VIETCHALLENGE REGULATIONS 2021
“VietChallenge” in these Rules and Regulations means the Organizing Committee of the VietChallenge 2021 Competition, which is hosted by VietChallenge, Inc., a Massachusetts non-profit corporation.
1. Screening Round
Any team competing in the VietChallenge competition (“competition team” or “team”) must have at least two members throughout the whole duration of the competition.
Each competing team must have at least one member of Vietnamese citizen or of Vietnamese descent, or have a prepared plan to expand its business to Vietnam.
Except otherwise provided by VietChallenge, all team members must be at least 18 years of age.
The competition is open to applications in all industries.
There is no limit to the number of applications a team can submit.
1.2. Entry Materials:
1.2.1. Mandatory Materials:
Each competing team must create and submit an online entry form via vietchalenge.org and submit the following materials:
Submit a pitch deck in the form of a slide presentation file. The pitch deck shall address all of the following questions:
What market does your team address?
What is the problem in that market?
How big is the market?
How does your team address the problem? What is your business model? How will the business make money?
Why is your solution better than the existing methods?
Have you built a prototype, run a pilot or acquired customers?
Your team profile (relevant expertise): Please list the names and roles of all co-founders in your team and give brief details about each co-founder's relevant experience and education.
Submit a one-to-three-minute video pitching the team’s business idea, and
Fill out the application form requested by VietChallenge.
1.2.2. Optional Materials:
Competing teams may submit other documents and materials in support of their application. However, VietChallenge reserves the right to disregard any material deemed irrelevant to the business plan proposed.
1.2.3. Unless otherwise agreed with entrants:
VietChallenge has the right to publish and distribute competing team’s Entry Materials, Mandatory Materials, and Optional Materials, including for purposes of promoting the competition or showcasing its participants to VietChallenge’s investors and the public, as well as training purposes, including featuring these materials on the investment platform jong.ventures. If a team does not want VietChallenge to publish and/or distribute its Entry Materials in any manner, it shall inform VietChallenge of its request via our email at firstname.lastname@example.org. VietChallenge retains the right to approve or reject such request.
1.2.4. All materials have to be in English.
Teams and members of teams that won the first places in past VietChallenge competitions are not eligible to apply. Other past finalists are eligible to compete in the Vietchallenge 2021 with projects that are different from the projects submitted for the competition the year they were finalists.
1.4. Conflicts of Interest:
Volunteers, judges, mentors, and Members of the Organizing Committee of VietChallenge 2021 and Direct Relatives of the Members of the Organizing Committee MAY NOT apply. Direct Relatives means spouses, parents, children, and siblings whether by blood, adoption, or marriage. The list of the Members of the Organizing Committee, as may be updated from time to time, can be found at www.vietchallenge.org/our-team
VietChallenge 2021 Screening Round begins accepting applications at 00:01 a.m. U.S. Eastern Standard Time (EST) on June 1, 2021. The application deadline is 11:59 p.m. U.S. Eastern Standard Time (EST) on September 15, 2021. No late submission shall be accepted and VietChallenge only accepts applications that meet all the requirements from the above sections 1.1 to 1.4.
Interviews for Screening Round will start on September 20, 2021.
The result of the Screening Round will be announced on October 15, 2021. VietChallenge will select 8 teams to advance to the Final Round.
The Final Round of VietChallenge will be on December 4, 2021.
If there is any change to any of the date listed in this Regulation due to unforeseen circumstances, VietChallenge reserves the right to make necessary and will provide notices to participating teams in advance.
1.6. Mentorship Program
VietChallenge will provide an opportunity for all the teams entering final round to participate in the Final Round Mentorship Program. Through the mentorship program, competing teams receive feedback and recommendation from experienced business mentors to improve their business ideas and plans. Each team’s progression throughout the mentorship program is also a factor that maybe considered by judges in the overall assessment of the entrepreneurship projects.
Details of the mentorship programs will be updated before the result announcement of the respective rounds.
2. Online Final Round
2.1 The Final Round will be held online.
2.2 Specific details and requirements of the Final Round will be updated and amended from time to time.
2.3 VietChallenge reserves the rights to adjust the details of the Final Round at all time, including the rights to postpone the event indefinitely for any reason.
