Virginia Law and Business Review

Update 7 (11/28/2009)

Congratulations to the winners of the U.Va. Law ECC: Brian Coppola and Clinton Dockery. Click here for an article on their winning concept.

You can find an article on the competition here.

Update 6 (11/11/2009)

We are pleased to announce that the following industry experts will comprise the judge panel for tomorrow's ECC Finals. We are very grateful for their participation.

Charles (Chuck) Cory

Brian Kannry

Richard Morrow

Update 5 (11/5/2009)

Please join us for the U.Va. Law ECC Finals on Thursday, November 12, from 4-6pm in Caplin Pavilion. A cocktail reception will follow.

Congratulations to the 2009 ECC Finalists:
   Aaron Pacini
   Christopher Dass and Leigh Phillips
   Brian Coppola and Clinton Dockery
   Christopher Siebens and Tim Nguyen
   Sarah Wu

Update 4 (10/21/2009)

To address concerns about Novelty: In general, a winning idea does not have to be and often will not be "novel." For example, one Darden finalists' concept last year involved how to better format and target a new market for karaoke lounges. If someone beat you to your idea, reserve room in your "Market Opportunity" section to discuss issues such as why there is still plenty of opportunity in the market, how your approach to the problem or the customer is unique or better than those currently in practice, why your management team is unique or better than your competition's, etc.

Update 3 (10/19/2009)

IMPORTANT: Planning to submit a proposal? Please email Sarah Wu ASAP (and no later than Thursday, 10/22 by 5:00 PM) to let us know. We'll still accept your proposal if you miss this step, but we'd greatly appreciate receiving your notification. Thanks.

Update 2 (10/13/2009)

Judging Guidelines: Click here to see the 2009 U.Va. Cup Judging Guidelines. U.Va. Law ECC judges may also incorporate other considerations into their decisions at their discretion.

Example ECC proposal: Click here to see an example concept proposal. This proposal won third 3rd place at the Darden ECC in 2008, when gasoline prices approached $4/gallon in some parts of the country. The author has approved our use of it. You should not necessarily rely on this document for formatting guidance. It does not supplant the requirements and guidance stated on this site. But it may provide a useful indication of the subject matter, writing style, and level of detail that a good concept proposal would employ.

E*Society: Law students interested in connecting with students from other schools for team coordination may register on the E*Society website and search the members' school information and interests. If you need coordination ideas or help, contact Darden student Matt Gunther.

Resumes: You may append your resume(s) to your submission, but doing so is optional. The 1st place winner of the U.Va. Law ECC will be required to submit a resume for each member to the university-wide U.Va. Cup judge panel. Resumes do not count toward proposal length restrictions, but should be succinct. You should still include required contact information on your proposal if you append any resumes to your submission.

Intellectual Property: Historically, very few ECC proposals have involved patentable information, because of the narrow legal requirements for patent protection and the high-level nature of concept proposals. This is expected. If you believe your concept is indeed eligible for patent protection, you should be careful. Disclosures at the judging competition could place your concept in the public domain, barring it from protection. The simplest course of action to avoid this outcome is to omit sensitive information from your written proposal and presentation and to flag that you are doing so. Occasionally, presenters have filed provisional patents for a modicum of protection. You are welcome to explore this option, but you should of course contact an attorney for help. Subject to this site's Disclaimer, in no way does information on this site constitute legal advice. Regarding unprotected information in your proposal or presentation, remember that "execution is everything" and that building a successful business is hard. While concept disclosures during presentations are publicly made and are otherwise not guaranteed protection, a world of effort stands between an overheard idea and a business reality. Finally, remember that concept documents will not be published or distributed except as described herein.

Update 1 (10/11/2009)

Click here for a recap of the October 8 information session.

The Virginia Law & Business Review is proud to announce the first ever U.Va. Law Entrepreneurial Concept Competition (ECC), an event sponsored in conjunction with the Law & Business Program at the University of Virginia School of Law. The ECC is a preliminary event for a cross-university competition called the U.Va. Cup. Its primary purpose is to encourage the development of new ventures, either for profit or social benefit, by members of the U.Va. community. ECC participants will have a unique experience and a great story for interviews. Finalists will enjoy a strong resume credential and networking opportunities with high-profile investors and entrepreneurs. Winners will receive substantial cash prizes and a chance at taking home the U.Va. Cup.

Who may enter?
Current U.Va. Law students are invited to enter the ECC as individuals or in small teams. Teams may also include current U.Va. students in other programs or U.Va. Law alumni, but each team must include at least one current U.Va. Law student. U.Va. Law joint degree candidates meet this requirement.

How does it work?
Entrants will prepare a two-page proposal of a for-profit or not-for-profit business concept, explaining the proposed product or service, its value proposition, the market opportunity, and the management team. A group of faculty members will select fewer than eight finalists. Finalists will present their proposals to a panel of industry experts, and the top three finalists will win cash prizes. The overall winner will go on to compete against winners from other U.Va. schools at a cross-university competition called the U.Va. Cup.

First Place: $3,000 and MUST COMPETE in the U.Va. Cup

Second Place: $1,500

Third Place: $500

U.Va. Cup participants will compete for $10,000+ in cash prizes.

Information session: October 8, 2009, 5pm, Law School room WB 102.

ECC Submission Deadline: October 26, 5pm

ECC Finalists Announced: October 30

ECC Finals: November 12, 4pm-6pm in the Caplin Pavilion, followed by cocktails**

U.Va. Cup: November 20, 1pm-4pm at the McIntire School of Commerce
* Check www.virginialawbusrev.org regularly for updates and announcements.
** All entrants and friends are invited to attend a cocktail reception following the Finals.

What are the submission requirements and guidelines?
ECC entrants must submit a written proposal that incorporates the guidelines below. Concepts are evaluated on their viability in the current marketplace and social environment. Subject matter certainly need not be "legal industry-specific." Anything goes. Submissions should be in the format of an executive summary, consisting of a maximum of two pages of text, single or double-spaced, and two exhibits, using one-inch margins. Please use 12-point Times New Roman font for the body of your submission. To submit your proposal, email your document(s) to Sarah Wu (sw2wr@virginia.edu) and place two hard copies in the manila envelope outside the VLBR office (SL267).

Write a short paragraph describing your concept.

Start with a one-sentence description of the underlying idea.

Determine the customer/market.

Decide how the business will generate revenue or the non-profit will be sustainable.

State what makes the concept unique.

Determine the "pain" or problem that the concept addresses.

Explain the solution the concept provides.

Discuss why these product/service benefits are real and valuable to customers.

Calculate the total revenues for the target market, where feasible. This can be expressed in terms of total revenues or total expenditures by customers, or in terms of total customers multiplied by the average amount spent per customer annually.

Discuss your current or anticipated competition. Specific market forecasts are not required.

Describe the attributes of the product or service.

Explain how the product will be produced or how the service will be performed.

Determine how much or what types of resources would be generally required.

Specific market and financial forecasts are not required or expected, although participants should have a basic idea of the level of financing they would need to start the venture.

Who are members of the team?

What are their backgrounds?

What are their intended roles within this proposal?

Name of Team Captain/Individual, Address, Telephone Number, E-mail Address

Disclaimer
The ECC at U.Va. Law will be open-session. Information deemed highly proprietary or sensitive should not be included or disclosed in either submissions or presentations. Concept documents will not be published or distributed except as described above. Participation in, submissions for, and information disclosures for the competition are wholly voluntary. Participants should note that they alone control the content of their disclosures. The Law School, Darden School, Batten Institute, and the University of Virginia assume no responsibility whatsoever for accidental or third-party breaches of confidentiality.