GRANTS REGULATION
OF STARTUP FORUM
OF INTERNATIONAL BUSINESS ACADEMY
EDUCATIONAL CONSORTIUM
&
International Education Network
MINIBOSS & BIGBOSS BUSINESS SCHOOLS
STARTUP FORUM (or SOCIALLY RESPONSIBLE BUSINESS FORUM) – is a mandatory part of MINIBOSS & BIGBOSS BUSINESS SCHOOLS educational methodology, in which students’ teams present IDEAS of their projects (Idea Stage), and well-known entrepreneurs of the region listen to these ideas and give grants to those, which they see fit.
GOAL OF THE FORUM: to support the young entrepreneurs’ initiatives by awarding them grants for their startups on the part of well-known entrepreneurs of the region (business mentoring).
MISSION OF THE FORUM: development of national and world economic and people’s quality of life through the development of the entrepreneurship.
ORGANIZERS OF STARTUP FORUM are an international public organization «European Association of Business Development» (EABD) – an international platform for the cooperation of the entrepreneurs from all around the world for the good of development of the entrepreneurship idea and practice in collaboration with International Education Network MINIBOSS & BIGBOSS BUSINESS SCHOOLS; INTERNATIONAL BUSINESS ACADEMY (IBA) EDUCATIONAL CONSORTIUM and International Network MINIBOSS & BIGBOSS BUSINESS SCHOOLS (United Kingdom)
JURY MEMBER OF THE FORUM can be entrepreneurs – members of the GLOBAL BUSINESS COUNCIL, who are registered as associated, actual or Honored members of EABD (registration through business recommendation and signing the application form at regional representatives of EABD, website www.eabd.org ).
Jury Member and a member of GLOBAL BUSINESS COUNCIL by European Association of Business Development can be an entrepreneur, top manager on behalf of the company, representative of the State establishment, as well as representative of scientific, cultural and sport field, who has an active social position and tend to bring positive changes to the development of his country and region.
The task of the BUSINESS Council is to create an objective environment for the "investments in startups" market
Grants are non-refundable investments in the project for project purpose. If the project goal is not achieved (students have not made the project for various reasons) after the set period (until the end of the second semester), the amount of this grant will be returned to entrepreneurs/ or goes to the Business School Foundation for the next Startup Forums (as agreed).
Business Angels are a private venture capitalist that provides financial and expert support to companies at an early stage of development. Business Angels are the main source of external financing for new companies with potential for rapid growth. They help startups overcome a stage where the resources required for development exceed those of the founders, but are not large enough to interest the investment fund. Business angels invest in companies directly and operate with their own capital. An angel can invest not only in a ready-made project, but also in an idea that is impossible for an institutional investor.
Investments are a placement of capital for the purpose of receiving profit by investors. Investments are an integral part of modern economy. Investments differ from loans by the degree of risk for the investor (lender) - credit and interest must be returned within the specified period regardless of the profitability of the project, investments (invested capital) are returned and bring income only in profitable projects. If the project is unprofitable, an investment can be lost completely or partially.
Investor is a person or organization (including a commercial company, government, etc.) that places capital for the purpose of further profit (makes investments). The capital placed by the investor may be his own or borrowed capital. If a project turns out to be unprofitable, the capital will be lost in whole or in part.
Team - one student or group of students of the International Education Network MINIBOSS & BIGBOSS BUSINESS SCHOOLS, who has applied for participation in the Startup Forum and is applying for a grant or investment.
A participant of Startup Forum is the team that represents the project at Startup Forum. Each student has the right to participate in one or more teams and represents one or more projects. Each team has the right to receive an investment or grant for the implementation of the declared project on the terms of targeted use of financial resources provided by investors or business angels.
Targeted use of financial resources provided by investors or business angels is the ability to use the allocated funds exclusively for the implementation of the declared and provided project.
The use of grants and investments is monitored by team supervisors (teachers).
Authorized organizations are legal entities that administer branches of the International Education Network MINIBOSS & BIGBOSS BUSINESS SCHOOLS, namely - legal entities - Franchisees.
PROCEDURE FOR PROVIDING FUNDS BY BUSINESS ANGELS and INVESTORS OF STARTUP FORUM:
1. All investors must register with the Organizing Committee of Startup Forum and provide contact information - telephone number and E-mail.
2. Payment of grants by investors and business angels is made on the basis of invoices issued by authorized organizations.
3. Payment of grants or investments by investors can be made to the account of the authorized organization in total or separately for each team (project).
4. The amount of grants and investments is based on the results of filling out a TEAMS’ EVALUATION FORM by a jury member during Startup Forum.
5. Each grant or investment is posted to the sub-accounts of the team members, opened by authorized organizations.
PROCEDURE FOR RECEIVING GRANTS AND INVESTMENTS BY STARTUP FORUM PARTICIPANTS:
1. All participants must submit an Application for participation in Startup Forum.
2. Access to the received financial resources by the team that participated in Startup Forum is carried out on the basis of Applications for payment and an invoice attached to it as part of the implementation of the financial plan of a project.
3. After announcement of results of Startup Forum, each team will appoint a person responsible for submitting Applications for payment.
4. Each team that participated in Startup Forum can independently open a bank account and submit an Application for transferring funds to it. In this case, a team provides reporting to the curators of their project - teachers.
THE RESULTS OF STARTUP FORUM are freely available on the official website of Startup Forum in the TEAM SPEECHES section: startup.forum-expo.org