3. Obligations of the Finalists
3.1. Finalists to the Vietnam Final Round are required to attend all events in VietChallenge 2021 Final Round, including the Virtual Investor Day. Details of these events are to be distributed later by Vietchallenge.
3.2. All teams must have at least one member representing the team at the Final Round. We do not allow remote pitching unless in exceptional circumstances, which shall be decided by VietChallenge Committee on a case-by-case basis.
3.3. Priority Investors are investors whose contribution are essential to the success of VietChallenge. A complete list of Priority Investors shall be published on its website before the date of the Final Round. Right of First Refusal: Within a year from the date of VietChallenge Final Round, i.e., December 2, 2022, VietChallenge’s Priority Investors have the right of first refusal in participating in any fundraising round of a finalist. This means that if a finalist plans to raise funds for its project competed at VietChallenge, whether in the form of issuing ownership interests in exchange for funds or otherwise, it shall submit its proposal to all VietChallenge’s Priority Investors first with the same terms and conditions it would offer a third party at the time. Each Priority Investor shall have 30 days to respond to a proposal (“Response Period”). If all Priority Investors express that they are not interested in the proposal, or fail to respond within the Response Period, the team has the right to proceed to raise funding from third parties. If a Priority Investor is interested in the proposal, the team is obligated to negotiate with the interested Priority Investor and shall agree to sell at least 2% of their equity interest for an investment amount of $25,000 and shall proceed to negotiate with a third party only upon failure to reach an preliminary agreement with the interested Investor within 60 days from the date of negotiation.
3.4. Each finalist is required to give back to VietChallenge at a minimum of 1% of every $100,000 a finalist is able to raise for funding their project after the competition. This amount of money shall be used by VietChallenge to support aspiring Vietnamese entrepreneurs in future VietChallenge competitions.
3.5. The finalists are required to undergo the due diligence process on an investment platform appointed by VietChallenge.
4. Awards and Stipends
4.1. The winner of VietChallenge 2021 Final Round will receive a cash prize of US$15,000.
4.2. The net value of each cash prize, after deducting all applicable taxes and fees under applicable laws, shall be made via check or bank transfer to each team within 1 (one) year from the date of the Final Round. Each contestant is obligated to provide in full proper documentation, at VietChallenge’s request, for the transfer and payment of these prizes as required by law.
4.3. The finalists of VietChallenge 2021 will be introduced to Republic.co, a US securities crowdfunding platform, and upon satisfaction of due diligence requirements and other conditions of Republic.co, may have an opportunity to be featured and raise funds on Republic.co.
5. Intellectual Property
VietChallenge takes no part in and has no liability for the domestic or international intellectual property rights of competition participants.
Participants are responsible for their own intellectual property.
Participants must keep confidential information confidential.
Except that competing teams will grant all rights and title of photographic and electronic reproduction of the team’s projects pitching within the context of the competition to VietChallenge.
VietChallenge reserves the right to disqualify participants who engage in immoral activities, including lying and cheating, or any activity that may harm or adversely affect the image of VietChallenge or other participants.
All work and submissions of each entrant must be original to the entrant/team.
8. Compliance & Disqualification
All participants must comply with the rules. Any violation of the rules will disqualify a competing team from the competition, and result in forfeiture of any awards awarded to the team.
9. Updates and Amendment
VietChallenge may update the competition rules throughout the competition. All updates will be posted on the VietChallenge website at www.vietchallenge.org/regulations from time to time. These Rules include by incorporation any material posted on the VietChallenge website; in the case of conflict, the Competition Rules & Regulations supersede any other materials.
In light of the ongoing global pandemic in 2021, it is possible that the regulation will be significantly amended in accordance with the development of the situation. VietChallenge will issue prompt notice in case any changes is to be made. However, it is well advised that all competing teams regularly visit VietChallenge’s website to be informed of the most current updates.
10. Governing Law
These Rules and Regulations shall be governed by the laws of Massachusetts. Any dispute between VietChallenge and a participant shall be resolved amicably by both parties. Each party has the right to submit the dispute to a competent court of Massachusetts only in case both parties have failed to amicably reach an agreement to resolve the dispute within 180 days from the date of the dispute.