The New Venture Competition (NVC) is Innovate@BU’s largest annual competition that awards $64,000 to early-stage BU entrepreneurs and helps them transform their ideas into something real!
NVC 2021 Fast Facts:
The competition is appropriate for ventures of any kind (technology or non-technology based, for-profit or non-profit) that are developing meaningful solutions to address large, important, and unmet needs and demonstrate potential to turn the idea into a scalable venture.
The competition has two tracks: General Ideas and Social Impact Ideas.
It is open to current BU students and alumni who have graduated within one year.
The competition is made up of three rounds that take place between February–April. In 2021, all competition events will take place virtually on Zoom.
Participants are connected with Innovate@BU’s resources including coaching and mentorship, founder and team skill-building, media exposure, and more.
Airflow Seating System Technologies’ goal is to develop and create a cushioning system that utilizes sensing technology to guide pressure movement, eliminating the need for caretaker intervention in pressure injury prevention for people with compromised mobility. Embedded sensing capabilities will also provide healthcare professionals with metrics that allow for a more proactive and comprehensive diagnostics process, changing the way patients are monitored. Team lead:
CoStudy is the next generation of peer evaluations that provide customizable, research-based insights for professors in higher education.
Dialysis-X is developing a novel needle-less venous access device that guarantees safer and easier dialysis experience, without the complications associated with the current care standard.
Mount uses its IOT smart lock and fleet management system to launch electric scooters at Airbnb and vacation rental properties.
Phonetic Beats teaches phonetic literacy to small children using trap/music music.
Sky International Music Education provides online music lessons from teachers around the world and students in China.
Social Impact Track Teams
Hood Renovationz is a team of three seeking to improve housing needs for lifelong renters in inhabitable places.
RefEd is a mobile, interactive app designed specifically for refugee students without consistent access to education.
SpecGraphixEDU offers in-person and online creativity-based classes for kids ages 5 to 12. It aims to end institutionalized oppression of creativity in schools and give kids the platform to be creative and explore niche subjects absent in schools.
The Stateless Collective trains students for studying, working, researching, and volunteering abroad through online modules and an ethically oriented community platform.
Turn In. Reach Out. Well Being and Communal Care Totes are available in English and Spanish, and contain resources for an entire family to learn and practice meditation, community building, expressive arts, and emotional intelligence.
Viinko is making time management and organization education accessible for all students. Viinko integrates into a school’s curriculum, making the essential life skills or time management and organization a part of every student’s education.
NVC 2021 Fast Facts:
The competition is appropriate for ventures of any kind (technology or non-technology based, for-profit or non-profit) that are developing meaningful solutions to address large, important, and unmet needs and demonstrate potential to turn the idea into a scalable venture.
The competition has two tracks: General Ideas and Social Impact Ideas.
It is open to current BU students and alumni who have graduated within one year.
The competition is made up of three rounds that take place between February–April. In 2021, all competition events will take place virtually on Zoom.
Participants are connected with Innovate@BU’s resources including coaching and mentorship, founder and team skill-building, media exposure, and more.
Competition Format & Important Dates
The NVC is made up of one initial application period followed by three pitch rounds.
Competition Tracks
The NVC has two tracks. Teams must chose one track on the application that is most appropriate for their venture.
General Ideas Track: For-profit ventures focused on creating value for a large market with a scalable model. Ideas from all sectors are welcome.
Social Impact Ideas Track: For-profit, non-profit, or hybrid ventures that focus on creating positive social impact with a scalable model. Ideas from all sectors are welcome.
Application Stage
All interested teams must submit an application. Please see the “Application” section for more details about requirements and questions.
Dates
Application opens: Friday, January 15
Application deadline: Thursday, February 18, 11:59 pm ET
By February 26, applicants will be notified via email if they are advancing to Round 1.
Up to 40 teams (approx. 20 per track) will advance to Round 1.
Round 1: Elevator Pitch
Dates
General Track Elevator Pitch Night: Thursday, March 4, 6–8:45 pm
Social Impact Track Elevator Pitch Night: Tuesday, March 9, 6–8:45 pm
*These events will be open to the BU community and public.
Format
2-minute pitch (no slides) + 2 minute Q&A with judges on Zoom.
# of Teams
Up to 24 teams (approx. 12 per track) will advance to the Semi-Finals.
Two teams (1 per track) will be chosen via Audience Favorite voting at the live Pitch Nights.
Round 2: Semi-Finals
Dates
Thursday, March 25 (late afternoon to evening)
*These events will not be open to the BU community and public.
Format
10-minute pitch (with slides) + 10 minute Q&A with judges on Zoom.
# of Teams
Up to 12 teams (approx. 6 per track) will advance to the Finals.
Requirements
All semi-finalist teams are required to have:
a 45-minute pitch preparation and feedback session with BUild Lab staff and coaches prior to pitching in this round.
3-5 year financial projections
Awards
All semi-final teams are awarded $500.
