What is the The InNOLEvation® Challenge?

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 Challenge Social Venture Award

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 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.

Prizes

• $10,000 Best Overall Award
• $4,000 Jim Moran Challenge Social Venture Award
• $4,000 Spirit of Entrepreneurship Award
• $4,000 DivvyUp Most Viable Award
• $4,000 Growler Country Most Scalable Award
• $4,000 Most Innovative Award
• $500 Finalist (if no award is won)