New Venture Challenge Rules and Guidelines

Updated 2/03/2025

General guidelines of competition

It is the participant's responsibility to read and to abide by these guidelines. Participation in the New Venture Challenge (NVC) shall be interpreted as the participants having both read and accepted the terms of these guidelines.

While not anticipated, the Central Michigan University (CMU) College of Business Administration (CBA) reserves the right to update, add, or subtract from these guidelines at any time and may reject the submission of a business if it believes it is in the best interest of CMU.

Purpose

NVC is a competition program for students enrolled across all colleges at CMU to develop their entrepreneurial mindset, learn business start-up techniques, and develop their business ideas. It is intended for very early-stage student business ventures. NVC provides a transformational experience where students can earn start-up funds for their businesses. Students have multiple opportunities to connect with experienced entrepreneurs, alumni, business professionals, venture capital experts, angel investors, faculty, and community leaders. They work on their business ideas over two semesters, pitch their businesses to experienced professionals, make adjustments, and compete to earn (win) start-up funds and in-kind services.

During the fall and spring semesters, a series of workshops, mentor meetups and other programs are hosted by CMU’s Isabella Bank Institute for Entrepreneurship (IBIE). Teams are encouraged to create minimal viable products or prototypes and do customer discovery and validation. They have multiple opportunities to provide a two-minute pitch to gain feedback from professionals.

The New Venture Challenge final competition day is April 11, 2025. Prizes and awards are subject to revision. Final revisions will be completed by April 8, 2025.

How to enter

  1. The IBIE uses Google Forms to manage applications and submissions. To enter, one individual from the team must complete the online “Intent to Compete” enrollment form by 11:59 p.m. EST on February 28, 2025. Additional materials and your full entry form must be submitted by March 21, 11:59 p.m. EST.
  2. All final entry forms and submission materials, must be submitted by 11:59 p.m. EST on Friday, March 21, 2025. Complete the venture submission form. 
  3. Teams competing in the full presentation category (High Growth, Main Street, and Social Mission, Alternative Entrepreneurial Pathways) must submit their venture website URL. You do not need to have a complete website until March 25. Your website must contain your financial summary with all requirements and the marketing one-pager. You must also upload your team logo and photo, and a brief description of your venture.  These URLs, photos, descriptions, and logos will be shown in the NVC event app as part of the competition and in a post event program. Be sure your website URL is open/public. If judges are unable to access your website, your team will be disqualified from the competition.
  4. Participants competing in the Innovation Showcase must submit their intent to participate in the Innovation Showcase by April 1, 2025, by 11:59 p.m. EST. Innovation Showcase teams will submit their project idea, a brief description of their showcase, and submit any needs for their showcase (electricity, table size, tablecloth, etc.). 

Guidelines and eligibility*

*Information may be subject to change.

1. Participant eligibility

a. This competition is for current undergraduate or graduate level Central Michigan University (CMU) students.  At least one student on your venture team must be a full-time or part-time student who is pursuing a degree program, and who was and/or is registered at CMU in Fall 2024, and/or Spring 2025 semester(s).

b. The CMU student must have a significant role in the venture and be part of the business structure. This role should be detailed in the submission. The competition committee (IBIE staff) reserves the right to review this position when questions arise in this regard.  Examples of strong evidence of significant roles include but are not limited to: significant ownership (majority or controlling) equity in the venture; and/or a key management role in the venture as evidenced by written agreement.

c. Leadership: The CMU student must be a leading presenter during the pitch and venture competition presentation.  The business venture and documentation must be the original work of the team members.  The team is expected to conform to the highest standards of honesty and integrity and comply with CMU Conflict of Interest Guidelines.

d. Eligibility Determinations: CMU and IBIE have full discretion to determine whether a team or student meets the requirements for participation in NVC.

