The Innovation Challenge will bring $225,000 in total funding during the 2023-24 academic year across the University of Iowa's campus. The Challenge is a university-wide competition with the goal to identify, advance and support the most innovative and entrepreneurial projects on campus.
There are two phases to the Challenge:
The first phase, an Elevator Pitch Competition, was held Nov. 13-14, 2023. The second phase, a Business Model Competition, will be held April 15-16, 2024. Applications will be open for this phase at the beginning of the 2023 Spring Semester, with a deadline to enter March 25, 2024.
Coaching will be available for both competitions to help individuals/teams prepare. Contact Patti Fields for more information.
This competition is open to all University of Iowa:
- Graduate students
- Undergraduate students
- Incubator startups
- UI Program or Academic Alumni (for the Business Model Competition portion ONLY of the Challenge - Spring 2024)
* Regarding student awards, international students are generally restricted due to international tax laws. Since they are not typically allowed to start a business, Iowa JPEC restricts seed funding awards for international students but may offer non-monetary recognition instead.
*We define "Incubator startup" as either participating in the University of Iowa's Research Park, or active alumni members receiving support from the University of Iowa Bedell Entrepreneurship Learning Laboratory.
* We define "University of Iowa Program or Academic Alumni" as either having previously been enrolled as a student at the University of Iowa, or having participated in an Iowa JPEC outreach program. These outreach programs include Venture School alumni, Business Consulting clients, Small Business Development Center clients, Venture Mentoring Service alumni, and businesses who employed a student intern through our Iowa Innovation Associates program. University of Iowa Program or Academic Alumni will be eligible to participate in the second phase of the Challenge, the Business Model Competition, spring 2024
* Faculty, Staff, Graduate Students, and Incubator Startups: Winners of over $5,000 from last year's 2022-23 Innovation Challenge are ineligible to apply for the same or similar project. All Startup Incubator participants are required to participate regardless of winnings.
* Faculty, Staff, Graduate Students: Successful competition submissions are typically tied to UI research, technology, potential intellectual property, scalable or high-growth potential.
* Undergraduate Students: Winners of over $2,500 from last year's 2022-23 Iowa Innovation Challenge are ineligible to apply for the same or similar project.
PHASE 2: BUSINESS MODEL CANVAS COMPETITION
How it works
The second phase of the Innovation Challenge is the Business Model Canvas (BMC) Competition. This competition is based on the methodology of the Business Model Canvas and requires that companies tell their story beginning from the idea stage including pivots along the way. It describes the rationale of how an organization creates, delivers and captures value. The Spring 2024 Business Model Canvas competition is scheduled for April 15-16, 2024.
This competition will be open to faculty, staff, graduate students, undergraduate students and incubator startups. In addition, the Alumni Category of the competition will be open to UI Program or Academic Alumni.
- If you are an undergraduate student, please see this page for more information and to apply. UNDERGRADUATES WILL COMPETE APRIL 16.
- If you are University of Iowa Faculty, Staff, Graduate Student, or Incubator Startup, please see this page for more information and to apply. FACULTY, STAFF, GRAD STUDENTS, AND INCUBATOR STARTUPS COMPETE APRIL 15.
- If you are a University of Iowa Program and Academic Alumni, please see this page for more information and to apply. ALUMNI WILL BE JUDGED THE WEEK OF APRIL 8-14.
Deadline to enter is Monday, March 25, 2024.
A training workshop for the business model canvas will be held on a date to be determined. To attend, RSVP to Patti Fields.
Additional coaching will be available, let Patti know if you need to schedule.
Spaces are limited to compete, apply now.
BUSINESS MODEL CANVAS
The Business Model Canvas is a tool to help entrepreneurs walk through what it takes to start a business. This video walks you through that process to help you build a successful business.
GET A JUMPSTART
Get a jumpstart on the competition! Check out our Innovation Training page for videos and worksheets from experts with quick and easy tips to help you succeed in competitions and take your idea to the next level.
Developing your pitch...the following is criteria on which your pitch will be judged:
Identify Problem Did they identify the problem? Provide evidence it exists?
Identify Solution Did they identify the solution and the value it presents?
Feasibility How easily could idea be implemented? Do they understand the resources necessary?
Delivery/Engagement Are they passionate about the idea? Was the presentation engaging?