THE AMERICAN ENTREPRENEUR FAQ'S 

1.        What kinds of business idea qualify for the show?

The business idea must be unique and offer a substantial profit to potential investors.

2.        Are certain business ideas not acceptable for this show?

Business ideas in the following categories are ineligible:
Adult entertainment products
Firearms and explosive devices
Hazardous chemicals or materials
Any product or service that might impact national security

3.        My business idea is not business idea, but rather an invention. Does this qualify?

Yes, your invention could qualify because an invention creates a business.

2.        Are certain business ideas not acceptable for this show?

Business ideas in the following categories are ineligible:
Adult entertainment products
Firearms and explosive devices
Hazardous chemicals or materials
Any product or service that might impact national security

3.        My business idea is not business idea, but rather an invention. Does this qualify?

Yes, your invention could qualify because an invention creates a business.

3.        My business idea is not business idea, but rather an invention. Does this qualify?

Yes, your invention could qualify because an invention creates a business.

4.        I am seeking capital for Business Expansion of an existing business. Does that qualify??

Yes it could, depending on the scope and nature of the improvement and investment potential.

5.        My brother and I came up with a business idea together. Can we participate in the show as a team?

Yes. Entrepreneur teams are welcome to come to the auditions, and teams can be comprised of family members, friends, spouses, children, etc. As long as the "team" owns and controls 100% of the business idea, they will be eligible. Please note that all team members must attend the audition.

6.        How many business ideas can I submit?

You can submit as many good ideas as you want as long as they are distinctly different, and backed by a business plan. Your time in front of our panel of judges will be limited so we recommend that you only present your best idea.

7.        How much time do I have to present my business idea?

Each Entrepreneur will have sixty seconds to pitch their business, so please be prepared and be succinct. For tips, see our “Tips for a successful pitch”.

8.        Do I need to have a business plan of my idea for the audition?

No, but You will need to have a completed business plan by day five of the competition and you will have little if any time to write one during the competition days. Remember, you are being judged not only on your business concept, but also on your presentation of that business and a business plan shows your commitment to your new business.

9.        Do I need a legal protection of my business concept before I come to the audition?

Having legal protection is not a requirement for the audition. However, appearance at the audition and/or on the show may affect your ability to patent/trademark an idea in the future and in foreign countries. You are strongly encouraged to consult with an attorney regarding your intellectual property rights and whether you should file legal protections.

10.     Do I need a patent to protect my idea at all?

Patents are often used to protect an Inventor's rights to an invention, patents are rarely given to business ideas. A patent provides the exclusive right to prevent others from manufacturing, using, importing, or selling an invention for up to 20 years. The standards for obtaining a patent are rigorous, and it can be a costly and time consuming process. You are strongly encouraged to consult with a registered patent attorney to determine whether you should file a patent application if your business concept involves a new product invention.

11.     What is a "provisional patent" and is this something I should have?

A provisional patent application is not actually a full patent application, but merely a way to establish an early effective filing date prior to filing a patent on your idea. It is important to note that you have up to 12 months from the date you file a provisional patent application to file a full patent application. You are strongly encouraged to consult with an independent patent attorney to determine what action you should take to protect an invention.

12.     How much does a patent cost?

The cost of a patent application depends on many factors, including the complexity of the business idea. The Patent & Trademark Office requires payment of various filing fees and an issue fee before any patent is issued. For an individual invention, the minimum you would pay for a single patent is $1,200.00 (this amount does not include any attorneys' fees). It is not uncommon to spend up to $10,000 or more (including attorney's fees) for the initial filing of a patent application. You should consult with a registered patent attorney or patent agent for a specific estimate of the costs for obtaining a patent for an invention.

