ALEXANDRIA LAUNCHLABS® – AGTECH PRIZE 2020
OFFICIAL COMPETITION RULES
Welcome! The following Official Rules govern your participation in the Alexandria LaunchLabs® – AgTech Prize competition 2020 (the “Competition”). By submitting an application or nomination, accepting a nomination, or otherwise participating in the Competition, your company or institution agrees to be bound by these Official Rules and by the decisions of the Sponsor and Competition judges appointed by the Sponsor. The decisions of the Sponsor regarding the interpretation of these Official Rules and the administration of the Competition shall be final in all respects.
SPONSOR
  • The Competition is sponsored by LaunchLabs AgTech NC No.1 Operator, LLC (“Sponsor”) in connection with Alexandria LaunchLabs – AgTech at 5 Laboratory Drive, Research Triangle, NC 27709. For questions regarding the Competition, please email
  • .
ELIGIBILITY
  • No purchase, payment, or entry fee is required to enter the Competition. The Competition is subject to all applicable federal, state, and local laws, rules, and regulations and is void where prohibited.
  • The Competition is open only to early-stage U.S. corporations, LLCs, or similar legal business entities that: (1) were incorporated or duly organized in their state of formation prior to the submission of their application or nomination; (2) pursue a business plan primarily focused on agtech research and development. In addition, to be eligible, your company cannot be a LaunchLabs member as of the time of its nomination. Companies affiliated with Sponsor or that are founded by any officer, director, or employee of Sponsor, are not eligible to enter or win.
ENTRY REQUIREMENTS AND DEADLINES
  • All applications, which consist of the completion of the application to Alexandria LaunchLabs (apply.alexandrialaunchlabs.com), including a non-confidential presentation on the company, must be received by 11:59 pm EST on January 31, 2020. Sponsor’s application system is the official time-keeping device for the Competition. Proof of submission will not be deemed to be proof of receipt by Sponsor. Sponsor reserves the right to extend the deadline for up to 90 days, with 15 days' notice.
  • Additional material may be requested from the applicants after their submission of an application to assist with the selection of finalists. Requests will be made via email to the contact information provided in the initial application. Applicants are required to respond to any such requests within five (5) business days or risk disqualification from the Competition.
  • Sponsor does not guarantee confidential treatment of any application information, pitch decks, or other materials relating to entries, irrespective of whether such materials are marked as proprietary or confidential or with any similar legend. Do NOT submit information that you consider to be confidential or proprietary. All submitted entry materials become Sponsor’s property and none will be returned.
SELECTION OF FINALISTS AND WINNERS
  • A maximum of fifteen (15) finalists will be selected by Sponsor or judges appointed by Sponsor from the applicant pool. The finalists will be notified of their selection within forty-five (45) days of the submission deadline. The finalists will be selected based on evaluation of the submitted material according to the following criteria:
    • Quality of science (20%) – Is the science on which the company bases its product or service model groundbreaking, innovative, and compelling?
    • Quality of leadership team (20%) – Does the company’s founder and management team have the demonstrated experience, knowledge, expertise, and motivation to succeed?
    • Quality of business plan, market need, and communication style (20%) – How realistic are the company’s experimental, development, and fundraising plans? Has the company demonstrated a strong demand for its product or service model in a well-defined target market? Does the company present itself in a clear and compelling manner?
    • Financial need and impact of prize (20%) – Has the company demonstrated a financial need for the prize, and would the award of the prize to the company be likely to strongly impact its trajectory?
    • Impact on Research Triangle agtech community (20%) – Does the company expect to make a positive impact on the overall agtech ecosystem in the greater Research Triangle region?
  • As a condition of advancing in the Competition, each finalist company must cause its founder, CEO, or a comparable officer to attend and participate in a pitch presentation event on or about April 23, 2020 at LaunchLabs – AgTech (the “Pitch Event”) by delivering a presentation on the company and its business plan and answering related questions from the Competition judges. Each company’s presentation and answers at the Pitch Event will be evaluated by the Competition judges selected by Sponsor using the same criteria applied in the selection of finalists. Presentations will occur in a non-confidential setting and should not contain any proprietary or confidential information. Finalists traveling from outside the Research Triangle region will be provided a $2,000 travel stipend.
