Below are answers to some of the questions we have received. Feel free to submit your own questions via email at IdeaStateU@ky.gov. We will attempt to answer all appropriate questions and post the questions and answers here to ensure that everyone has the same information.

QUESTION: (ADDED March 3, 2008) May international students, either as a team by themselves or as members of a team having U.S. citizens, participate in the Idea State U Business Concept/Business Plan Competition?
ANSWER: Non-U.S. citizens may participate in the statewide competition under the condition that any team that includes a non-U.S. citizen also includes at least one U.S. citizen student (preferably a Kentucky resident). This requirement will: (1) avoid the potential question of why state tax dollars were awarded to a team comprised only of non-citizens, and (2) help facilitate student relationships that could develop entrepreneurial ventures having reason to be based in Kentucky and having reason and expertise to operate internationally sooner rather than later.

QUESTION: Will private colleges be allowed to participate in the state competition?
ANSWER: Due to the use of public funding for the prizes, we are not including private schools in the initial statewide competition. It may be that for future competitions, if private sponsorships are sought and obtained, private colleges could then be included.

QUESTION: Given that some of the universities do not have established business plan competitions and are starting from scratch, what expectations are there for those universities in terms of developing their own new competitions?
ANSWER: The state competition is intended for team(s) from each university that are determined to be the best from that university. No expectation exists that all universities will have the time, personnel and/or resources to develop and hold an elaborate, formal competition prior to selecting their representative teams for the state competition. As long as each team officially representing a university meets the requirements stated in the rules, the selection process by the university may be as formal or informal as desired.

QUESTION: Must a university send a team to compete in each of the four tracks in the competition?
ANSWER: No, a university may participate with only one team or may have up to four teams. However, each university may only send one team per track (e.g., the undergraduate-level business concept track).

QUESTION: Would a student be eligible to participate if he/she graduated in December 2007?
ANSWER: Yes, since the “school year” was defined as including the Summer 2007 semester through the Spring 2008 semester.

QUESTION: Will business CONCEPT entries lose points if they include some financials?
ANSWER: A business concept entry would not lose points for including “some” financials, but the Competition Committee would reserve the right to move a concept competition entry “up” into the business plan competition category if it substantially exceeded the requirements for a business concept. The intent is to protect the integrity of the concept competition by preventing a team with a more fully developed entry from deciding at some point that their chances are better at winning as a concept than as a plan. A final decision, if necessary, would be made by the Competition Committee on a case-by-case basis.