Ashton Family Venture Challenge Rules
Use of Funds
- Ashton Family Venture funds will be awarded directly to the venture team leader, or organizational entity, identified within your ASU Venture Devils application.
- Ashton Family Venture funds must be spent prior to December 31 or June 30 for fall or spring term participation, respectively, at which time you agree to submit all original receipts for Ashton Family Venture program-related expenditures, if and when requested.
- The team leader must agree to return any unspent Ashton Family Venture funds on or before December 31 or June 30 for fall or spring term participation, respectively.
- As the designated leader for your venture, you will be asked to acknowledge that Arizona State University may place financial charges or academic/administrative holds on your institutional account for improper expenditures made with Ashton Family Venture funds, for missing receipts, contracts, or proof of purchase, or for any unspent funds not returned to an Ashton Family Venture program administrator by December 31 or June 30 for fall or spring term participation, respectively.
- Funds may be used for expenses that successfully advance the prototype or venture concept development. Some examples of eligible expenses include materials/supplies, building of prototypes, and professional service expenses (legal, marketing, design, etc.) that are deemed appropriate, beyond ASU’s pro bono or discounted service providers.
- Funds may NOT be used for tuition, textbooks, business meals/entertainment, gift cards or incentives, personal computers, salaries/wages for team leaders/mentors/members, or other purchase not allowed by ASU’s policies.
Terms and Conditions
By submitting an application to ASU Venture Devils and the Ashton Family Venture Challenge (“Challenge”) Funding Track, each applicant co-founder (“Applicant”) agrees to the following conditions:
- Each Applicant team member will be asked to acknowledge the program terms and agrees to abide by them. Failure to do so will result in entry disqualification and/or forfeiture of funds.
- It is the Applicant’s responsibility to protect any highly confidential or trade secret information. Proposals will be handled confidentially. The legal protection of the ideas and plans submitted by the applicants to the Challenge is otherwise the sole responsibility of the Applicants.
- All decisions made by the Challenge judges and organizers on all matters relating to the Challenge will be final and not open to appeal or negotiation.
- The Challenge reserves the unrestricted right to interpret these terms and the Official Rules, and to alter, amend or change them at its discretion.
- Each Applicant understands that the Challenge’s co-sponsors, judges, mentors, co-organizers (the “Challenge Officials”) and its directors, officers, partners, employees, consultants and agents (collectively “Organizer Representatives”) are volunteers. In consideration for their time, expertise and other resources, each Applicant hereby voluntarily releases the Challenge, each Challenge Official and each Organizer Representative from any further liabilities, responsibilities, and accountabilities relating to or arising out of such Challenge Official’s or Organizer Representative’s participation in the Challenge. Applicants hereby voluntarily release the Challenge, each Challenge Official, each Organizer Representative and Arizona State University from any liabilities, responsibilities, and accountabilities relating to or arising out of the Applicant’s participation in the Challenge.
- If selected as a seed grant winner, your award will be distributed based on attending a mandatory Venture Devils orientation.
- You will regularly meet with your identified Venture Mentor to discuss the details of your budget and proposed goals for your venture.
- You are required to provide the Ashton Family Venture Challenge director with progress reports upon request and participate in regularly scheduled program events and meetings.
- You and all venture team members must maintain good standing with ASU. As representatives of the Ashton Family Venture Challenge program and ASU, professionalism and appropriate materials and facility use are expected; ASU reserves the right to withdraw the award at any time should any violations or misuse occur.
- The Ashton Family Venture Challenge director reserves the right to make programmatic changes when needed.
- Arizona State University reserves the right to profile your venture and team members in current and future marketing efforts, materials and campaigns.