13.     What is the difference between a patent attorney and a patent agent?

A patent attorney is a state-licensed lawyer who has graduated from law school, passed the state bar exam, and has also passed the federal patent bar. A patent attorney can represent you in court as well as before the U.S. Patent and Trademark Office. A patent agent has not attended law school and is not a state-licensed lawyer, but has passed the federal patent bar and is able to represent you before the Patent Office. Typically, fees for patent agents are significantly lower than those for patent attorneys, but patent agents will be more limited in the types of advice they can give you. We can not recommend which of the two is best for you, and encourage you to meet with the attorney or agent before you select them for representation.

14.     Should I talk to a patent attorney?

It is not a requirement for participation on the show. However, if your business idea includes a new product, you may want to seek independent legal advice from a registered patent attorney regarding your intellectual property rights and how best to protect them.

15.     Where can I find a patent attorney?

The U.S. Patent and Trademark Office maintains a searchable roster of registered patent attorneys and agents on its website at www.uspto.gov. You may also want to check with your city's local bar association for referrals, or ask friends or business contacts for recommendations.

16.     What benefit could I get from filing a patent application?

An early filing date for a patent application can improve your prospects for obtaining a patent to protect an invention. Once you file a patent application, you are permitted to label an invention as "patent pending" which indicates that you are seeking patent protection. But you cannot enforce any patent rights against an infringer until the Patent Office actually issues your patent (a process which can take several years). You are strongly encouraged to consult with a registered patent attorney regarding patent protection for an invention.

17.     How can I find out if my business idea has been invented by someone else?

The U.S. Patent and Trademark Office maintains a searchable database of issued patents and published patent applications on its website at www.uspto.gov. You can also consult with a patent attorney or patent agent to determine whether someone else may have a patent on the same idea.

18.     When will I hear if I have been selected for the show?

It will be several weeks following completion of the audition tour of all cities before decisions are made. Only those people selected to proceed will be contacted by a producer and given information for the next round. The next round of competitions will be a 7 day competition taking place in the

 

Los Angeles area. Sufficient time will be given to you to allow you to take vacation time to compete. Obviously, if you aren’t available that week, you will be unable to compete.

19.     What happens if more than one independent Entrepreneur shows up with the same or similar business idea?

Should similar ideas be presented, the producers have the right, in their sole discretion, to advance any of the ideas, or none of them. The decision to advance ANY idea presented will be based not only on the idea itself, but on the Entrepreneur's presentation and the potential to successfully build the business.

20.     I'm ready to come pitch my idea - what now?

If you have an business idea or idea you would like to present to our panel of judges, please go to the website (http://www.TheAmericanEntrepreneur.tv ) and check out the eligibility requirements. Once you are sure you are eligible to participate, download and fill out the submission releases/application forms and check the audition schedule to see when and where you can present your business idea to us.

21.     Do I need to fill out any forms before coming to the audition?

Yes. Download all forms, including the participant application/release and the business idea submission form, from the website and complete and sign prior to coming to the auditions (We recommend that you make a copy for yourself and leave at home for your records) . Only people with completed, signed official The American Entrepreneur forms will be able to audition for the show. Please note that you will need to complete a business idea submission form for EACH business idea you are presenting, and EACH team member will need to individually complete a participant application.

22.     Where do I send the application and submission form once they have been completed?

You should bring both the participant application & release and the business idea submission form(s) with you to the audition and make sure that they are filled out and signed before you arrive at the audition.

23.     How will the winning business idea be chosen?

Our panel of judges will narrow the field, and the overall winner will be decided by

 

America 's vote.

24.     What do I get if I win?

The winning Entrepreneur will receive up to one million dollars in venture capital in exchange for equity in the winning business idea depending on their funding needs.

25.     If I submit my business idea to the show, will I be giving up any rights in my business idea?

If you do not advance past the audition stage, you will not have granted any rights in your business idea to the producers or the network (other than the right to show your business idea on television and related promotion and exploitation of the Program). However, participation in the show may be considered a "public disclosure" of your business idea. You are strongly encouraged to seek independent legal advice from an attorney regarding your business idea before coming to an audition. If you advance to the top 3 finalists, you may receive partial equity funding for your business idea by the producers.

