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Frequently Asked Questions This is a list of questions frequently asked about the PESO Challenge Entrepreneurship Competition. If you have a question about the Competition that is not covered here, please send email to peso-info@mit.edu . Am I eligible to participate in the PESO Challenge?All teams with at least one student at all the undergraduate or graduate level of education and from any school in the Philippines are eligible to enter. All teams are encouraged to seek the involvement of faculty members, professionals, and researchers. Can I get a copy of the business plans?We consider the business plans (and executive summaries) to be the confidential property of the entrant teams, and therefore do not provide copies of the plans. We provide only a brief "public summary" of each entry on the PESO web site. We encourage you to contact the teams directly to discuss receiving copies of the plans. How big can my team be?Teams must be a minimum of 3 persons and maximum of 5 with at least one student member. PESO believes in the strength of teamwork and diversity, so the team must also have one technology member and one business/management member.. Can I be on more than one team?This is not allowed in the current PESO Challenge. How does judging work?For picking PESO Challenge semifinalists and finalists, there are three phases to each judging round. 1) Plans (or summaries) are broken into groups. Each group is read and rated by (typically) four judges individually, before the actual judging day. 2) On judging day, each group of four judges selects a subset of plans to advocate in the last phase. 3) All judges come together and select the winners or the plans that advance to the next stage in the Competition, as appropriate. How is the prize money distributed?The prize money is distributed the week after the finals. 90 % should be invested in pursuing the project. What are the steps of the Competition?The PESO Challenge begins in September. Teams submit executive summaries on September 19, and these summaries are then screened to determine the participants who will be invited to proceed with business plan writing. These semifinalists submit full business plans on November 2. During this business plan writing period, they attend the participant enrichment workshop series, which will aid them in writing up their business plans.
Finalists are selected 2 weeks after full business plan submission. These finalists are given a chance to improve on their business plans, and also to attend an elevator pitch training session on Nov. 26.
Finalists' improved business plans are evaluated and presented orally to the judges in an executive session on Friday, December 2, 2005; judges select the winners based on this one-day session with them.
Winners are announced at the final awards public ceremony in December 3rd. This final day will also give the finalists a chance to deliver their 2-minute elevator pitch. Who are the judges?The judges are a panel of professionals who dedicate many hours during the year to assessing business proposals and providing feedback. They can be segmented into three general categories: venture capitalists and angel investors; successful entrepreneurs; and professional services providers working in the business community. How can I help in the Competition?The Competition organizing team is broken into a number of areas: judging; events; communications; sponsor relations; and alumni / mentor relations. Each of these areas has a person in charge. Send email to peso-info@mit.edu with the name of the group(s) you are interested in helping. What do the judges look for in a plan?The judges look at many different issues when evaluating executive summaries and business plans, including:
Where can I find other resources to help me in writing a business plan?
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