Award Submission Essay?

Hello! I am submitting a video and essay for the Innovate award. The submission page says “teams must pre-submit a 500-word essay”. Does this mean a 500 word minimum or a 500 word maximum? Thank you!
Submission Page

The requirement is 500 words. This is stated in a number of places including Awards appendix D. 500 words is slightly less than one page in size 12 Calibri font. A shorter, well written document is better than a poorly written, longer submission.