Does the business need to be brand new, or can the prize money be used toward the expansion of an existing business?
Proposals for the acquisition of, or merger with, an existing company, corporation, or other business enterprise are ineligible. Likewise, business plans involving existing businesses, except as defined in Rule 3, or the acquisition of franchises, are ineligible. The proposed venture may not be a subsidiary of an existing entity (either for-profit or non-profit). (See Official Rules and Entry Guidelines, step 1, item #2) If all other eligibility criteria are satisfied, an existing business is only eligible if it has received less than $25,000 in total funding from any source, other than owner equity, and has accrued/received less than $50,000 in gross revenue prior to registration for Economic Fuel.
