InNOLEvation® Challenge

The InNOLEvation® Challenge Business Model 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 $30,000 in prize money!


2024 Winner: Raide

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

Congratulations to all the 2024 InNOLEvation® Challenge Winners!

  • $4,000 Jim Moran Challenge Social Venture Award – E. esperance
  • $4,000 Spirit of Entrepreneurship Award – Highlighter Cosmetics
  • $4,000 DivvyUp Most Viable Award – Growth & Progress Realty
  • $4,000 Growler Country Most Scalable Award – Aqua Insights
  • $4,000 Most Innovative Award – PlayerWallet
  • $500 Finalists – OK and HandMeDorm

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.


  • $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)

Watch the 2022 Finals Here!