What will I gain from participating in InnoVention Competition?
InnoVention is not a submit, judge, win competition. It functions more as an accelerator than a regular competition. Through hands-on workshops, you will be taught the core concepts behind creating a team, building a product, managing mass production and scaling, developing financial and operational strategy, maneuvering entrepreneurial law and pitching your venture. Additionally, you will be able to connect with the NYC’s prominent entrepreneurs, technology leaders and investors who will participate as mentors and speakers. Lastly, of course, there is $50,000 in cash prizes, pro-bono legal work and advice and lots of perks & freebies available.
Can anyone apply?
The InnoVention Competition is for current NYU graduate, undergraduate or postdoctoral fellows who are interested in commercializing promising technological discoveries, inventions or prototypes. Additionally, the concept submitted must fit in with the technology requirement outlined in the Eligibility Agreement.
What does Technology Requirement mean?
The concept must reflect sufficient technological and engineering complexity. The categories of AR/VR/MR, Artificial Intelligence, Biotech, Cryptocurrency, Cyber Security, Drones, Energy, FinTech, Hardware, Internet of Things serve as basic guidance. We are open to considering other complex verticals and technologies; however, we are not interested in "simple" mobile apps, e-commerce or websites.
I am looking for teammates. What do I do?
We have an online team hunt that you can find here. If you do not have a team by the deadline, please get in touch with the IVS team in advance and we will assist you in finding teammates.
Who can be on my team?
Anyone can join your team. However, each venture must have at least one currently enrolled NYU student or post-doctorate fellow on the team. The lead NYU student must act as primary contact on behalf of the team.
What is the difference between EA and RD Deadlines?
The two deadlines were created in order to accommodate different people - those who are ready to apply early, and those who need more time to work on their applications during the beginning of winter break. We strongly encourage applicants to apply EA, as your applications will be reviewed on a rolling basis giving a higher chance of acceptance and an opportunity to receive feedback to refine the application before the regular deadline.
What is due by Sunday, December 16th?
Application + Video + BMC
What are the judging criteria?
The criteria is enclosed in the instructions here
Does NYU own my idea since it’s a university competition?
No, NYU does not own your idea. The idea, prototypes, and other materials are completely yours.
Is the $50,000 prize awarded to one winner?
No, the prizes are split up amongst the top 3 winners ($20k,$15k,$10k). Additionally, progressing ventures are eligible for two $500 stipends as they move through the competition phases