Rules

1. ELIGIBILITY TO APPLY

   The Kellogg Real Estate Venture Competition invites applications from student teams by invitation only. Each team must have no more than six members. All members of the team must be students, with at least one member being a graduate student. All team members for a particular school must currently attend that school, although team members may be pursuing different degrees.

2. APPLICATION PROCEDURE

   Teams shall create a three-page executive summary of the real estate venture, highlighting the qualifications of team members, the idea, the investment sought, and the associated risk and reward. No venture should require less than $1 million in equity or more than $10 million in equity. The preference is that the equity shall be used for the purchase of physical real estate. Teams should email their executive summary (in PDF format), the names and contact information of team members, along with a resume and high-resolution photo of each team member to KREVC@kellogg.northwestern.edu. The deadline to apply will be 5:00 pm CST on March 15, 2024.

3. SELECTION OF COMPETITION PARTICIPANTS

   The teams with the most compelling ideas will be invited to compete in the Kellogg Real Estate Venture Competition. These teams will be notified on or before March 22, 2024. Proposed ventures will be judged on their originality, feasibility, and attractiveness for investment.

4. REQUIREMENTS FOR COMPETITION PARTICIPANTS

   Teams selected to compete must submit the following to KREVC@kellogg.northwestern.edu by 5:00 pm CST on April 12, 2024:

   1. A final three-page executive summary in PDF format.
   2. A presentation file outlining the venture plan in PowerPoint format (not a PDF), which must include the desired terms of the proposed venture (i.e., fees, economic splits, and, if appropriate, company valuation and ownership being offered to investors). It must include the following slide (download and edit) with the relevant data added: "Financial Terms Slide".
   3. A two-page financial summary in PDF format.
   4. An Excel-based financial model that is formatted to print no more than 10 pages.
   5. a one-paragraph summary of your venture.

   No changes to a team’s materials will be allowed after the due date.

5. JUDGING CRITERIA

   The competition is intended to act as, or simulate, the real-world process of real estate entrepreneurs soliciting equity funds from private equity investors and angels. The judges function as the investors, deciding on which venture they will, or would most likely, fund. The CREATIVITY and FEASIBILITY of the idea, risk and return characteristics, scalability, strength of the management team, and clarity and persuasiveness of the oral presentation and written plan are the key criteria being judged. The teams will initially present to a preliminary investment committee. If this committee selects a team venture as a finalist, these final teams will present to the judging panel.

6. PRELIMINARY INVESTMENT COMMITTEE PRESENTATIONS

   There will be a first round of presentations for all accepted schools in which the teams will present to a panel of real estate investors. Finalists will be selected from the first round. These finalists will then present to the judging panel.

7. FINALIST PRESENTATIONS

   The competition will be held on April 17, 2024. Presentation order of competing teams will be determined randomly. Each team at the competition will be allocated 15 minutes to present its venture idea. The judging panel will have 10 minutes for questions. Time limits will be strictly enforced.

8. AWARDS

   A panel of judges will determine the team that is the winner of the Kellogg Real Estate Venture Competition. The winning team will receive significant cash and in-kind prizes. The decision of the judges is final. Cash awards to each member of the winning team will be distributed via USPS after the competition. Tax information, including ID and Social Security Number and/or foreign citizenship information, will be required from each individual prior to cash distribution. Cash awards are considered taxable income by federal law.

9. FUNDING OF PROJECTS

   The Kellogg Real Estate Venture Competition judges and their firms collectively have more than $10 billion of equity capital to invest in real estate projects and ventures. Judges may, at their own discretion, decide to fund none, any, or all of the ventures presented at the competition. Winning the Kellogg Real Estate Venture Competition does not guarantee funding, and ventures that do not win the competition may receive offers of funding.

10. DRESS CODE

    Business dress is required on the day of the competition.