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 to win up to $50,000.
The competition opens with an invitation for students and student-led teams to submit a written application and a video pitch. The submissions are assessed by the IVS team, professors, entrepreneurs and judges to select the 12 team cohort.
Workshops & Pitches
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, taught by NYC’s prominent entrepreneurs and technology leaders, focus on educating the core concepts behind, creating and growing a team, prototyping products, launching mass production, building financial strategy, and maneuvering 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 last event of the competition, the 12 InnoVention teams set-up demo booths to highlight their ventures to the attending public and go off to 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.
The initial venture submissions are evaluated by a jury of NYC investors, entrepreneurs and technology leaders based on the criteria outline 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.