New Business Model Competition

About the NBMC:

Hosted annually during the fall semester, the Center runs the New Business Model Competition. Many entrepreneurs submit practical innovative ideas for review by a panel of judges at a chance to win a $2,500 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 4 will be accepted as finalists in each track. Finalists make a 7-minute presentation to the judges in person with the use of powerpoint as an option. Following the presentation is a Question and Answer session. It is at this point winners are chosen and awards distributed.


Eligibility:

The contest is open to (1) any current student of a Northern NJ area college or university and (2) any Northern NJ regional community member who is proposing to start a new business in NJ.  Those submitting as community members cannot be full-time students.

Deadline for Submissions:

Monday, November 9th, 2020

Date for Notification of Finalists:

Monday, November 23rd, 2020

Presentations by Finalists:

Monday, December 7th, 2020

 

Highlights

  • We are offering $10K+ in prizes for this year.
  • This is the only competition for students and community members in NJ 
  • This is the 12th year for the NBMC.
  • We are offering pre-competition training through the Lean Startup Jumpstart program and that finalists and winners will be part of the NJIT Lean Startup Summer Accelerator which is a $25,000 value per team of no-cost training. 

 

Any NBMC questions may be directed to Michael Ehrlich (ehrlich@njit.edu)​

 


Awards

Principal program sponsor Synchrony Bank provides Innovation Acceleration Fellowships to winners ($2,500 each).  The Fellowships allow winners to work on their business ideas, while they participate in the NJIT Martin Tuchman School of Management Summer Lean Start-up Accelerator. For 2020, we are seeking ideas that focus on COVID-related solutions and COVID-related pivots in support of economic restarts for new ventures.

 

Initial submission must be four answers to the following questions (not more than two pages total):

1. What is the problem that this company proposes to solve? (Need)

2. How does the company plan to solve the problem? (Application)

3. How does the company plan to make money from this application? (Value)

4. What is the competition and why will your team win? (Competition)

 

Finalists will be given time for a seven-minute pitch with PowerPoint slides followed by Q&A. Finals will be held "in person" if possible or via virtual platform.