InnoVention Competition is a startup challenge where NYU student entrepreneurs from across the globe build a team prototype products, and pitch commercially viable ideas to solve real-world problems.12 teams are selected to receive mentorship, perks, and individualized attention focusing on product development & team growth. The competition awards $500 prototyping grants for each stage as well as prize money of $50,000 to the top 3 ventures.
The full application will be released on Nov 17th 2017
The competition opens with an invitation for students and student-led teams to submit a written application and a 1-minute video pitch. The submissions are assessed by IVS team members, NYU Professors, entrepreneurs and judges to select 12 teams as quarter-finalists.
Workshops & Pitches
The 12 selected teams move onto the main three stages of the competition, which offer hands-on educational workshops, curated mentor connections, prototype funding and software resources. 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 validating an idea, creating a team, prototyping a product, 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 Night 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 idea submissions are evaluated by a jury of NYU professors, experienced entrepreneurs and technology leaders based on idea articulation, venture feasibility and technology. The following elimination pitches are evaluated by different panels of judges with each criteria being tailored to the relevant competition stage.
All applying teams are required to attend an info session!