Rules & Eligibility

Overview

e-Fest® is one of North America’s leading undergraduate entrepreneurship competitions, hosted by the Schulze School of Entrepreneurship at the University of St. Thomas and supported by EIX and the Richard M. Schulze Family Foundation.

To ensure fairness, transparency, and consistency across all stages of the competition — from initial submission through the championship round — all participating students, advisors, and institutions must follow these official Rules & Eligibility Requirements.

These guidelines are updated annually to reflect e-Fest’s commitment to undergraduate student-driven innovation, clear expectations, and a level playing field — and to stay aligned with national standards in collegiate entrepreneurship competitions.

For the most current version of the rules, always refer to this official page.

Eligibility Requirements 

Student Eligibility 

• All team members must be enrolled as undergraduate students during spring 2026 or have graduated no earlier than fall 2025. 
• Students in direct-to-masters or 5-year programs who have not yet received an undergraduate degree are eligible. 
• Finalists may be asked to provide proof of enrollment (e.g., transcript or university letter). 

Team Composition 

• Teams must have 2 to 5 undergraduate students. 
• A student may be listed on multiple online submissions but may only compete with one team in the Finals. If more than one team is selected, the student must choose one team.
• Any team left with fewer than two eligible members will be disqualified. 

Repeat Participation 

• No venture that previously competed as an e-Fest finalist may be resubmitted, even with a new team. 
• Ventures must be substantially new, meaning they go beyond pivots of the underlying business model and are not slight modifications or extensions. 

Advisor Requirement 

• Each team must have an official faculty or staff advisor from one of the team member’s institutions. 
• The advisor must accompany the team to Minneapolis, act as the team’s main contact, and be eligible to accept the travel stipend. 
• In limited cases, an e-Fest approved mentor (alumni, entrepreneur-in-residence) may attend, but the official advisor must submit the intake form. 

Submission Requirements 

All materials must be submitted through the official e-Fest® submission portal by the published deadline. Late or incomplete submissions will not be considered. 

• Original Work: All materials – including the pitch deck, video, and application content – must be prepared by the student team. Submissions must reflect the team’s own work, ideas, and analysis. Outside assistance (e.g., faculty, mentors) may be consulted, but the submission must be student-driven. 

• Submission Format: Detailed guidelines for required formats and content will be provided in the official application instructions. These typically include a pitch video, slide deck, venture summary, and team information. 

• Submission Deadline: All required materials for the Online Round must be submitted through the official portal no later than March 1, 2026, at 11:59 PM Pacific Time.

Forms of Business 

e-Fest® welcomes a wide range of student-created ventures, but to ensure fairness and alignment with the goals of the competition, participating ventures must meet the following business model criteria: 

Eligible Ventures Must: 

• Be new, independent ventures created and led by students. 

• Be in the seed, startup, or early growth stage — meaning the business has not yet scaled, raised significant external funding, or generated substantial revenue. 

Ineligible Venture Types Include: 

• Buyouts, acquisitions, or purchases of existing businesses 

• Franchise expansions or corporate spin-offs 

• Recapitalizations or significant reorganizations of existing companies 

• Subsidiaries of larger, established businesses 

• Nonprofit ventures that do not demonstrate a credible pathway to financial self-sufficiency through earned revenue. Note that mission-driven ventures such as social enterprises, hybrid ventures, and impact focused business (e.g., B Corps, L3Cs, etc.) may qualify if they demonstrate a revenue-generating model capable of sustaining operations without relying on grants or donations. See below. 

Social / Hybrid Ventures 

• Social enterprises, hybrid ventures, and mission-driven business models (e.g., B Corps, L3Cs, or impact-focused LLCs) are encouraged to apply, as long as they meet the following for-profit criteria: 

• The venture must have a viable business model that includes a clearly defined revenue-generating strategy. 

• It must be capable of operating as a financially self-sustaining enterprise — even if it pursues social or environmental goals. 

• The submission should demonstrate a clear understanding of how the business balances mission and market sustainability. 

