These numo Fintech Challenge Terms & Conditions (“Terms and Conditions”) constitute a legally binding contract between you (“You” or “Your”) and numo llc (“numo”) and applies to Your participation in the numo Fintech Challenge scheduled to commence on [date] (the “Challenge”). In consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, You and numo hereby agree as follows:
By entering the Challenge, You agree to all of the Terms and Conditions set forth herein.
The Challenge is a competition between teams of students at University of Chicago
- A team is composed of one (1) to five (5) people with at least one (1) of those being a current undergraduate or graduate (Master's and Ph.D. candidates) student at University of Chicago..*
- A participant may be a member of only one (1) team.
- Teams must select one member to serve as the Team Captain ("Captain"). numo will direct important correspondence to the team captain.
* The final determination as to Your eligibility to participate in the Challenge shall be in numo’s sole discretion.
Registration is a two part process.
- Part 1: One individual (presumably the Captain) will register the team name and the email addresses of all team participants.
- Part 2: Each participant submitted in Part 1 will receive an email with a link to the Team Member Registration Form.
Each participant is required to complete the Team Member Registration Form. The form asks for the following information:
- University of Chicago ID (UC ID) (if a student)
- Full Name
- Current Address
- Phone Number
- University of Chicago School (if a student)
- Academic Level (undergraduate, graduate, master's or Ph.D.)
- Degree / Program
- Graduation Date
- Acceptance of these Terms and Conditions
- Registration opens on November 10th, 2017 at 8:00 AM CDT
- Both the Team Registration and Team Member Registration forms must be completed by December 21st, 2017 at 11:59:59 PM CDT ("Team Registration Deadline").
- Team composition may not be changed once the Team Registration Deadline has passed (see "Registration" section).
- numo is looking for new ideas in Fintech where "Fintech" is defined as "Computer programs and other technology used to support or enable banking and financial services".
- The Challenge website describes multiple areas of focus in Fintech, however submissions are not restricted to these specific areas. These areas of focus are illustrative. Teams are free to submit ideas in any area that would be considered "Fintech".
Teams must complete a standardized business plan covering the following topics/sections:
- Business description,
- Problem this business is addressing,
- Initial target customer segment,
- Potential market size (if available),
- Competing or substitutable products (if available), and
- Why this is the right team to launch this business.
- Additionally, teams will have flexibility to upload PPT presentations, videos, or other short materials they feel may augment the explanation of their ideas.
The Round 1 Submission form accepts
- Up to 3 files in PDF format (max size is 1GB per file) – one of which must be the numo FinTech Challenge Business Plan.
- Up to 2 URLs (e.g., link to video at Vimeo/YouTube, Dropbox link, Prezi link, etc)
- Text field for notes to explain submission
- A link to the Round 1 Submission form will be sent to the Captain after the Team Registration Deadline has passed.
- Idea submission opens on December 22, 2017 at Noon CDT.
- The Round 1 Submission form must be completed by 11:59:59 PM CDT on January 2, 2018 ("Round 1 Submission Deadline").
- Multiple Round 1 Submissions are accepted during this period. Only the latest submission will be considered.
- numo will not be held responsible for any missing or late submissions.
numo and the Polsky Center for Entrepreneurship and Innovation will evaluate Round 1 Submissions after the Round 1 Submission Deadline has passed. Evaluation is based on the following criteria:
- The novelty and creativity of the idea
- The technical sophistication of the idea
- The business merit of the idea
- The top teams, as determined by numo, will advance to Round 2.
- The number of teams that advance to Round 2 is subject to the discretion of numo and the quality of the ideas.
- numo will notify team captains whether their teams are proceeding to Round 2 on the morning of January 5, 2018.
- numo may provide feedback or questions from the Round 1 Judging with the expectation that teams advancing to Round 2 will address these items during their presentation in Round 2.
- Decisions by the judges are binding and final in all respects.
- Teams advancing to Round 2 will be asked to give in-person presentations on January 25th, 2018.
