XTC Rules and Eligibility Criteria

Team

• We will be looking for teams with the right vision, passion, and set of abilities. Successful start-up teams tend to have a programmer, a marketer / salesperson, a product manager, and someone with basic administrative abilities (put together simple financial analyses, deal with legal aspects, etc.). Ideally, the team members will have worked together before.

• One person on the team must be designated as the team lead at the time of the initial submission and thus is authorized to make all decisions on behalf of the team.

Product

• Entrant teams must have a novel product or service that is scalable, addresses a clear market opportunity and gives the company a sustainable competitive advantage.

• Teams must have identified and validated a number of customers. They must demonstrate a strong need for their solution, e.g. actual sales, a large number of interviews across customers and experts.

• Teams must have a prototype or minimum viable product they will develop over the course of the competition.

• The product / service ideas that win in new markets need to have the right vision. These ideas will be part of a larger story of how things have evolved to today, and what will need to happen going forward. They should hit the wave at the right time — neither too early nor too late, along with reasoning for “why now”. Your product / service idea should address what the challenges with existing solutions are, and why your idea is a break-through.

Market

• There are a number of markets you can choose to compete in. We want to hear from entrepreneurs who are competing for markets that generate at least $1 billion in sales per year. This means that the total number of potential customers multiplied by how much they’ll spend on your product each year should be greater than $1 billion. We also believe entrepreneurs should focus their efforts in capturing entirely new markets that didn’t exist before, or in disrupting old markets with new technology.

Application

• You will be judged by the quality of your application. We will assume that the style, wording, and thoughtfulness of your presentation will be a reflection of how you will present your idea to customers, partners, and other future stakeholders.

Financing

• We are looking for WINNERS to weave into our community. There is no hard-and-fast rule as to current revenue level or prior capital raised, but we will be biased to pick disruptive companies where we think we can add value and make a difference to your success. That said, we are generally focused on companies with less than $10,000,000 in revenue since inception.

Intellectual Property

• The proposed business should not be in violation of any intellectual property rights; including but not limited to patent infringement.

General Rules

Prizes are offered subject to compliance with all applicable local laws, rules and regulations. You are responsible for paying for your own travel, accommodation and other costs to attend all of the competition events for which you qualify. You are also responsible for paying your own taxes and other charges associated with receipt of the prizes.

Indemnity

You agree to indemnify and hold harmless MaiTai Global and its officers, directors, members, managers, employees and agents, from and against any claims, suits, proceedings, disputes, demands, liabilities, damages, losses, costs and expenses, including, without limitation, reasonable legal and accounting fees (including costs of defense of claims, suits or proceedings brought by third parties), in any way related to your participation in the competition and attendance of the competition events, as well as for the failure of the information you provide to us both directly through our website and any additional information you provide to us at our request, to be true and complete in all material respects.

Disclaimers

The competition and all included content on our website are provided on an “as is” basis without warranty of any kind, whether express or implied.

MAITAI GLOBAL SPECIFICALLY DISCLAIMS ANY AND ALL WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE.

Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, MAITAI GLOBAL SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS OR REVENUES, WHETHER INCURRED DIRECTLY OR INDIRECTLY, OR ANY LOSS OF DATA, USE, GOOD-WILL, OR OTHER INTANGIBLE LOSSES, RESULTING FROM (A) YOUR ACCESS TO OR USE OF OR INABILITY TO ACCESS OR USE THE SITE; (B) ANY CONDUCT OF ANY THIRD PARTY; (C) UNAUTHORIZED ACCESS, USE OR ALTERATION OF YOUR TRANSMISSIONS OR CONTENT; OR (D) YOUR PARTICIPATION IN THE COMPETITION OR ATTENDANCE OF ANY OF THE COMPETITION EVENTS.

Governing Law and Jurisdiction

Your agreement to abide by these Rules shall be governed by the laws of the state of California, without regard for its conflict of laws principles. We each agree to submit to the personal jurisdiction of a state court located in Santa Clara County, California or the United States District Court for the Northern District of California.

Rule Changes

MaiTai Global reserves the right to determine the form and means of providing notifications to you, and you agree to receive legal notices electronically if we so choose. We may revise these Rules from time to time and the most current version will always be posted on our website. If a revision, in our sole discretion, is material we will notify you. By continuing to access or use the site or to otherwise participate in the competition after revisions become effective, you agree to be bound by the revised Rules. If you do not agree to the new rules, please withdraw from the competition.

By participating in this business plan competition, you agree to abide by the rules of this competition described above, in addition to the more general terms applicable to the YouNoodle competition platform.

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