What is the InNOLEvation® Challenge?
The InNOLEvation® Challenge is a New Venture Competition with a focus on identifying problems and potential solutions, building effective teams and precisely defining the assumptions of a new venture, testing those assumptions in the field, and then pivoting (changing) based on the lessons learned.
Students are encouraged, but not required, to work in teams instead of working alone to develop their ideas. For best results, team members should have complementary skills and a wide range of backgrounds.
Prizes
- 1st Place: $10,000
- 2nd Place: $7,000
- 3rd Place: $4,000
- 4th Place: $2,000
- 5th Place: $1,200
Eligibility & Requirements
- FSU degree-seeking undergraduate or graduate at the time of application.
- FSU students must have a minimum of 50% ownership in the venture and must have played a major role in creating the venture.
- Student team should serve as CEO, COO, or president OR student team occupy more than 51% of functional area management positions.
Judging Criteria
Each round of the InNOLEvation® Challenge New Venture Competition is judged using the following questions:
- Did the team identify a significant problem or unmet need and create a venture to solve this problem?
- What is the size of the market and what percentage do you expect to capture?
- Has the team developed a prototype or minimum viable product? How far along are you on the product cycle?
- Does the team have significant evidence that the solution is validated (includes letters of intent, purchase contracts, sales, and partners)?
- How will the prize money help your venture?
Competition Format & Dates
- Stage 1 Application Deadline: November 1, 2024
- Stage 2 Application Deadline: February 3, 2025
- Stage 3 Application Deadline: March 23, 2025
- Finals: March 28, 2025
