The competition is open to Year 11 students currently enrolled in Business Studies. Entries will be accepted from both individuals and teams (consisting of a maximum of four students).

The Business Plan must be double-spaced, A4 . 

The University of Newcastle will conduct judging of entries. The judges' decisions are final and no correspondence will be entered into. Finalists selected must be prepared to give an oral presentation of their business plan report. The winning entry will be selected based on presentations from the four finalists.

The winning entry will be eligible for a total prize pool valued up to $10,500. One prize of $2,000 will be presented to the winning team. $500 will be presented to the winning team's school, to be spent at the school's discretion on educational resources. A scholarship of $2,000 will also be awarded to each member of the winning team (up to a maximum of $8,000) if they enrol full-time in a Bachelor of Business Analytics, Bachelor of Business, Bachelor of Commerce, Bachelor of Business/ Bachelor of Commerce, Bachelor of Business, Bachelor of Commerce, Bachelor of Laws combined with Bachelor of Innovation and Entreprenurship or Bachelor of Laws (Honours) at the University of Newcastle. The student must be independently accepted into one of these programs through the standard UAC application process. The scholarship will be paid in one payment in the first semester of study. Each of the three runner-up teams will receive $1,000, plus $500 for each of the runner­-up teams' schools.