- Teams will be given up to 10 minutes to present their ideas, with time at the end for questions
Round 2 judging will be based upon the same criteria as Round 1 as well as
- The teams ability to present ideas clearly
- How well the team addressed Round 1 questions and feedback
- The teams responses during the Q&A session
- numo and University of Chicago judges will select a winning team and a runner up(s)
- numo reserves the right to not select winning teams if it feels that ideas do not meet the criteria.
- Announcement of the winning teams will be made the at conclusion of the numo FinTech Challenge Finals pitch event the week of January 22 but are not final until official notification is made by email from numo.
- Decision by the judges are binding and final in all respects.
- Teams do not transfer ownership of their submissions to numo. By submitting an idea, each student jointly and severally warrants that the student team owns the intellectual property embodied in the submission. If the team is not the owner of all of the intellectual property embodied in their submission, the team represents and warrants that it has obtained the consent of the owner(s) to use the such intellectual property embodied in their submissions in the manner set out in these Terms and Conditions without any payment.
You acknowledge, accept and agree that:
- numo may have been and / or may already be developing or licensing (whether independently and with third parties) products and/or services with functionalities similar to those described in a submission and You will not have any claim against numo or be entitled to any compensation as a result of numo’s use of similar or identical material;
- nothing in the Challenge will restrict numo’s independent development or purchase of competing products and/or services or give You or a team any rights with respect to such products and/or services; and
- numo is not obliged or required to disclose any information about any of the abovementioned products and/or services to any team, and each team shall have no right to demand or request for numo to make any such disclosure.
- You also accept and agree that numo has no obligation, either express or implied, to develop an idea unless otherwise agreed in a formal written agreement between numo and teams upon the conclusion of the numo Fintech Challenge.
- You agree that numo is not responsible for any unauthorized use of Your submission
- The 1st place prize is $10,000.
- The 2nd place prize is $5,000.
- The 3rd place prize is $1,000.
- The winning teams will share their prize equally among the members of the team.
- Each student on the winning teams must pass an Office of Foreign Assets Control (OFAC) screening in order to receive their share of the cash prize. If a student does not pass the OFAC screening they shall not receive a prize and the prize money will instead be shared equally among the members of the team who do pass the screening.
- Each team and/or student will be wholly responsible for all federal, state, and/or local income and other taxes, if any.
- In addition to the cash prize, members of the winning team will be guaranteed an interview with numo for either an internship or full-time position depending on each person's academic level; provided, however, that winning a prize does not guarantee You an internship or future employment with numo.
- numo reserves the right to substitute prizes for any reason or to award no prizes at all.
- You are responsible for determining Your eligibility to receive a prize.
- numo reserves the right to disqualify You and/or Your team if, in numo’s sole discretion, numo believes that You or Your team have attempted to undermine the legitimate operation of the Challenge by cheating, deception, or other unfair conduct or if You and/or Your team annoy, abuse, threaten or harass any other participants, numo or the judges. Any false information provided by You in connection with the Challenge concerning identity, mailing address, compliance with these Terms and Conditions or the like may result in the immediate elimination of Your and/or Your team from the Challenge.
Filming; Publicity and Promotional Activity:
You acknowledge and understand by attending the Challenge You may be photographed, videotaped and otherwise recorded by numo or its designee (collectively, “Footage”). You agree that all Footage, including all copyright and other rights therein and thereto, will be owned by numo. You authorize numo and its affiliates and designees to use, copy, edit, publish and exploit such Footage and all elements embodied therein (including Your name, likeness, work results, submission and recordings of Your activity), in whole or in part, in any and all media now known or hereafter devised throughout the world, in perpetuity, for advertising, promotional, trade and other purposes, without further notification, permission, or compensation. numo has no obligation to make use of any Footage.
You also consent to numo’s and its affiliates’ and designees’ use of Your name and/or Your team’s name, as well as Your voice, likeness, biographical information, Your or Your teams submission and mention of the nature of Your participation in the Challenge, for advertising, promotional, trade, public announcements, and other oral communications at conferences, media events, or other marketing opportunities on numo’s website or through other electronic communications such as emails to numo’s customers, newsletters, or in materials that numo otherwise makes publically available, and through any other channel, and other purposes, all without further notification, permission, or compensation.
TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAWS, UNDER NO CIRCUMSTANCES WILL NUMO OR ANY OF ITS PARENTS, SUBSIDIARIES, AFFILIATES OR VENDORS OR ANY OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS OF NUMO, OR ITS PARENTS, SUBSIDIARIES, AFFILIATES, OR VENDORS (COLLECTIVELY “NUMO PARTIES”) HAVE ANY LIABILITY FOR ANY LOSS OR DAMAGE RESULTING DIRECTLY OR INDIRECTLY FROM, WITHOUT LIMITATION, (A) YOUR PARTICIPATION IN THE CHALLENGE; (B) YOUR RECEIPT, USE OR REDEMPTION OF ANY PRIZE; (C) YOUR INABILITY TO RECEIVE, USE OR REDEEM A PRIZE; OR (D) LOST REVENUE, LOST PROFITS, ANTICIPATED PROFITS, LOST BUSINESS OR INJURY TO BUSINESS REPUTATION, COST OF PROCUREMENT OF SUBSTITUTE SERVICES, UNDER ANY THEORY OF LIABILITY CAUSE OF ACTION WHETHER IN TORT (INCLUDING NEGLIGENCE), CONTRACT OR OTHERWISE, REGARDLESS OF WHETHER ANY NUMO PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE FULLEST EXTENT PERMISSIBLE BY LAW, THE NUMO PARTIES EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, WHETHER STATUTORY, EXPRESS, OR IMPLIED WITH RESPECT TO THE CHALLENGE, ANY PRIZES, AND NUMO MATERIALS.
IN NO EVENT WILL THE NUMO PARTIES BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN CONNECTION WITH THE CHALLENGE, ANY PRIZES, OR THESE TERMS AND CONDITIONS.
IN NO EVENT WILL THE NUMO PARTIES’ LIABILITY TO YOU OR ANY THIRD PARTY IN CONNECTION WITH THE CHALLENGE, ANY PRIZES OR THESE TERMS AND CONDITIONS, UNDER ANY THEORY, EXCEED ONE THOUSAND DOLLARS ($1,000).
- These Terms and Conditions shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to its conflicts of laws provisions. You hereby irrevocably consent to the exclusive jurisdiction of any state or federal court in Allegheny County, Pennsylvania and consents that all service of process be sent by nationally recognized overnight courier service directed to You at Your address set forth below; provided that nothing contained in these Terms and Conditions will prevent numo from bringing any action, enforcing any award or judgment against any security or against any of Your property within any other county, state or other foreign or domestic jurisdiction. numo and You agree that the venue provided above is the most convenient forum for both numo and You, and You waive any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement.
- If for any reason the Challenge is not capable or running as planned, including, without limitation, as a result of computer virus, bug, tampering, unauthorized intervention, fraud, technical failures, or any other causes which corrupt or affect the administration, security, fairness, integrity, or proper conduct of the Challenge, numo reserves the right at its sole discretion to cancel, terminate, modify, or suspend the Challenge.
- No right or remedy herein conferred upon or reserved to either party is intended to be exclusive of any other right or remedy, and each and every right and remedy will be cumulative and in addition to any other right or remedy under these Terms and Conditions, or under law, whether now or hereafter existing.
- You understand You shall serve as an independent contractor, and under no circumstances shall You be, or be deemed to be, a partner, agent, servant, distributor, or employee of numo in its performance hereunder. Under no circumstances shall a Submission, the awarding of a prize, or anything in these Terms and Conditions be construed as an offer or contract of employment with numo or its affiliates. You understand that You have no authority to act for, bind or obligate numo. You shall not make any representations, written or oral concerning numo.
- No delay or failure on the part of either party to exercise any right or power arising hereunder will act as a waiver of such right. If any of the provisions of these Terms and Condition are held to be invalid, illegal or unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of the other provisions shall not be affected or impaired.
- These Terms and Condition supersede all other agreements and understandings, both written and oral, between the parties with respect to the subject matter contained herein. These Terms and Conditions may only be amended by a writing that is signed by each party.