Your team can have anywhere from 1 to 5 people. For this contest, DCU employees include anyone paid through the DCU payroll system. Collaboration is encouraged.
Team members can only be on 1 team, but each team can have more than 1 entry.
The CEO, Senior Vice Presidents, and Vice Presidents are not eligible to participate in the contest.
Managers, Assistant Managers, and Team Leaders can be on a team, but not on the same team with someone they supervise directly or through one of their direct reports.
All team activities related to this contest are to occur during non-work hours except for scheduled office hours and workshops. All DCU employees participating in this contest are required to fulfill their normal job requirements during their normal work hours. While team activities during lunches and breaks are acceptable, managers are not expected to rearrange departmental work schedules to accommodate team activities.
The subject of the business idea may be your or your teams own original work, or it may be an idea in the public domain that would be innovative for DCU to adopt. If the latter is chosen, proper credit must be given to the source.
Teams can create their entry using any software they have access to, although all entries must be submitted through the Innovation Contest website in the formats provided. The credit union can assist teams in in the submission process.
There are specific requirements about what your submission must include, as outlined in the 3 focus areas: Lending, Delivery Channels, and Deepening Member Relationships. Please answer the idea submission questions for the specific focus area you select on the Innovation Contest website.
Project statements must be submitted through the Innovation Contest website, and be no more than 2-4 sentences.
The executive summary must be 2 pages maximum and submitted through the Innovation Contest website in the format provided. This executive summary will be the basis for semi-final review.
In addition to the executive summary, you may (at your option) provide supporting narrative, figures, charts, and other exhibits. Any such materials must be included in the complete submission by the deadline.
For teams selected for finalist presentations, all members of the team must attend and participate in a presentation of the team’s entry to the judges. This is anticipated to be a presentation of up to 15 minutes, with an additional 15 minutes available for judges’ questions. Timeframes may be adjusted based on the number of finalists selected.
Prize money will be awarded after the winners are announced. Each registered member of a winning team will receive $1,500 regardless of the size of the team. Prizes are subject to payroll tax withholding.
Teams should be cautious in accessing and/or utilizing confidential Digital Federal Credit Union data and materials in their team work. Teams should refer to the Information Security User Guidelines as reference (found on the intranet under Risk Management > Information Security Information and Business Continuity Planning > Information Security Documents > Information Security User Guidelines). In particular, copying, emailing, or any form of distribution of data should be done with caution. Any further questions in this area should be directed toward Risk Management.
It is appropriate to do research on third party web sites, but team members should avoid talking to outside vendors regarding their ideas or this contest. .
At the time of submission, team entries become the property of Digital Federal Credit Union.
Any and all costs required to further evaluate, develop, or implement submissions are the responsibility of Digital Federal Credit Union. Furthermore, any and all ideas submitted may or may not be implemented by Digital Federal Credit Union. Said determination lies solely with Digital Federal Credit Union management. (We put this in to make the attorneys happy).
If on March 1st your team is not chosen to go on to Phase II, you will have one more chance to submit another idea for consideration by March 8th.
DCU – Digital Federal Credit Union | 220 Donald Lynch Boulevard – PO Box 9130 | Marlborough, MA 01752-9130 | 508.263.6700 | 800.328.8797