- What will I gain from participating in this competition?
- InnoVention is not a submit, judge, win competition. It functions more as an accelerator than a regular competition. Through 10 hands-on workshops, you will be taught the core concepts behind validating an idea, creating a team, prototyping a product, launching mass production, building financial 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 are $55,000 in cash prizes, pro-bono legal work and advice and lots of software credits on the stake!
- Can anyone apply?
- This is a competition for current NYU students, faculty or researchers who are interested in pursuing an entrepreneurial opportunity. At least one current NYU student, faculty or researcher must be a member of the venture's founding team. Additionally, the idea submitted must fit in with the technology eligibility criteria outlined in the Entry Statement Agreement.
- What does Technology Eligibility mean?
- The entry idea must reflect sufficient technological and engineering complexity. The categories of Hardware, Internet of Things, Drone Technology, Augmented Reality, Virtual Reality, and Artificial Intelligence serve as guidance. We are open to considering other complex verticals and technologies; however, we are not going to evaluate simple mobile apps, e-commerce or websites.
- I have an idea, but I don’t have a team. What do I do?
- The second team hunt is on January 30th, 2017 at MakerSpace during which you will have time to network and find teammates. If you do not have a team by the submission deadline, please get in touch with the EIA team well in advance of the deadline and we will assist you in finding teammates.
- What if my idea is patentable and I don’t want to share my idea with people?
- Early on in the competition, all individuals with this concern will be given the chance to speak with Kurt Becker, NYU School of Engineering's patent portfolio manager, to discuss the implications of a patent.
- Who can be on my team?
- Anyone can join your team. However, each venture must have at least one currently enrolled NYU student on the team. The lead NYU student must act as primary contact on behalf of the team.
- What’s the deadline to apply?
- The application deadline will be Sunday, February 12th at 11:59 pm.
- What is due by Sunday, February 12th?
- Your registration including an application submitted by the primary contact and a Team Entry Agreement signed by each team member. Access it here.
- Why do you need a Team Entry Agreement?
- The agreement helps us ensure that the applicants and entrants understand the scope of the competitions, as well as their obligations as competitors. Additionally, it gives us the full right to disqualify competitors that break any terms of the agreement.
- What are the judging criteria?
- We are looking for students to prototype and pitch commercially viable ideas for real world problems. At each stage of the competition, teams will have set deliverables that they will have to present to a panel of judges. Teams will be provided with the judging criteria at the beginning of every stage.The initial judging criteria can be found on the application page.
- Does NYU own my idea since it’s a school competition?
- No, NYU does not own your idea. The idea, prototypes, and other materials are completely yours.
- Is the $55,000 cash prize awarded to one winner?
- No, the prize package is split up among the winners of each round. Each team moving onto the next rounds will be given money to spend towards the prototypes. The prize packages include legal support through Lowenstein & Sandler, physical workspace at the Future Labs and software credits.
If you have any other questions, please contact us using the links below: