COVID-19 Update:

We have had several questions regarding this competition and if we are still planning to host the Iowa Innovation Challenge amid the spread of COVID-19 (Cornavirus).

Iowa JPEC still plans to host this competition and award all funds during the month of April. Over the next few weeks, we will continue to monitor the changing developments of COVID-19 and will make adjustments to the competition as needed. At this time, we are planning to move all in-person pitches for finalists to be virtual pitches. Applicants will be alerted of any changes made to the competition, once our finalists have been selected.

Individuals/Teams interested in participating in this competition should apply as normal, before the deadline of April 3.

If you have any questions, please reach out to jan-finlayson@uiowa.edu

This page contains information for UI Faculty, Staff, Graduate Students, and Incubator startups interested in participating in the Iowa Innovation Challenge.

*If you are an undergrad student please see this page for additional information.
*If you are a program or academic alumni of UI please visit this page for additional information.

    SPRING BUSINESS MODEL COMPETITION

    Information for UI Faculty, Staff, Graduate Students, and Incubator Startups

    • $70,000 in prizes available
    • Applications will be reviewed and 10 finalists will be selected to advance and pitch to judges on April 14
    • All finalists will receive $1,000 for advancing
    • Finalist will be given coaching and guidance on how to prepare for their pitch
    • An additional $2,500 in NSF Funding will be made available to all participating technology-based projects that meet NSF funding guidelines (could lead to up to $50,000 in additional funding).
    • Finalist will be given coaching and guidance on how to prepare for their pitch.
    • Participants will also be given priority access to Iowa JPEC student interns and business consulting services to help advance their business
    • We define "Incubator startup" as either participating in the UI's research park, or active alumni members receiving support from the UI Bedell Entrepreneurship Learning Laboratory.

    Apply today

    APPLICATION

    A five-page maximum executive summary will be submitted as a part of the application process and is due April 3. This summary should include:

    • Problem and solution
    • Value proposition
    • Customer segments
    • Revenue to date
    • Financial potential
    • Current Status and milestones achieved
    • Use of proceeds
    • Validation using Lean Startup Methodology

    For reference on format, please visit the following links:
    https://leanstack.com/leancanvas/
    udacity.com/course/ep245
    https://www.businessmodelcompetition.com/general-information.html
    https://www.businessmodelcompetition.com/canvas.html
    en.wikipedia.org/wiki/Business_Model_Canvas
    www.strategyzer.com/canvas/business-model-canvas
    PDF From Workshop held for competition on 2/28

    ELIGIBILITY

    • Must be UI Faculty, Staff, Graduate Students, and Incubator Startups. (*We define "Incubator startup" as either participating in the UI's research park, or active alumni members receiving support from the UI Bedell Entrepreneurship Learning Laboratory.)
    • Individual signing up and pitching must be a Founder/Co-Founder and/or have equal or controlling interest in the business.
    • All applicants must be an early stage business, pre or have limited revenue (investments and/or grants are allowed)

     

       

          AWARDS

          Ten finalists will be selected to pitch in the Iowa Innovation Challenges' Business Model Competition on April 14. Once finalists are notified, additional details regarding the competition will be sent to them. All finalists will receive $1,000 for advancing to the final round of the competition.

          FACULTY, STAFF, GRADUATE STUDENTS, AND INCUBATOR STARTUP FALL AWARDS
           

          • 1st Place - $25,000
          • 2nd Place - $15,000
          • 3rd Place - $10,000
          • 4th Place - $5,000
          • (2) Honorable Mentions - $2,500 each
          • (10) Finalists advancing to pitch on 4/14 - $1,000 each

          *Please Note: Prizes over a set amount ($2,000 for faculty, staff, graduate students, and incubator startups | $1,000 for undergraduate students) will not be paid until the individual(s)/team meet with a member of Iowa JPEC leadership or UI Ventures to discuss how the funds will be used. Significant prizes will be distributed when set milestones are met by the individual(s)/team as agreed upon in this meeting.

          FORMAT FOR FINALISTS

          Ten finalists will be notified and given more information regarding the format and what is required of them. You will also have the opportunity to meet with Iowa JPEC staff prior to the competition to practice your pitch.

          FORMAT

          • 10 minutes pitch with slide deck (slides will be turned in ahead of time)
          • 15 minutes Q & A
          • Prototypes, photos, handouts, etc. are also allowed

          Next Steps

          Applications for the spring Iowa Innovation Challenge Business Model Competition are due on April 3, 2020.

           Contact us Apply today