What is the HBN Big Idea Competition?

The Hellenic Business Network Big Idea Competition (HBN-BIC) is an entrepreneurship competition where participants translate their business ideas into viable business plans and create enterprises. It is closely modeled on the most successful business plan competition in the world, the famous MIT100K with one significant difference: it is not restricted to teams with MIT student members.

Why compete?

Participants receive mentorship and feedback by established entrepreneurs throughout the competition before their plans get judged by venture capitalists, angel investors and other experts. Winners, in addition to receiving valuable experience and networking opportunities, can win up to $20,000 to help them launch their business.

Who can play?

Everyone! The HBN-BIC follows the ancient Greek tradition of acceptance and meritocracy singularly focused on attracting and promoting great business ideas. There are no entry restrictions: everyone, regardless of race, citizenship, background, status or age is eligible to enter. The only constraint is that teams and their companies should not have already received significant external funds. The competition is administered by the Hellenic Business Network (HBN), a 501(c)(3) non-profit organization based in Boston, Massachusetts which promotes the business interests of Hellenes and Philhellenes in the US. Even though HBN may readily attract investors with a connection to Greece, there will be no particular consideration or preference for Greek nationals as participants, sponsors, mentors or judges. The best business plan wins.

How does it work ?

There are two stages to the Competition: the $500 “WarmUps” and the $20,000 “BigDeals”. The $500 competition is intended as a warm up where teams submit short, 1000-word idea summaries in the fall starting in September with awards granted in December. This is followed by the “BigDeals” Competition, which starts in early February. Teams submit full business plans, stage oral presentations and attend interviews with judges. This process culminates with the final award in early May. All teams including those that did not play or win in the “WarmUps” can participate in the “BigDeals” Competition.

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For Participants

Sounds like fun but I don’t have an idea yet

Participation is strongly encouraged, even if you do not yet have a business idea or a team. Post a message on the HBN-BIC forum at hbngroup.org/BICForum, or participate in the specially designed team-formation/networking events organized throughout the Fall (see Calendar of events at hbngroup.org/BICevents). In addition, you can share ideas at HBN’s monthly NAW (Networking After Work) meetings, which take place every 3rd Thursday of the month at the lounge of the Four Seasons Hotel in Boston. Finally, a list of resources, sample business plans, and tutorials is available at hbngroup.org/BICResources

How big should my team be?

Teams can be of any size. Typically, teams tend to have from three to seven members. You should feel free to enter a team with only one member, though we strongly urge you to take advantage of HBN-BIC’s networking resources to make the experience more rewarding. You can be a member of multiple teams however, it is important to keep in mind the commitment that is required to your team(s).

What are the judges looking for?

Successful business plans have to answer at least three basic questions: Why will this idea work? Why will this team succeed? Why do this now? In approaching your business plan, note the following criteria that investors often use to evaluate new ventures:

• Growth potential/return on investment
• Quality, breadth, commitment and suitability of team
• Defensibility from competitors
• Size of up-front capital investment
• Time-to-market
• Market leadership possibility
• Future potential

How does judging work?

“WarmUps”: All executive business summaries are read and rated by a set of judges and prizes are announced. “BigDeals” participants submit full business plans (10-20 pages including all diagrams and graphs). The highest-rated plans are promoted to the next stage of the competition and judges select the finalists. Finalist teams then make a 15-20 minute oral presentation of their plan. A 10-minute Q&A with the judges will follow. Judges then select the winning team and the runners-up. All participants receive extensive expert feedback from the judges.

What about intellectual property?

HBN-BIC urges you to confirm with advisors or legal counsel before submitting your business plan that any intellectual property described in your plan is protected. You should secure appropriate intellectual property filings and notices (patent, copyright, etc.) by the owning institution and/or individuals. The HBN-BIC also recommends that you determine in advance whether your plan describes a technology, invention, copyrightable work or other intellectual property possibly owned by your workplace or academic institution.

Is my idea protected by HBN?

Note that all judges, mentors and others who come in contact with your idea through HBN are under strict blanket Non-Disclosure Agreements. For more details please contact HBN-BIC@hbngroup.org.

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For Volunteers

How can I help?

The HBN Big Idea Competition is organized entirely by volunteers. We welcome more enthusiastic people to take part. Our volunteer needs vary and are summarized below.

Even if you are considering participating in the competition, you can still help. In most cases, organizers can later enter the competition, since most organizing jobs involve no contact with our judges.

HBN-BIC consists of five groups of volunteers, each with an assigned leader who sits on the HBN-BIC executive committee:

If you are interested in volunteering, please contact the Lead Organizers at HBN-BIC@hbngroup.org.

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For Investors/Sponsors

Investor participation is fundamental in the operation of the HBN-BIC. Investors can watch the process and choose a team to fund during or after the final results of the competition. As an Investor in the HBN-BIC, you have the opportunity to become part of a competing or winning venture and ensure its success in the future. You also can have a say in its development, participate on its board of directors or negotiate an equity position or other return on investment plan.

There are also opportunities to sponsor the Competition itself. HBN-BIC accepts sponsorship to cover operating expenses. As a Sponsor, you recognize the value of interaction with the bright young entrepreneurs of the future. Several of the companies formed will require financial, consulting, legal and IT services and sponsoring the competition is ideal if your company wishes exposure to new markets. Sponsors can negotiate with the HBN-BIC sponsor liaison to determine their ideal level of involvement. Please contact John Dimitrakakis at John.Dimitrakakis@hbngroup.org.

Investors can be Sponsors and vice versa, but it is important to note that their roles are different. For more information on becoming an Investor and/or Sponsor, please contact the Lead Organizers at HBN-BIC@hbngroup.org.

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For Judges

Judges are made up of a select group of dynamic professionals who dedicate time and skills during the year to evaluating plans and providing feedback. They can be divided into three general groups: venture capitalists and angel investors; successful entrepreneurs and professionals; and academics with expertise in the entrepreneurial process. Judges may have strong ties to HBN, but this is not a requirement.

If you are interested in being a Judge, please send short resume to our Lead Organizers at HBN-BIC@hbngroup.org who will follow up with more information and guidelines.

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For Mentors/Speakers

Mentorship is one of the most critical and rewarding ways to add value to a new venture. As a Mentor, you will have the opportunity to guide young entrepreneurs. You can help a current team through the competition process as well as the beginning stages of forming their company. This experience, which most find to be very fulfilling, will give you the option to get involved with a start-up at an early stage.

You can also impart valuable knowledge by becoming a speaker. We seek seasoned entrepreneurs and investors to speak at our events. If you’d like to share your knowledge as a mentor or speaker, please contact the Lead Organizers at HBN-BIC@hbngroup.org.

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Calendar

HBN Big Idea Competion Events Schedule