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.

Team Composition

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.

Competing teams should consist of no more than 6 degree-seeking undergraduate or graduate students enrolled part-time (6 credit hours or more) or full-time at Florida State University at the time of application. Non-students may be part of the venture but cannot participate in the competition (e.g., video submission, pitching, Q&A, etc.). Students in the FAMU-FSU College of Engineering are eligible to participate in the competition.

A member of the student team should be CEO, COO, or president of the venture, or members of the student team should occupy 51% or more of the functional area management positions that would report directly to CEO, COO, or president position.

Ownership

The student team must have a minimum of 50% ownership in the venture. The business model submitted must be original work done by the student team.

Prior Activity

Former participants in the InNOLEvation® Challenge may not compete in this or any future InNOLEvation® Challenge competitions under the same company or using the same idea if they previously participated past round one. There may be some exceptions that will be determined on a case by case basis. Please email May Wang at mwang@jmc.fsu.edu with any questions.

Certifications and Agreements

By submitting a Business Model (“the Model”) to the InNOLEvation® Challenge Business Model Competition (“the Competition”), each Contestant listed below agrees to the following conditions:

• Originality of Model – The ideas and concepts set forth in the Model are the original work of the Contestants, and no Contestant is under any agreement or restrictions that prohibit or restrict his or her ability to disclose or submit such ideas or concepts to the Competition.
• Compliance with the Eligibility Guidelines of the Competition – Each Contestant has reviewed the Eligibility Guidelines (“Guidelines”) and by submitting his or her application, certifies that this entry and the team or individual it represents complies with the Guidelines and agrees to abide by the Guidelines.
• Waivers and Releases – Each Contestant understands that the InNOLEvation® Challenge New Venture Competition organizing committee, any co-sponsors, judges, mentors, co-organizers (“Competition Officials”) and its directors, officers, partners, employees, consultants, and agents (collectively “Organizer Representatives”) are volunteers and are under no obligation to render any advice or service to any Contestant. The views expressed by the judges, co-sponsors, co-organizers, and the Organizer Representatives are their own and not those of the InNOLEvation® Challenge organizing committee or any other person or entity.

Each Contestant also understands and agrees that although the Competition Officials have taken and will take the steps described in the Guidelines regarding confidentiality of the ideas and models submitted by the Contestants, the legal protection of the ideas and the Models submitted by the Contestants to the Competition is otherwise the sole responsibility of the Contestant. In consideration of the time, expertise, and other resources provided by the Competition Officials and Organizer Representatives to the Competition, each Contestant hereby voluntarily releases each Competition Official and each Organizer Representative from any further liabilities, responsibilities, and accountabilities relating to or arising out of such Competition Officials or Organizer Representative’s participation in the Competition.

Requesting Your InNOLEvation® Challenge Prize

Contestants are allowed to remain at the status of “just an idea” rather than required to register as a legal entity until Stage 3 of the competition. Since prizes will be distributed to a legal business entity – other than a sole proprietorship – and not to an individual or individuals, students will be required to register as such upon moving on to the final stage of the competition.

Winning teams must submit the correct paperwork prior to June 1, 2025 or forfeit their winnings. The company name and address on all paperwork and filings must be identical, and all members of the company that were documented and submitted during the competition must be listed on the filings for the legal business entity. Awards are not transferable. Please email May Wang at mwang@jmc.fsu.edu with any questions.

Award Disbursement Procedures

Prior to the disbursement of any prize money, proof of the establishment of a legal business entity must be provided. The following should be setup:

• Federal Tax EIN
• Florida Business Registration from Sunbiz.org
• Establishment of a business banking account is required

Funds can only be disbursed after the above is completed.

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