2. Participant requirements

a. While we strongly encourage teams with multiple students, solo entrepreneurs are allowed to compete. We encourage all competitors to create a support team consisting of other students, mentors, advisors, faculty, or staff. 

b. Teams are encouraged to work with mentors, advisors, faculty, and staff to help them throughout the process. Teams are required to attend a mandatory workshop prior to submitting their final entry form March 21, 2025.

c. All participants should have their websites and marketing one pager reviewed by the CMU Writing Center and/or other resources prior to the submission deadline of March 21, 2025.

d. All work must be the original work of the students. Teams can utilize the assistance of the Design Bureau and IBIE staff for website and graphic design. Participants may use reference materials.

e. NVC participants (competitors) may only present with one team in the competition.

f. All participants must be willing to participate in a variety of promotional activities related to the NVC, including photos, interviews, and information about their business during the year of competition and after the competition. Further, participants agree to complete annual post NVC surveys for up to three years after the competition.

g. If a CMU employee is to be an officer of a company connected with an NVC team or entry this must be fully disclosed to the CMU Conflict Review Committee prior to Feb. 28, 2025. Such disclosure shall indicate the role the CMU employee will play in the business and how this relates to the employee's CMU responsibilities. Any decision or recommendation made by the Conflict Review Committee with respect to the employee’s role in the company shall be final and binding on the team. Deviation from this decision or recommendation or refusal to follow it shall be grounds for disqualification of the team from the NVC.

3. Nature of ventures

a. This competition is for independent student ventures in the start-up ideation, early growth, or seed stages (with an exception being made in NVC 2025 for the new Alternative Entrepreneurial Pathways competition track, see below for full details). It is desired that these have a positive impact on the business environment in Michigan and the United States. Generally, excluded, but can be considered are the following: buy-outs, expansions of existing companies, real estate syndications, tax shelters, franchises, multi-level marketing and licensing agreements for distribution in a different geographical area. Students considering these types of ventures may qualify to enter the Alternative Entrepreneurial Pathways category or they must get written approval from the New Venture Challenge Committee prior to Feb. 28, 2025. Licensing technologies from universities or research labs is encouraged, assuming they have not been previously commercialized. Students need to be a significant part of the business structure as noted in team composition.

b. NVC 2025 will include a competition track titled Alternative Entrepreneurial Pathways (AEP), powered by Doug Parker. Generally, the AEP competition track will allow feature ventures that are expanding a family business, innovating within an existing business, or students planning to become entrepreneurs through acquisition will compete within the alternative entrepreneurial pathways track. The AEP competitive track shall be considered a full 10-minute presentation. The winner of the 2025 AEP competition track will be chosen at the conclusion of the NVC Preliminary Round. The winner of the AEP competition track must present on the main stage on April 11, 2025 (full 10-minute presentation) in order to receive their NVC award (failure to appear and present will be deemed a forfeiture of any award and the award may be presented to an alternative AEP participant.

c. Early growth or seed stage ventures with sales in any fiscal year greater than $50,000 or alternatively, sales over the life of the business greater than $100,000 are not eligible to compete. These sales metrics are measured as of Dec. 31, 2024.

d. Ventures that have received outside financing or institutional funding (awards, prizes, venture capital, private equity, etc.) of $25,000 or greater on or before Dec. 31 2024, are not eligible to compete. However, capital raised from insiders (e.g., founders and employees) and grantors (e.g., governmental agencies and nonprofit foundations who make grants to local entrepreneurs) will generally NOT count towards the $25,000 amount. Students seeking an exception from (or clarification of) this rule should contact the New Venture Challenge Committee prior to February 28, 2025.

e. Consistent with the design and purpose of the competition, CMU will evaluate the business website including the components of a one-pager and a financial table based on the criteria presented and will not accept plans that it deems, in its sole discretion, to be unethical or contrary to local, state, or federal law. In addition, CMU reserves the right to reject any business plan for reasons including, but not limited to: the plan, or any part of the plan: is deemed to be in violation of the CMU Code of Ethics; violates any local, state or national law; or does not present sufficient content.

e. Participants must adhere to the requirements of the CMU Intellectual Property Policy and CMU Conflict of Interest Policy, as well as any other CMU policies and procedures that may be applicable. Teams that wish to use CMU owned IP must obtain permission from CMU prior to Feb. 28, 2025.

f. Participants that competed in New Venture Challenge 2024 in the full  presentation competition must submit in the NVC enrollment form how their venture expanded, changed, or evolved since competing in NVC 2024 within the online application form by 11:59 EST on Feb. 28, 2025. 

4. Pre-registration required

Each team (or solo participant) must complete the online application form in Google Forms by 11:59 EST on Feb. 28, 2025. This indicates the team's intent to participate in the day of competition.

5. Awards

a. Award money exceeding $1,000 will be made payable to the business entity that the winning team (or solo participant) forms (e.g., a corporation, LLC, etc.) Winning teams have until June 1 of the competition year to form their business entity (unless approved in writing by the IBIE). If the winning team fails to form the business entity and request the award money within the specified period, the money remains in the competition fund and is not disbursed. (Unless approved in writing by the IBIE). Teams (and solo participants) and their business entity are responsible for any tax consequences of the award. CMU team members winning awards below $1,000 have the option to receive payment to their student account.

b. Each winning participant (recipient of monetary award) will be required to provide appropriate documentation to receive their award payment which may include student identification, W-9 and/or EIN forms.  This serves as the winning participants’ award agreement.  ​See the IBIE office in Grawn 164 with any questions.

c. Competition awards and prizes are selected by the judging panel, independent of CMU, based on their view and the judging criteria provided by IBIE.

d. NVC participants must be present at the awards ceremony to collect the awards and prizes (unless approved by the IBIE).

6. Full entry form due March 21, 2025

All teams (including solo participants) must submit their complete entry form, with relevant documents and links by 11:59 p.m. on March 21, 2025. Students can compete in the Full Presentation Competition and must indicate which track of the competition you are competing in the Venture Submission Form.

b. Full Presentation entries will further select which category they are competing in: High Growth, Main Street (often service or food related ventures and apps that are not high growth or social focused), or Social Mission, or Alternative Entrepreneurial Pathways.

i. The preliminary round will be held March 25, 2025. Competitors will pitch a 5-minute presentation to judges. Judges will select the final Full Presentation and Elevator Pitch teams

ii. Judges will deliberate, and then will announce the ‘Top 3’ of each category by April 1. The ‘Top 3’ for each category will then make a 10-minute presentation between 3:00 and 5:30 p.m. on April 19. All other Full Presentation teams qualify to compete in the Venture Gallery and Elevator Pitch category between 1:00 and 2:30 p.m. on April 11.

c. All Full Presentation and Elevator Pitch competitors must participant in the Venture Gallery during the New Venture Challenge April 11, 2024. There are separate awards and judges for the Venture Gallery round on April 11 between 5:00 p.m. and 6:30 p.m.

d. The winner of the Alternative Entrepreneurial Pathways competition track will present a full 10-minute presentation on stage on April 11, 2025 (additional details to be provided).

7. Preliminary round: March 25, 2025.

The preliminary round(s) for NVC 2025 will take place March 25. Details will be provided to all students completing the Intent to Compete form by Feb. 28, 2025.

8. New Venture Challenge Finals for Elevator Pitch and Full Presentation Competition, Venture Gallery and Showcase, and Awards and Recognition Gala - Friday, April 11, 2025 (approx. 1 - 8 p.m.)

Innovation and Online Pitch Competition

Eligibility

  • Limited to enrolled CMU Innovation and Online undergrad and graduate students
  • Undergraduate students must be enrolled in a minimum of 6 credits in the current 2025 spring semester
  • Graduate students must be enrolled in a minimum 5 credits in the current 2025 spring semester
  • Students from the CMU Mt. Pleasant campus taking online classes are not eligible for participation

Competition Format

Participants must submit a video pitch meeting the following criteria:

  • Duration: Minimum 90 seconds, maximum 3 minutes
  • Format: Any presentation style acceptable
  • Submission: Working video link required
  • Privacy Settings: Video must be accessible to competition judges

Link to submit your pitch.

Awards

  • First Place: $500
  • Second Place: $300

Terms and Conditions

By submitting an entry, participants grant the CMU Isabella Bank Institute for Entrepreneurship permission to use their name and submitted video content for promotional purposes.

For additional information or questions regarding the competition, please contact IBIE Director Julie Messing, messi2j@cmich.edu. 

 

Competition categories

    The 10-Minute Full Presentation is the most popular NVC competition category. A record breaking 66 teams competed in the Full Presentation category in 2024.

    Why is it so popular? Finalists in the Full Presentation category get the amazing chance to win up to $20,000 in unrestricted cash awards. Three teams will win $10,000, another three will win $5,000 and three more will win $2,500. One lucky team will walk away with an additional $10,000 as the Overall Best Venture award winner.

