InnoVention Competition is a tech startup challenge where NYU student entrepreneurs from across the globe build a team, prototype products, and pitch commercially viable ventures to solve real-world problems. A unique mix of an accelerator and a competition, the challenge offers 12 student-led ventures workshops, coaching, community, perks, legal services and an opportunity to compete for $50,000 in cash prizes.
To offer more tangible information about the competition, the IVS team will host info sessions, which will cover the program, past winners and application tips in depth. All applicants are required to attend at least one info session to successfully apply. If you're unable to attend one get in touch with IVS as soon as possible.
The competition opens with an invitation for students entrepreneurs and student-led ventures to submit a written application and a video pitch. Based on the applications and interviews, the applicant pool will be narrowed down to 12 entrant ventures.
The initial venture submissions are evaluated by a jury of NYC investors, entrepreneurs and technology leaders based on the criterias outlined in the application instructions. The following elimination pitches are evaluated by different panels of judges with each criteria being tailored to the relevant competition stage.
The 12 selected teams move onto the main three stages of the competition, which offer hands-on educational workshops, curated mentor connections, and prototype funding. The three stages are separated by pitching events, where each team presents their venture and progress to a judging panel. 9 teams make it to semifinals, 6 to the finals and ultimately – 3 are crowned the winners of InnoVention 2018.
The workshops, offered by NYC’s prominent entrepreneurs and technology leaders, focus on the core concepts needed for team development, product prototyping, mass production launches, financial strategy and entrepreneurial law.
While all workshops are open to the university, each one is followed by private mentorship sessions, where InnoVention teams engage with the speakers, ranging from successful founders to investors, to discuss their venture progress and challenges in an all-hands style. Additionally, all the teams gather for a Mentor Matchup to meet all the mentors involved and select one to work with.
During the competition, the 12 InnoVention teams set up demo booths to introduce their ventures to the attending public and later pitch for the grand prizes. Winning teams share a cash prize of $50,000, receive pro-bono office hours and incorporation with Orrick and final interview considerations for the NYU Summer LaunchPad accelerator.