This page contains information for University of Iowa Faculty, Staff, Graduate Students, and Incubator startups interested in participating in the Innovation Challenge.
*If you are an undergrad student please see this page for additional information.
*If you are a program or academic alumni of University of Iowa please visit this page for additional information.
SPRING BUSINESS MODEL COMPETITION
Information for University of Iowa Faculty, Staff, Graduate Students, and Incubator Startups
- Up to $75,000 in prizes available
- Applications will be reviewed and 10 finalists will be selected to advance and pitch to judges.
- Additional NSF funding may be available. For more information click HERE.
- Finalist will be given coaching and guidance on how to prepare for their pitch.
- Participants will also be given priority access to Iowa JPEC student interns and business consulting services to help advance their business.
- 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.
Application Deadline March 25.
APPLICATION
A five-page maximum executive summary will be submitted as a part of the application process. This summary should include:
- Problem and solution
- Value proposition
- Customer segments
- Revenue to date
- Financial potential
- Current Status and milestones achieved
- Use of proceeds
- Validation using Lean Startup Methodology
For reference on format, please visit the following links:
https://leanstack.com/leancanvas/
udacity.com/course/ep245
https://www.businessmodelcompetition.com/general-information.html
https://www.businessmodelcompetition.com/canvas.html
en.wikipedia.org/wiki/Business_Model_Canvas
www.strategyzer.com/canvas/business-model-canvas
ELIGIBILITY
- Must be University of Iowa Faculty, Staff, Graduate Students, and Incubator Startups. (*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.)
- Individual signing up and pitching must be a Founder/Co-Founder and/or have equal or controlling interest in the business.
- All applicants must be an early stage business, pre or have limited revenue (investments and/or grants are allowed)
FORMAT FOR FINALISTS
Ten finalists will be notified and given more information regarding the format and what is required of them. You will also have the opportunity to meet with Iowa JPEC staff prior to the competition to practice your pitch.
FORMAT
- 10 minutes pitch with slide deck
- 15 minutes Q & A
- Prototypes, photos, handouts, etc. are also allowed
AWARDS
Ten finalists will be selected to pitch in the Innovation Challenges' Business Model Competition. Once finalists are notified, additional details regarding the competition will be sent to them.
FACULTY, STAFF, GRADUATE STUDENTS, AND INCUBATOR STARTUP SPRING AWARDS (Award amounts subject to change at discretion of the judges).
*Please Note: Prizes over a set amount ($2,000 for faculty, staff, graduate students, and incubator startups | $1,000 for undergraduate students) will not be paid until the individual(s)/team meet with a member of Iowa JPEC leadership or University of Iowa Ventures to discuss how the funds will be used. Significant prizes will be distributed when set milestones are met by the individual(s)/team as agreed upon in this meeting.
Judging Criteria
Judges will consider the following during your presentation:
- Problem: What customer problem does their product and/or service solve.
- Solution: Please describe the product or service.
- Value Proposition: What benefits does the product or service deliver to the customers and how do these compare to those delivered by their competition?
- Customer Segments: Outline who the customers are and how they plan to reach them.
- Financial Potential: Describe any revenue to date and the financial potential of their business opportunity.
- Validation of the above using Business Model Canvas / Lean Startup Methodology