• Ventures that rely exclusively on grants, donations, or non-revenue-generating activities will not be considered eligible. 

Required Student Involvement 

e-Fest® is designed to recognize and reward undergraduate student entrepreneurship. Participating ventures must be student-originated, student-owned, and student-led.  

To qualify: 

• Ventures must be developed and led exclusively by undergraduate students who meet all eligibility requirements. 

• Students must play the primary role in developing the idea, building the business model, and leading day-to-day operations. 

• Students must serve in key decision-making and management roles within the company. 

• The student team must hold fundamental equity-holding (or potential equity-holding) positions. 

• Collectively, student team members must own at least 25% of the founder’s equity in the business. 

Non-Student Involvement Guidelines: 

• Faculty members, advisors, and other non-student collaborators may support the team but may not be the primary drivers of the business.  

• Faculty, advisors, graduate students, alumni, and other non-undergraduates are not eligible to participate in e-Fest, present during the competition, or appear in any competition materials. 

• Note: Ventures launched through licensing of university intellectual property (IP) are permitted as long as students are leading the commercialization effort and meet all ownership and leadership criteria listed above. 

Financial Eligibility 

To be eligible, student ventures must not exceed the following thresholds as of the submission deadline (March 1, 2026): 

• Total cumulative funding: under $100,000 

• Total cumulative sales/revenue: under $50,000 

Definitions: 

• Funding includes equity investments (from individuals, angels, or firms), grants, loans, prize money, and in-kind contributions over $500 (e.g., donated development work, equipment, or services). 

• Sales/Revenue includes all income from customers or clients, including paid pilots, pre-orders, licensing revenue, or other commercial transactions. 

Teams may be asked to list all funding and revenue sources and the official team advisor asked to attest to the accuracy of this information. 

Finalists may be asked to submit documentation for verification, which may include: 

• Cap tables 

• Grant or investment award letters 

• Bank statements or financial summaries 

• Screenshots or accounting records showing sales 

Team & Institutional Accountability 

By confirming their participation in e-Fest, all team members and advisors agree to: 

• Abide by all e-Fest rules and deadlines 

• Certify that all submitted materials are accurate 

• Participate in all required events 

Advisor & Team Commitment Agreement

All Top 25 Finalist teams are required to complete the official Advisor & Team Commitment Agreement by the published deadline to confirm their participation. This agreement certifies that the team: 

• Meets all eligibility requirements 

• Has submitted truthful and original materials 

• Agrees to comply with all e-Fest® rules, participation expectations, and decisions made by the e-Fest team 

Finalist status is not official until this completed agreement is received and approved. Failure to submit the agreement, or submitting false or misleading information, may result in disqualification and/or a two-year institutional ban from e-Fest. 

Consequences of Noncompliance (at the discretion of the e-Fest team): 

• The team may be disqualified or forfeit prizes 

• The institution may be barred from participating for 2 years 

• Travel stipends may be withheld or revoked 

Participation Requirements (Finalists) 

Top 25 Finalist status is a significant achievement and carries important responsibilities. These participation requirements are designed to uphold the integrity of the competition, ensure fairness to all teams, and foster a high-quality experience for students, advisors, and judges. 

By accepting a finalist spot at e-Fest®, each team and advisor agrees to fully participate in the entire event and follow these expectations: 

Finalist Responsibilities 

Finalist teams must: 

• Submit all required forms (e.g., Student Intake Form, marketing materials, team commitment form) by the published confirmation deadline  

• Attend all scheduled events and programming, including the awards ceremony 

• Ensure all confirmed team members and their advisor are present and engaged throughout the competition 

• Notify e-Fest staff of any major pitch, team, or personnel changes in advance and receive written approval of the change 

• Represent their school and venture with professionalism, integrity, and respect 

Advisor Requirements: 

Each team must be accompanied by an official faculty member, staff member, or institutional representative who serves as the designated team advisor. 

The advisor must: 

• Verify the team’s eligibility and ensure all information submitted is accurate 

• Oversee compliance with all e-Fest rules and requirements 

• Serve as the primary contact between the institution and e-Fest staff (if necessary) 

• Apply for and accept the travel stipend on behalf of the institution (if applicable) Please note: Travel stipend checks are issued directly to the institution, addressed to the attention of the official team advisor. To ensure timely processing and receipt of funds, the advisor must be a current faculty or staff member of the institution.

• Attend the event in person and actively support the team throughout the event 

Judging & Disputes 

The judging process at e-Fest is designed to uphold the highest standards of fairness, integrity, and professional evaluation. Judges are selected for their expertise in entrepreneurship, investing, business strategy, and innovation. 

To ensure a respectful and impartial competition experience, all participants, advisors, and institutions must follow these policies: 

• Judges evaluate submissions and live presentations independently, using consistent criteria provided by the e-Fest team. 

• During the e-Fest Finals and Championship Rounds, structured time for feedback is included immediately following each team’s pitch. This ensures finalists can benefit from real-time insights from seasoned judges. 

• Outside of designated feedback times, judges are not required to provide individual comments or rationale for scoring decisions. 

• All concerns, questions, or disputes must be directed to the e-Fest team — not to judges — at any point before, during, or after the competition. 

• Participants and advisors may not contact judges directly about scoring, rankings, or decisions. 

• All decisions made by the e-Fest team are final and not subject to appeal. 

• e-Fest reserves the right to revise rules, policies, or formats at any time prior to teams receiving official notification of finalist selection, to maintain fairness, safety, or program integrity. After that point, changes will only be made if necessary to address unforeseen circumstances that could compromise the competition’s fairness or safety 

• For detailed judging criteria, pitch guidelines, rubrics, and scoring formats, please refer to the official e-Fest website resources tab

•   e-Fest Competition Resources Guide or contact the e-Fest team 

• [email protected] for the most up-to-date materials.  

• These guidelines help ensure a transparent and professional experience for all involved and protect the credibility of the e-Fest judging process. 

Public Disclosure Notice 

e-Fest® is a public-facing competition designed to celebrate undergraduate student innovation and entrepreneurship. As such, participants should understand that any materials shared during the competition may become publicly accessible. By participating in e-Fest®, entrants acknowledge and agree that no member of the e-Fest team — including EIX, the Richard M. Schulze Family Foundation, the University of St. Thomas, members of the judging panel, event sponsors, or their designated representatives — will assume any liability for the disclosure of business plan information that may occur, whether intentionally or inadvertently, during any stage of the competition. 

This includes, but is not limited to: 

• Pitch decks 

• Submission videos 

• Finals and Championship Round presentations 

• Team interviews or media features 

These materials may be shared in real time or after the event via livestreams, photos, videos, online publications, social media, and press coverage. 

Confidentiality is not guaranteed 

• e-Fest does not require judges, reviewers, sponsors, staff, or audience members to sign non-disclosure agreements (NDAs). 

• Teams are responsible for protecting any proprietary or sensitive information. 

• By participating in the competition, teams agree not to hold e-Fest organizers, judges, sponsors, staff, or affiliated institutions liable for the disclosure of any materials shared during the event. 

If your venture includes confidential elements (e.g., proprietary IP, pending patents, or trade secrets), we recommend: 

• Focusing presentations on high-level strategy rather than detailed technical specifications. 

• Consulting with your advisor or legal counsel before submission. 

Disclaimer & Annual Review 

The e-Fest® Rules & Eligibility Guidelines are reviewed and updated annually based on input from judges, advisors, participants, and program staff. These updates ensure the competition remains fair, relevant, and reflective of evolving best practices in undergraduate student entrepreneurship. 

In the event of any discrepancy between printed materials, email communications, or verbal guidance, the version posted at www.efest.biz/rules will be considered the official and most current authority. 

Participants are strongly encouraged to review the online rules regularly, especially before submitting materials or attending the finals.