The West Virginia Innovation and Business Model (WVIBMC) eligibility guidelines mirror those of Business Model Competition Global established and operated by Brigham Young University. The BMC Global eligibility guidelines can be found here. The WVIBMC guidelines are subject to change if the BMC Global eligibility guidelines are adjusted.
Team Composition
- Teams can consist of 1-5 students
- All students on the team must attend the same college/university
- Students must be enrolled at least part-time (undergraduate or graduate) at an accredited college or university in West Virginia
Ownership and Control
- If the company has allocated equity, team members must collectively own 20% or more of it.
- The student team must control a minimum of 51% of the venture’s voting rights.
- Ownership and Control
Revenue
- Minimal revenues gained in the process of validation are allowable for the competition.
- Excessive revenues will be evaluated on a case-by-case basis by the WVIBMC organizers.
Investment
- No more than $100,000 will be allowed from friends and family, debt, accelerators, and/or equity investments.
Type of Venture
- Ventures CANNOT be a(n):
- Buyout
- Expansion of an existing company
- Real estate syndication
- Tax shelter
- Franchise
- Licensing agreement for distribution in a different geographical area
- Spin-out from an existing corporation