InNOLEvation® Challenge

The InNOLEvation® Challenge New Venture Competition

Florida State University’s InNOLEvation® Challenge provides students from all majors and all levels with the opportunity to gain valuable insight and experience in innovation and entrepreneurship and a chance to win up to $20,000 in prize money!

 

Applications are currently closed and will be reopened again in Fall 2025. 

Attend the InNOLEvation® Challenge!

For the first time ever, the InNOLEvation® Challenge Finals will be held live with an audience—giving you a front-row seat to the next wave of student-driven innovation!

Join us on Friday, March 28th, from 1 - 3 PM at the Student Services Building (SSB) 208 as five student businesses take the stage to pitch their ventures to a panel of judges. These finalists have worked tirelessly to refine their ideas, and now, they’re competing for up to $20,000 in prize money!

Come support these bold entrepreneurs, gain insights into the world of startups, and see which team takes home the top prize.

 

RSVP Here!

 

Meet the Finalists:

 

Whether you're an aspiring entrepreneur, a startup enthusiast, or just curious about the next big idea, this is an event you won’t want to miss!

 

Event Details

📍 Location: Student Services Building (SSB) 208

📌 Address: 874 Traditions Way

📅 Date: Friday, March 28th

⏰ Time: 1 - 3 PM

 

Be part of the excitement—who will take the top prize? Join us and find out!

 

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.

Click here to learn more about the competition. 

Prizes

  • 1st Place: $10,000
  • 2nd Place: $7,000
  • 3rd Place: $4,000
  • 4th Place: $2,000
  • 5th Place: $1,200

Eligibility & Requirements

The organizers of the InNOLEvation® Challenge recognize that no set of criteria can apply to every circumstance and therefore reserve the right to determine eligibility or to disqualify any team that it determines to be in violation of the spirit of the competition. Questions on eligibility can be addressed to May Wang (mwang@jmc.fsu.edu). All decisions made by the InNOLEvation® Challenge organizers are final.

 

Judging Criteria

Stage 1:

  • Problem Identification
    • Clarity of the problem being addressed and its relevance to the target market.
  • Value Proposition
    • Effectiveness of the proposed solution in solving the identified problem and how it stands out from competitors.
  • Customer Segments
    • Understanding of the target audience and their needs
  • Feasibility and Scalability
    • Evaluation of the business model’s potential for growth and sustainability.

 

Stage 2:

  • Business Strategy
    • Clarity and thoroughness of the business plan, including market analysis and strategy.
  • Revenue Model and Financial Projections
    • Realism and robustness of financial projections and understanding of revenue generation.
  • Team Dynamics and Execution Plan
    • Assessment of team strengths, roles, and the plan for execution and milestones.
  • Pivots and Adaptability
    • Demonstration of how feedback and learning were incorporated into business adjustments.

 

Stage 3:

  • Clarity and Engagement
    • Effectiveness of communication and ability to engage the audience.
  • Persuasiveness of the Pitch
    • Strength of arguments presented and ability to convince judges of the venture’s potential.
  • Handling Questions and Feedback
    • Ability to respond to questions thoughtfully and adaptively.
  • Overall Impact and Vision
    • Vision for the future of the venture and its potential impact on the industry or community.

Competition Format & Dates

  • Stage 1 Application Deadline: November 8, 2024
  • Stage 2 Application Deadline: February 3, 2025
  • Stage 3 Application Deadline: March 23, 2025
  • Finals: March 28, 2025

Frequently Asked Questions

Do I need to have a business in order to compete for the InNOLEvation® Challenge?

In order to enter into the competition (Stage 1 deadline November 8th), you are NOT required to have a business. In fact, more often than not, a good business idea is a good start. If selected to enter into Stage 2, you will get help with developing a more detailed business plan and financial projection. The competition is meant to provide a process to encourage and assist students in launching or furthering their new ventures. If selected to enter into Stage 3, students are required to register a business in order to receive the prize funding.

Is the application to compete complicated and time consuming?

Stage 1 application (deadline November 8th) is fairly simple and straightforward. You will primarily be asked to describe your business or business idea. The application itself should not take a long time to complete. As you move further along into Stage 2 or Stage 3 in the spring, 2025 (if selected), your commitment is expected to increase as you more fully develop or pivot your venture.

Does the competition prefer one industry over another?

No. We encourage and welcome entrepreneurship and innovation in all industries and fields. Our previous winners have created businesses of all sorts, incl. traditional industries as well as low tech or high tech ones.

Can I compete individually or shall I compete in teams?

The competition allows 1-6 persons to sign up as one application. We have seen successful applicants as individuals or as teams. If selected to enter into Stage 2, you have one opportunity to change and finalize team members, as long as the team remains eligible to compete (refer to the Jim Moran College website for the eligibility guidelines).

Shall I upload a 1-3 minutes video for Stage 1 application?

A video is optional. However, having a video explaining the business model can help the reviewers understand your business or business idea.

I am a FAMU student enrolled in the FAMU-FSU College of Engineering. Am I eligible to compete??

For purposes of the competition, you meet the requirement to be a student enrolled at FSU. You will need to verify that you meet the rest of the requirements at Eligibility Guidelines. FAMU-FSU College of Engineering students can participate on a team in the competition. At least 50% of the students on the team need to be FSU students (FAMU-FSU College of Engineering students are included in this percentage).

Can I change team members after applying?

Team members must be solidified by Stage 2.

Are there restrictions on other changes that I might want to make?

You cannot make any changes during the competition which cause your team to no longer meet the eligibility qualifications. Also, after applying, you can no longer change the name of the team/company or the value proposition.

Can I participate on more than one team?

Yes for Stage 1, but students can only be on one team past Stage 1.

How can I make sure my Submissions are made on time?

Submissions need to be received by 11:59 PM (UTC-05:00) Eastern Time for each stage.

Who can I contact if I have further questions?

Please contact Jim Moran College’s Student Engagement team with any questions: mwang@jmc.fsu.edu.

2024 1st Place Winner: Raide

Kennedy Joy Foristall and Noah Romo, founders of Raide, won the $10,000 first-place prize in this year's InNOLEvation® Challenge New Venture Competition.