Newark Innovation Acceleration Challenge
About the Challenge:
Hosted annually during the fall semester, the Center runs the Newark Innovation Acceleration Challenge. Many entrepreneurs submit practical innovative ideas for review by a panel of judges at a chance to win a $3,000 summer fellowship to pay them to work on their idea. Although submission is free, each submission must follow the guidelines of the NAVC program.
NAVC is the standard model for innovation focusing on the basics that help tell if an idea is viable or not. First participants must define what the need for their product is and to whom their target audience would be. This basically outlines what the problem is that needs solving. Next they must outline their proposed solution to the problem including how their solution is the best solution to date. Their product is defined at this stage of the NAVC process. Value proposition, also known as profitability, can now be examined because the target audience, production costs, and projected gains can be determined from the problem and proposed solution. Finally competition and competency can be accounted for. A solution is only viable if a market is both available and not over-saturated with competition.
Of the many submissions, roughly 6 will be accepted as finalists in each track. Finalists make a 10 minute presentation to the judges in person with the use of power point as an option. Following the presentation is a Question and Answer session. It is at this point winners are chosen and awards distributed.
The contest is open to any current student of a Newark area college or university AND any Newark regional community member who is proposing to start a new business in Newark, NJ. Those submitting as community members cannot be full time students.
Deadline for Submissions:
Tuesday, November 3rd
Date for Notification of Finalists:
Tuesday, November 17th
Presentations by Finalists:
Tuesday, December 1st
The following sponsors for the program, Capital One and Sterling Medical, provide Innovation Acceleration Fellowships to winners ($3000 each) for summer support to allow students to work on continuing development of their business ideas. Full-time participation over the summer is required.
Initial submission must be four paragraphs (not more than two pages) answering the following questions:
- What is the problem that this company proposes to solve? (Need)
- How does the company plan to solve the problem? (Application)
- How does the company plan to make money from this application? (Value Proposition)
- What is the competition and what is the competence of the management team? (Competition)
Finalists will be given time for a ten-minute pitch with PowerPoint slides followed by Q&A. Finals will be held at the NJIT Campus Center, University Ave., Newark, NJ in the Atrium on Monday, December 1st from 1:00 to 5 P.M.
How to submit an entry:
Please fill out the submission form in the link below to submit an entry for the challenge: