia For Good website (https://www.asiaforgood.com) for a public online voting exercise for the most popular entry.
4. How many entries can one team submit?
Each team should submit only one entry to enable the team’s idea to be developed to its full potential.
5. Can my team submit our business plan to another business plan competition?
Yes. However in the event of any win and receipt of prize money, please notify the organizers of the competition.
6. When do I have to submit my application?
The deadline for the competition is 14th May 2017, 2359 hours (Singapore time).
Confidentiality of the Business Plan and Protection of Intellectual Property (IP)
1. Do the organisers sign a confidentiality agreement with the participant?
The organisers do not sign a confidentiality agreement with the participant. Participants can be assured that the organisers of the competition will strictly uphold the integrity of the competition, and our judges and mentors are advised to do the same. The business plan is solely used for judging purpose and the organisers will not disclose it to any third parties except to the judges. Participants are allowed to describe their business concept without fully disclosing their propriety assets.
2. Do the organisers retain the rights to my business plan and any IP?
No, the participants retain their rights to their business plans and any IP. In any case, the protection of these rights is the ultimate responsibility of each participant. Participants are urged to mark as “CONFIDENTIAL” on any portion of their entries which they deem to be confidential.
If you have any further questions, please contact us at firstname.lastname@example.org