What follows are details about the Online Buy and Sell Insights process designed to capture consumers and ultimately award a winning participant a check in the amount of $2,500.
SELECTION OF THE WINNER AND PAYMENT
Selection of the winner will go as follows:
- Each submission of the form below is given a unique Insights ID.
- Insight IDs will be placed in an electronic file or “hopper”.
- On November 28, 2017, BayLou will run an algorithm (Algorithm-A) designed to identify non-qualifying submissions and multiple submissions by a given participant.
- Where multiple submissions exist, Algorithm-A will only include the participant’s first submitted Insights ID.
- Non-qualifying submissions will be discarded from the selection process.
- On November 29, 2017; BayLou will run a second algorithm (Algorithm-B) to score qualifying Insight IDs according to the following:
- 200 Points; plus
- 10 Points for other qualifying Insights submissions that contain a given Insights ID as the Referring Insights ID; plus
- 2 Points for each qualifying submission that designates a given Insights ID as its Referring Insight ID.
- Where scores tie for the 100th position, Algorithm-B will select the submission with the earliest datetimestamp.
- Finalists will be selected as follows:
- On November 30, 2017, BayLou will run a third algorithm (Algorithm-C) that will select the first-, second-, and third-place finalist Insights IDs from the top 100-scored Insights IDs;
- The individual associated with the first-place Insights ID will be contacted in writing and given thirty (30) days to respond;
- In the event the first-place participant is deceased or otherwise determined to be disqualified, the individual associated with the second-place Insights ID will be determined the winner;
- In the even the second-place participant that is deceased or otherwise determined to be disqualified, the individual associated with the third-place Insights ID will be determined the winner;
- If, for some reason, the initial first-, second-, and third-place individuals are disqualified, BayLou will iterate the finalists process until a prize winner is determined;
- The winner and other finalists will be posted on this webpage within 72 hours of determination. For this reason, we encourage participants to bookmark this webpage and return for updates.
- A check in the amount of $2,500.00 will be issued to the winner (i.e., first-place finalist) within 30 days of BayLou reaching its first $10,000 in revenues from the new service.
- If the winner (i.e., first-place finalist) fails to cash the check within 30 days of issuance, BayLou will cancel the check and write a check to the second-place finalist. If the second-place finalist fails to cash the check within 30 days of issuance, BayLou will cancel the check and write a check to the third-place finalists. If the third-place finalist fails to cash the check within 30 days of issuance, BayLou will cancel the check, donate the winnings to a not-for-profit agency, and report the donation on this webpage.
The following eligibility stipulations apply to the above selection process:
- Insights must be submitted no later than 11:59 EST on November 18, 2017.
- Only one submission by a participant will be included in the selection process.
- Qualifying Insight IDs must be associated with a fully completed Insights form.
- Qualifying participants must be U.S. Citizens and at least 18 years old on the date in which the Insights form is submitted.
- BayLou principals and employees, relatives of BayLou principals, and BayLou contractors are invited to share insights but are not eligible for the prize selection process.
- The prize is non-transferable.
BayLou appreciates individuals providing insights. In order to safeguard the fairness of the selection process, please note:
1. The selection process will be certified by a CPA, with the name of that firm published on this page.
2. In the event the CPA deems it necessary revise the process, such changes will be posted within 24 hours of determination.
3. BayLou reserves the right to obtain the necessary information to confirm the identity of finalists and the winner.
4. Contact us for any questions. We will post questions and answers in the FAQ section below. To ask a question, click here.
FREQUENTLY ASKED QUESTIONS (FAQ)
Q1: Why does the process exclude persons younger than 18 years old ? (July 18, 2017)
A1: Many states protect youth by not enforcing “contracts” involving minors. We view the selection process as a contract in order to confirm BayLou’s commitment to the public.
Q2: Will BayLou publish its analysis of consumer insights ? (July 19, 2017)
A2: BayLou plans to provide high-level findings in a special report published during the release of the new service.
Q3: Will BayLou publish its analysis of consumer insights ? (July 19, 2017)
A3: BayLou plans to provide high-level findings in a special report published during the release of the new service.
Q4: Will the winner need to pay taxes on the prize ? (July 19, 2017)
A4: Yes. BayLou will report the winnings to the Internet Revenue Service and issue to the winner a Form 1099-MISC. For this reason, BayLou increased the initially-planned $2,000 prize to $2,500. We expect the winner to net at least $2,000.