  • One (1) winner will be determined and announced by the Competition judges at the conclusion of the Pitch Event.
  • Sponsor reserves the right to change the date and or location of the Pitch Event with prior notice to the finalists. Failure of a finalist to participate in the Pitch Event will result in that finalist’s disqualification and the forfeiture of all interest in prizes.
PRIZES
  • One (1) Competition winner will be selected from among the companies competing. The winner will receive a prize package consisting of a $75,000 cash grant to be used exclusively to defray research and development or other costs directly related to the advancement of the winner’s business plan presented in the Competition. The winner will also receive a free one-year license of space at Alexandria LaunchLabs – AgTech, located in Research Triangle Park, North Carolina. The free LaunchLabs space license component of the prize package is limited to a maximum of one (1) workstation, one (1) laboratory bench, and two (2) memberships, all for one (1) year, with a total approximate value of $25,000. The award of the prize package, including the cash grant component of the prize package, is expressly conditioned on winner’s execution of a standard LaunchLabs license and managed services agreement. Sponsor does not guarantee the availability of additional LaunchLabs space for winners and should they desire additional space, such space shall be provided, if available, on ordinary commercial terms.
  • The prize and components of the prize package are nontransferable, and no cash or other substitutions are permissible, except that all prizes are subject to availability, and Sponsor reserves the right to substitute the prize or any prize component with a prize or component of equal monetary value.
  • As a condition of receiving the prize package, the winner must execute an affidavit of eligibility, a liability release and an agreement in a form prepared by sponsor restricting the winner’s use of prize funds to the purposes specified in these Official Rules. Winner must also provide its valid tax identification number and any other information reasonably requested by Sponsor for tax-reporting purposes. As a condition of accepting the prize package, winner must also execute Sponsor’s standard LaunchLabs license and managed services agreement and the winner’s use of the space license prize component will be subject to such agreements and to all Sponsor policies applicable to paying LaunchLabs members. The winner must select a desired move-in date that falls within 12 months of the winner’s selection (and complete all necessary agreements within this time period) or the winner will be disqualified and forfeit all interest in the prize package.
  • Winner is solely responsible for all taxes on prizes and for all costs and expenses relating to its acceptance or use of the prizes.
  • The prize package offered has a total approximate value of $100,000. All prize values are stated in U.S. dollars.
  • Sponsor reserves the right to verify the winner’s eligibility and compliance with these Official Rules prior to awarding any prize. Subject to the foregoing, Sponsor expects to fulfill the prize packages within one hundred eighty (180) days of the winner's selection, subject to the winner’s designation of a desired move-in date. For the name of the winner, send your request to Sponsor using either of the contact addresses above after April 23, 2020.
OTHER IMPORTANT TERMS
  • Sponsor reserves the right to modify the terms of the Competition and update these Official Rules at any time. Sponsor’s failure to enforce any term of these Official Rules shall not constitute a waiver of that or any other provision.
  • By participating in the Competition, your company agrees to release the Competition judges, Sponsor, its affiliated companies (including, without limitation, Alexandria Real Estate Equities, Inc.), and all of its and their respective officers, directors, employees, agents, representatives, and contractors (collectively, the “Competition Parties”) from all claims, liabilities, damages, costs, losses, or expenses whatsoever arising out of the Competition, the award or failure to award any prize, the disclosure of any entry-related information, the use or misuse of any prize, or participation in any Competition-related event or activity. Without limiting the foregoing release, under no circumstances will the Competition Parties be liable for: any (i) incorrect or inaccurate entry information; (ii) theft, tampering, destruction, disclosure, or alteration of entries or related information; (iii) malfunction of any computer, telephone, network, satellite, hardware, software, or communications line; (iv) unauthorized human intervention; (v) damage to any person’s computer or mobile device; (vi) errors in these Official Rules, Winner notifications, or other announcements or communications relating to the Competition, or (vii) the acts or omissions of any participant in the Competition.
  • All issues and questions concerning the construction, validity, interpretation, and enforceability of these Official Rules shall be governed by, and construed in accordance with, the laws of the State of North Carolina without giving effect to any choice of law or conflict of law rules.
GOOD LUCK!