26.     Do I need a trademark before I come to the audition?

Trademarks protect words, symbols, names, colors and sounds that distinguish products and services. Having a distinctive name or a trademark for your business idea is not a requirement of the show. If you do have a distinctive name for your business, you may want to consult with a qualified attorney regarding the use of that name and whether you should file a trademark application prior to coming to an audition.

27.     I’ve already started my business. Can I submit it?

You can submit your business idea at either start up or expansion levels.

28.     If I get selected to come to

 

Hollywood for the week long competiton, what can I expect?

If you are selected to come to Hollywood, we will fly you from your hometown (where you currently live) to

 

Los Angeles . We will provide you lodging and pay you a daily per diem for the length of your stay. You should bring everything necessary for you to present your business idea to our panel of judges as well as anything you may need for the competiton (ie; laptop, business plans, cell phone).

29.     Do I have to relocate if I am chosen to be on the show, and what would the time commitment be?

If you are selected to be on The American Entrepreneur you would have to be available to travel to and stay in

 

Los Angeles for up to two weeks in late 2007 (Schedule to be confirmed), depending on how far you advance. Your round-trip airfare, lodging, and a per diem for your daily expenses will be provided.

30.     My child has a business idea - is there an age limit to be considered for the show?

There is no age limit. All ages are welcome, but anyone under 18 must be accompanied by a parent or guardian (who must sign all applicable forms).

31.     I'm under 18. If my parent/guardian signs the release form, does he or she have to come with me to the audition?

Yes. If you are under 18, even if your parent or legal guardian signs the release form, he or she MUST be present at the audition location with you. If you advance in the competition, your parent or legal guardian MUST accompany you to

 

Los Angeles for the duration of your participation on the show.

32.     I can't make it to the audition. Can I submit my idea anyway?

Yes. You can submit your one minute “Fast Pitch” tape and executive summary and all release forms by mail. The Tape can be Mini DV, VHS or DVD. The image quality of the tape will reflect on your level of professionalism. HD MiniDV or HD DVD are advised. Watch the website for submission deadlines.

33.     I can't make it in person to the audition. May I send a friend with my business idea?

No, unfortunately all ideas and business idea must be presented by their creator(s) in person. They can submit your paperwork/Tape though if you have missed the cutoff date for mailing submissions.

34.     Not everyone on my Entrepreneur team can make it to the audition. Can a team submit an business idea without all members present?

In order to submit the business idea without all team members present, you will need to bring a signed and notarized letter from the unavailable team member giving their consent to the business idea being submitted to the show.

35.     How long will this whole process last?

There are four phases in the process. First is the Audition where you will present your idea on Saturday and if selected, you will be asked to re-present on Sunday in front of our celebrity panel. After the initial weekend selected entrepreneurs will be invited back for a one week competition approximately 4 weeks after the last day of the Auditions. There will be a Semi-final competition with partial funding to the finalists. This competition will last at least six months with the conclusion at the Grand Finale.

AUDITION INFORMATION

36.     What will be the process at the audition?

Upon your arrival to the audition location you will check in and present your completed and signed participant agreement/release and business idea submission form. When you are called by the producers, you will go to a separate room to formally present your business idea to the producers.

37.     What should I wear to the audition?

You can wear anything you like as long as it doesn't have a distinctive logo or artwork or product brand, if it does, you will not be able to audition.

38.     Where and when will the auditions be held?


There are no tentative schedules set, however, the preliminary date for the auditions in the Los Angeles are will be Early August. Please continue to check our website TheAmericanEntrepreneur.abc.com for specific times and locations in each audition city.

39.     Will everyone that travels to an audition have the opportunity to audition?

We would love to audition everyone, however, this may not be possible due to the tight production schedule. We cannot guarantee that everyone will be given the opportunity to audition, but we will make every effort to see everyone that shows up. Auditions will be given on a first come, first serve basis.

