UCLA Law Prize Competition Details
"Participate in the UCLA Law Prize competition to win up to $100,000 in prizes. Learn about the rules, eligibility requirements, team compositions, and business plan expectations. Sign up now to develop new ventures with your team of UCLA students."
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Presentation Transcript
+ September 7, 2016
+ $100,000 IN PRIZES!
+ First Prize: $70,000 Second Prize: $30,000
+ RULES, FAQs AND RESOURCES CAN BE RULES, FAQs & RESOURCES FOUND ON: UclaLawPrize.com Sign up on our mailing list!
SUMMARY OF THE RULES +
+ A TEAM BUSINESS PLAN COMPETITION FOR UCLA STUDENTS TO DEVELOP NEW VENTURES
+ Two to six members At least one member must be an Eligible Law Student: a third-year student, currently enrolled in UCLA School of Law, in good standing, and eligible to graduate with a J.D. degree, an LLM degree or S.J.D. degree in May 2017 or a graduate of UCLA School of Law who was awarded a J.D. degree, an LLM degree or S.J.D. degree in 2016. A TEAM OF UCLA STUDENTS
+ The remaining members must be Eligible UCLA Students: a person enrolled at UCLA as a full-time undergraduate or graduate student who is in good standing with his or her school at UCLA Person still eligible even if the person graduates after Dec. 1, 2016. A TEAM OF UCLA STUDENTS
+ For Profit Not-For-Profit Public Benefit TO DEVELOP NEW VENTURES Commercial Enterprise or Social Entrepreneurship Not venture-backed, although friends and family funding is acceptable
+ A BUSINESS PLAN IDENTIFIES THE GOALS OF A BUSINESS AND EXPLAINS HOW THE BUSINESS WILL ACHIEVE ITS GOALS. BUSINESS PLAN WHAT IS THE PROBLEM YOU ARE TRYING TO SOLVE? WHY IS THE PROBLEM WORTH THE RESOURCES TO SOLVE? HOW WILL YOU SOLVE THE PROBLEM?
+ What is the market for this business? Who are the customers? BUSINESS PLAN Who are the competitors? How are you different from the competitors? How will you finance the business? How will you market the business?
+ RISKS FINANCIAL OPERATIONAL LEGAL/REGULATORY BUSINESS PLAN OPERATIONAL ASSESSMENT HOW IS THE BUSINESS GOING TO BE MANAGED AND RUN? CAN THE TEAM MANAGE? ANYTHING ELSE
+ Create entity (LLC or Corp.) Identify legal and regulatory risks and suggest ways to eliminate or reduce the risk Role of the Law Student Identify IP and IP needs Identify contracts Prepare a term sheet as part of the Business Plan
+ Friday, October 28, 2016: Registration Opens Friday, January 27, 2017: Registration closes COMPETITION Friday, March 24,2017: Business plan due April 2017: Public round with oral presentation
+ Forms required for registration will soon be available on the website. Team members names and contact information. Brief statement of proposed venture. COMPETITION Representations regarding eligibility at time of registration, at time of submission of the business plan and at time of the public round of competition.
+ Awarded at the sole discretion of the judges (meaning that they can decide not to award either or both Prizes); and FIRST PLACE PRIZE: $70,000 SECOND PLACE PRIZE: $30,000 Must be used to develop the business.
+ HOW DO I FIND A PROBLEM WORTHY OF THE PRIZE? HOW DO I DEVELOP A SOLUTION THAT SOLVES THE PROBLEM?
+ HOW DO I CREATE A TEAM?
+ Lowell Milken Institute website www.lowellmilkeninstitute.law.ucla.edu Bruincubate www.bruincubate.com StartupUCLA startupUCLA.com UCLA Blackstone Launchpad ucla.thelaunchpad.org Meetups, presentations, talks October 17-Meetup at the Law School
+ Almost every UCLA School has at least one student group dedicated to entrepreneurship. See lists on Lowell Milken Institute and Bruincubate websites. Bulletin board on Lowell Milken Institute website.
+ HOW DO I CREATE A PERSUASIVE BUSINESS PLAN?
+ Informal Methods Significant UCLA resources available Check Resources page on Lowell Milken Institute website How to Start A Startup podcast based upon the Stanford course UCLA Blackstone Launchpad resource Formal Methods Professor Abe s course at the Law School: Entrepreneurship and Venture Initiation Other courses on UCLA campus
+ Each team will be assigned at least one mentor to assist them. Mentors will be lawyers who counsel startups, entrepreneurs, investors and others who have experience with startups. Teams will not be able to pick mentors. Mentors will be assigned to them. Limit on the amount of time mentor will be able to spend. Some mentors may not be in the LA area.