    Full Presentation is broken up into three categories: High Growth, Main Street and Social Mission. Students must pick the category that most closely relates to their venture. You can learn more about the categories in the NVC rules and guidelines page or you can ask the IBIE team for assistance in choosing a category.

    All teams that enter into the Full Presentation category must compete in the NVC Preliminary Round on Thursday, March 27. The preliminary round is a 5-minute pitch presentation with 5-minutes of Q&A in front of a panel of judges.

    Once the preliminary round concludes on Thursday, March 27, the judges select the top three teams within each category. These nine teams move on to compete in the Full Presentation round at NVC Finals. The top nine teams are known as the Full Presentation Finalists.

    Judges then select the next top 30 teams who will move on to the Elevator Pitch Competition at NVC Finals. These 30 teams are called the Elevator Pitch Finalists. Elevator Pitch Finalists can win up to $10,000 in cash awards. Please see the Elevator Pitch category below for the Elevator Pitch competition requirements.

    You must have at least one team member give a5-minute pitch presentationwith an accompanying pitch deck, printed one-pager/financial table, and answer up to 5-minutes of Q&A from a panel of judges in the preliminary round in Grawn Hall on Thursday, March 27.

    You must have at least one team member give a10-minute pitch presentationwith an accompanying pitch deck, printed one-pager/financial table, and answer up to 5-minutes of Q&A from a panel of judges during the New Venture Challenge Finals event (date TBA)

    To compete in the Full Presentation category,your team must submit certain materials prior to the preliminary round. We share your submitted materials with the judges before the competition day so they can prepare quality questions and feedback for your team.

    Important deadlines:

    Friday, February 28 | Intent to Compete Due

    The following information is due by Friday, Feb. 28 at 11:59 p.m. EST:

    • Short description of your venture idea
    • Your venture team members and contact information (you can add additional team members up until March 21)
    • Selection of your venture category (you can change categories up until March 21)

    Friday, March 21 | Venture Entries Due

    The following materials are due by Friday, March 21 at 11:59 p.m. EST:

    • Logo
    • PowerPoint presentation (often referred to as a pitch deck or pitch slides)One-pager
    • A financial table with a three-year forecast
    • Link to your website (your website does NOT have to be complete until Thursday, March 27 but you will be required to share a link to your website)
    • Final team members
    • Final category selection (Main Street, High Growth, Social Mission)
    • Brief introduction of your venture (less than 100 words)

    Thursday, March 27 | Preliminary Round

    The following materials must be complete by and brought to the Preliminary Round on Thursday, March 27:

    • Venture website
    • 7 printed copies of your financial table - please bring to the preliminary and final round
    • 7 printed copies of your one-pager - please bring to the preliminary and final round

     

    PLEASE NOTE: You are not required to "turn-in" your website on Friday, March 21 but all NVC requirements must be on your website by March 27. The IBIE office cannot print your one-pager or financial table when you arrive on the day of the preliminary OR final round of NVC. You must print your one-pager and financial table BEFORE you arrive. Color printing is available at the Park Library.

    Alternative Entrepreneurial Pathways powered by Doug Parker is a new and exciting competition category at NVC! Students who are expanding a family business, innovating within an existing business or student planning to become entrepreneurs through acquisition qualify for this category. The requirements for Alternative Entrepreneurial Pathways is similar to Full Presentation except the winning venture is selected after the NVC Preliminary Round on Friday, March 28. The selected team is required to present their winning 5-minute pitch during NVC Finals in order to receive their 1st place award of $5,000.

    All Alternative Entrepreneurial Pathway teams must compete in the NVC Preliminary Round on Friday, April 4 on campus in Grawn Hall. The preliminary round is a 5-minute pitch presentation with 5-minutes of Q&A in front of a panel of judges.

    The winning Alternative Entrepreneurial Pathways team is selected after the preliminary round concludes Friday, March 28. The winning team will present their 5-minute pitch at the beginning of NVC Finals. The remaining Alternative Entrepreneurial Pathway venture teams will move on to the Elevator Pitch competition for a chance to win other awards and special prizes.

    You must have at least one team member give a 5-minute pitch presentation with an accompanying pitch deck, printed one-pager/financial table, and answer up to 5-minutes of Q&A from a panel of judges in the preliminary round in Grawn Hall on March 27, 2025.

    You must have at least one team member give a 5-minute pitch presentation.

