Teams competing in the 2013-2014 Michigan Collegiate Innovation Prize must satisfy the following requirements:
- Teams must be comprised of two or more members.
- Students or faculty from any Michigan college or university are eligible for the prize. However each team must have a student representative that is a core member of the team. This can be defined as having equity in the company.
- The team should be able to demonstrate ownership, or access in a manner that can be converted to ownership, to the technology they intend to develop into a venture.
- Teams may add or remove team members throughout the competition, but a student member must always be core to the team.
- The proposed business may be for a consumer or an industrial product or service. The business may be for-profit or non-profit, though most competitive businesses demonstrate high growth and/or large market potential.
- Only current students of a Michigan college or university may present the business before judges. Teams may contain faculty, students from other schools, or non-students but only students from a Michigan college or university are eligible to present and receive prize money.
- Excluded from this competition are: buy-outs/turn-arounds, expansions of existing companies, real estate syndications, tax shelters, franchises, licensing agreements for distribution in a different geographical area, and spin-outs from existing companies.
- Ventures with revenues prior to the current academic year are excluded. Ventures that have raised equity capital from sources other than the members of the student team before the current academic year are excluded.
- A business venture that reaches the Finals may not compete in future MCIP competitions.