40.     How long do the open auditions in each city last?

We will be holding auditions for two days in each city.

41.     Are auditions by appointment?

No, the auditions are an open call.

42.     Is there a charge for parking at the venue(s)?

There may be a charge for parking at each venue. The parking fees are set and collected by the venue managers. We have nothing to do with the parking fees or facilities. Please check directly with the venue if you need further information.

43.     What else should I bring to the audition?

You should bring a valid, government-issued photo ID along with your completed and signed participation application/release and business idea submission form. If you are under 18 years of age, you MUST bring your parent or legal guardian. If you bring a legal guardian, your legal guardian MUST bring proof of guardianship.

44.     Can I audition in more than one city?

You are more than welcome to attend auditions in another city if you have another unique business idea that you have not previously presented to our judging board.

45.     Can I bring my friends or family to the audition?

Yes, you can bring your friends and family to support you at the auditions, although they will not be allowed in the judging area with you.

46.     I have a short DVD/VHS tape I'd like to present to the judges as part of my audition, will this be possible?

No. You can however leave a DVD or VHS tape behind if it sheds light on your business idea.

47.     Will there be a power supply in the audition room to plug in my laptop for my presentation?

There will be a standard power supply available should you need to plug in your laptop to present information regarding your business idea. Please note that there will not be a projector or screen available for your laptop presentations. Also note that there will not be audio-visual staff on hand to assist you if you have any technical problems. You will be presenting a “Fast Pitch” of your business concept in 60 seconds or less, so it is unlikely that any additional aides you bring will help with the presentation.

48.     I am traveling to a city for my audition. Can I ship supporting pieces to the location?

Each location where we will be holding auditions has its own specific policy with respect to receiving shipments. Please call the location you will be attending for your audition directly to discuss what options may be available to you. The production staff is not able to receive or store any business idea materials for you.

49.     I still have questions. Where can I direct them?

If your question is not answered here, you can email us at questions@TheAmericanEntrepreneur.tv. Although we cannot respond to questions individually, we will attempt to post an answer to your questions on this FAQ page. Do NOT send us any information about your business idea.

50.     Once I audition for the show, who will own my idea?

At all times throughout the Program, the Entrepreneur will continue to own 100% of his/her business idea (including patent/trademarks, if applicable). Producers will only share in equity should funding be provided to you.

If you do not advance past the audition stage, you will not be granting any rights in your business idea to the producers or the network (other than the right to show your business idea on television and related promotion and exploitation of the Program).

If you advance to the top 3 finalists, in consideration for the moneys you will be given to further develop your business idea on the Program, a portion of the equity of the business will be given to the producers in exchange for that funding. This will not limit your ability to seek additional funding of your business concept.

If your business idea is the winning business idea, in consideration for the one million dollars (In venture capital equity funding), you will award equity in the business to the producers. The amount will be negotiated and both parties must agree. If parties cannot agree on the shares to be awarded then the producers can at their own discretion decline to invest in the business idea, even if determined the winner of the competition.

As part of the award you also agree to allow occasional filming of your progress for future seasons of The American Entrepreneur.

51.     Does the winner get anything in addition to the one million dollars in equity funding?

The one million dollar prize is an equity investment in your business. You will retain majority ownership of your business concept. In addition to the money, your business idea will be presented to the viewing audience building brand recognition and a potential customer base. Additionally as equity partners the production team will provide valuable business advise during and after the competition.  

52.     Do the top 3 finalists get anything in addition to the money they are given to further develop their business idea?

The top 3 finalists have the opportunity to win the one million dollars. If you are in the top 3 and your business idea is not selected as the winner, the producers may still decide to fund your business idea as well.

Producer reserves the right to add to, change, modify or delete any of the information provided above, at any time in its sole discretion.