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 $30,000 in prize money!
Congratulations to the 2020 InNOLEvation® Challenge Winners:
- $10,000 Best Overall – Mark K. Scott Infinity Fund Prize: NightCap
- $4,000 Strongest Social/Environmental Impact — Jim Moran Challenge Social Venture Award: Aura Biotechnologies
- $4,000 Spirit of Entrepreneurship: Sungrown Bakery
- $4,000 Most Viable: Virtual Lens
- $4,000 Most Scalable: Athlogic
- $4,000 Most Innovative: AirWise
- $500 Finalist: Sway Aid
- $500 Finalist: JAMR Modular Music Workstation
This year we’ll be hosting the InNOLEvation® Challenge workshops online due to COVID-19. The workshops and PowerPoint Presentations are already available to view on our website at this link.
In order to have a beneficial Q&A session, we expect you to watch the videos and presentations PRIOR to the Q&A session. For the Spirit of Entrepreneurship Award (which includes points for participation for attending these workshops), attending the Zoom Q & A session count towards these points.
Info Session 1: 9/16/2020 @ 5pm via ZOOM
Meeting ID: 930 8606 0888, Password: IC2021
Info Session 2: 9/17/2020 @ 5pm via ZOOM
Meeting ID: 948 6302 3102, Password IC2021
The InNOLEvation® Challenge is a Business Model 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 rewarded for:
- solving real problems with their business ideas
- breaking down ideas into key business model assumptions
- getting outside the building and testing assumptions with customers
- applying customer development and lean startup practices to nail the pain and solution
- learning to pivot (change) until arrival at a customer-validated business model
- businesses with a social mission at their core will also receive consideration for the Jim Moran Innovation & Social Entrepreneurship prize
The foremost goal of the InNOLEvation® Challenge is to make this a valuable learning exercise for all participants. Students learn to build a business model by attending workshops provided by FSU’s Entrepreneurs in Residence, throughout the competition. The InNOLEvation® Challenge has a business MODEL focus in which the idea for the business is customer-tested to enhance the odds of success, versus a business PLAN competition, where assumptions are made, perhaps flawed, and the business is established based on those assumptions.
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.
- $10,000 Best Overall – Mark K. Scott Infinity Funds Prize
- $4,000 Strongest Social/Environmental Impact (Jim Moran Challenge Social Venture award)
- $4,000 Spirit of Entrepreneurship
- $4,000 Most Viable
- $4,000 Most Scalable
- $4,000 Most Innovative
- $500 Finalist (if no award is won)
Admission to Domi Station will be awarded to the First Place Winners. Domi is excited to partner with Florida State’s Jim Moran College of Entrepreneurship, to sponsor the InNOLEvation® Challenge Business Model Competition and offer space and mentoring at Domi Station through the end of 2020, a co-working membership, which is valued at $1,000 ($100/month for 10 months). Domi is on a mission to make Tallahassee and Leon County a viable and thriving option for startups and entrepreneurs by offering the resources they need to bring their ideas to life.