Round 3: Finals
Dates
Friday, April 16
*Final pitches will take place in the afternoon and will be closed to the public. In the evening, the BU community and public is invited to Innovator’s Night to meet all finalists and watch the award presentation.
Format
10-minute pitch (with slides) + 10 minute Q&A with judges on Zoom.
# of Teams
6 teams (3 per track) will be awarded 1st, 2nd, and 3rd place cash prizes.
Requirements
All teams are required to:
present 3-5 year financial projections
attend Innovator’s Night on the evening of April 16 where the winners of each track will be announced.
All finalist teams will be offered optional pitch preparation and feedback sessions with BUild Lab staff and coaches prior to pitching in the final round.
See below for a preview of questions that will be asked on the application. Each response is limited to 200 words.
Problem: What is the problem that you are working to address? Why is it a large, important unmet need?
Customer: Who are your target customers?
Solution: What is your proposed solution?
Competition: Who are your key competitors? In what ways do they not address the problem well?
Value proposition: What is your unique, compelling value proposition?
Target market: What is your target market? What is its size?
Go-to-market strategy: What is your go-to-market strategy?
Revenue model: What is your revenue model?
Validation – market: What key steps have you taken to validate your idea with your target market?
Validation – technical feasibility: If your proposed solution includes critical technology/science/social science related assumptions, what key steps have you taken to validate the technical feasibility of your proposed solution?
Milestones accomplished: What key milestones have you completed?
Milestones for next 12 months: What key milestones are you working toward accomplishing in the next 12-months?
Team: Who are members of your team and your background and expertise? What makes you believe that you have the team to tackle this problem successfully? Please also list any advisors or board members if applicable (please be prepared to provide verification for any advisors or board members listed if you advance into the Semi-Finals).
(Social Impact Track only): What is the social impact you are working to create?
(Social Impact Track only): How is social impact prioritized in your venture’s decision-making and planning?
Please disclose the amount and source for any funding you have raised.
Prizes & Awards
Prizes & Awards:
The Top 3 teams in each track will be awarded the following cash prizes:
All teams that advance to the Semi-Finals will receive a $500 award.
Prize Distribution:
Prize money is awarded after receipt of a completed W9 form from the founder or the designated award recipient(s) from the winning team. The W9 can also be from the team’s business entity, if already established, with an EIN.
Issuing checks takes up to three weeks after the W9 is submitted to Innovate@BU staff.
Individuals or businesses receiving prize money are responsible for the tax implications of the winnings, which BU and the IRS treat as income. Non-citizen prize winners are taxed up front on their winnings.
Eligibility, Requirements, & Expectations
Please read the following information carefully. Innovate@BU reserves the right to verify any submitted information for accuracy to address any circumstances in which the following rules do not apply and to disqualify any entry.
Teams & Participation
A team could consist of one or more members.
Each team may only apply with one idea and compete in one track. The application should be submitted by the Boston University student or Class of 2020 alumni who is the founder/co-founder of the venture and will act as the primary team contact during the competition.
Teams that apply to the Social Impact Track must be able to demonstrate in their application and pitch that they prioritize social impact in their organizational decision-making and planning.
Teams must have at least one current BU degree-seeking student or a BU Class of 2020 alumni who:
is a co-founder
plays a key management role in the venture, and
will take part as one of the main presenters in each competing round
Teams may include non-BU members as long as the previous requirement is met.
Applicants must commit to being available to attend and participate in the Round 1: Elevator Pitch for their track in its entirety, and be available for the Semi-Finals and Final events on the listed dates and times.
Funding & Revenue Limitations
Have not raised more than $250,000 in funding or grants.
Generated less than $500,000 in annual revenue.
Semi-finalists and Finalists will be required to present 3-5 year financial projections during their pitch.
Ideas
Winners of Top 3 cash prizes in previous NVC’s cannot compete with the same venture idea. They may enter with a new venture idea.
Teams must apply with an original idea and agree to not violate any contract or third party rights including any patent, copyright, trade secret, propriety or confidential information, trademark, publicity or privacy rights.
Participant Expectations
This is a multi-round competition with many moving parts and logistics, including locations, dates and times, materials that may need to be emailed/collected in advance, etc. You are expected to be responsive to communication that is generally sent via email. If you do not respond to an email within 48 hours, we will assume you are not participating in the next stage of the competition.
Resources
We’re here to help! We encourage all participants to take advantage of the following resources.
Info Sessions:
Friday, January 22 & 29: Learn more about the competition format and application process.RSVP here.
Innovate@BU staff and industry experts host regular office hours and can provide feedback and advice on your pitch, idea, and specific industries.Learn more here.
Idea Nights:
Innovate@BU Idea Open-mic & Networking Nights are casual events to share your idea and receive feedback from peers. Check back soon for spring 2021 dates.
Questions
If you have any questions about the New Venture Competition, please reach out to Christine Armstrong, Innovate@BU program manager at:carms@bu.edu.