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 EIA team members, NYU Professors, entrepreneurs and judges to select 18 teams as quarter-finalists.
Workshops & Pitches
The 18 selected teams move onto the main three stages of the competition, which offer the competitors 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. 12 teams make it to semifinals, 6 to the finals and ultimately – 3 are crowned the winners of InnoVention 2017.
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.
For a detailed breakdown, see Schedule 2017.
While all workshops are open to the university and outside public, each one is followed by private mentorship sessions, where InnoVention teams engage with the speakers and panelists to discuss their venture progress and challenges. Additionally, all the teams gather for a Mentor Night to meet all the mentors involved and select one to work with.
Demo Day Pitch III
During the last event of the competition, the final 6 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 $55,000, receive pro-bono office hours and incorporation with Lowenstein Sandler 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.