The Inno/Vention prototyping competition challenges NYU students to validate, prototype and pitch commercially viable ideas for real world problems. The goal is to build a robust culture of competition at the School of Engineering that drives innovation through ideation and entrepreneurship and ultimately encourages students to take part in the NYU Entrepreneur’s Challenge and NYU Summer LaunchPad.
Winners of the SparkStart stage will receive a cash prize of $500 to support their Prototyping efforts. Teams are accountable for the spending of the award and it is encouraged that the funds should go to building a working prototype. Additional funds will be made available by request of the team with the approval of both their faculty mentor and the Inno/Vention Project Manager as a reimbursed check.
Winners receive and additional $500 stipend for prototyping efforts when they are chosen to advance into the Demo Day Stage. Teams are eligible for additional funds on activities and purchases approved by their faculty mentor and the Inno/Vention Project Manager.
A prize pool the six teams that present. Judges decide winners in each category for hardware and software as well as the top three overall. Top teams are also be seeded into final interviews for the NYU Summer LaunchPad.
Submissions are evaluated by a jury of influential investors and business executives based on their potential impact, feasibility, and patentability. But this is not a business plan competition, it is a space for innovative thinkers to get hands-on experience developing ideas, prototyping products, and pitching investement opportunities to seasoned professionals.