    To compete in the Alternative Entrepreneurial Pathways track, your team must submit certain materials prior to the preliminary round. We share your submitted materials with the judges before the competition day so they can prepare quality questions and feedback for your team with an accompanying pitch deck, printed one-pager/financial table during the New Venture Challenge Finals event (date TBA).

    Important deadlines

    Does Alternative Entrepreneurial Pathways sound like the competition category for you? Jot down these important dates!

    Friday, February 28 | Intent to Compete Due

    The following information is due by Friday, February 28 at 11:59 p.m. EST.

    • Short description of the venture you plan to acquire
    • Your venture team members and contact information (you can add additional team members up until March 21).
    • Selection of your venture category (you can change categories up until March 21)

    Friday, March 21 | Venture Entries Due

    The following materials are due by Friday, March 21 at 11:59 p.m. EST.

    • PowerPoint presentation (often referred to as a pitch deck or pitch slides)
    • Logo
    • One-pager
    • A financial table with a three-year forecast
    • Link to the venture website
    • Final team members
    • Brief introduction of your venture (less than 100 words)

    Thursday, March 27 | Preliminary Round

    The following materials must be complete by the Preliminary Round on Thursday, March 27.

    • 7 printed copies of your one-pager - please bring to the preliminary and final round
    • 7 printed copies of your financial table - please bring to the preliminary and final round

    PLEASE NOTE: The IBIE office cannot print your one-pager or financial table when you arrive on the day of the preliminary OR final round of NVC. You must print your one-pager and financial table BEFORE you arrive. Color printing is available at the Park Library.

    The Elevator Pitch Competition consists of the remaining top 30 teams from the Full Presentation category. Elevator Pitch Finalists must set up a venture display and give a three-minute pitch to judges at their display table during the NVC Finals event. The top five elevator pitches will pitch on stage for a chance to win up to $4,000.

    All students who move on to the Elevator Pitch Competition will participate New Venture Challenge finals. The Elevator Pitch Competition consists of two rounds:

    • A 90 second to 3-minute pitch to judges during the gallery next to their venture gallery table
    • A final 90 second to 3-minute pitch to judges on stage (if chosen)

    All Elevator Pitch teams and Full Presentation teams participate in the Venture Gallery during NVC Finals.

     

    A venture table display. All competitors will receive a guide with photo examples and requirements needed for their venture display.

      The Innovation Showcase is a category that runs during the NVC Finals event.

        A table display of an innovative student-led project. All groups/teams/organizations interested in participating in the Innovation Showcase will need to submit their idea by March 27.

        Optional competition materials

        • Bringing a minimal viable product is recommended and allowed.
        • Prototypes, products, food and drink items. You can bring hands-on items that relate to your venture to pass around to judges in the preliminary and final round. Past examples include: bakery items, prototypes, and packaged products. Judges are given the option of trying food items, testing prototypes, and reviewing products. They are not required to and may not partake.
        • Marketing materials. Past examples include: shirts, costumes, and logoed merchandise. During the preliminary round, students can SHOW or WEAR their marketing materials or merchandise but they cannot give judges any marketing material that does not directly pertain to their venture. For example: if your venture is a bakery you can pass out brownies but you cannot pass out magnets with your bakery logo. Students can hand out marketing material and merchandise to gallery judges during the Venture Gallery competition of the NVC Finals event. 
        • Business cards. Students and judges are permitted to hand out business cards during the preliminary round and final round of NVC. 

        PLEASE NOTE: All late submissions will automatically disqualify your venture team from competing and your team will be removed from the competition with or without notice. Special circumstances and exceptions will be reviewed by the Isabella Bank Institute for Entrepreneurship team on a case-by-case basis. If you missed a venture entry deadline but you wish to continue competing, please reach out to the IBIE team as soon as possible. All deadlines are subject to change up until March 21. All competitors who complete the Intent to Compete form will be notified of deadline changes.  

        Anticipated 2025 start-up capital awards/prizes 

        Seed Capital Awards (full presentation only)

        Four categories

        High Growth

        1st Place High Growth: The Korson Family's Highest Growth Potential Venture Award - $10,000

        2nd Place High Growth: The Mike Reed Family 2nd Place High Growth Potential Award - $5,000

        3rd Place High Growth: $2,000

        Social Mission

        ​Top Social Venture Award: Glenn and Carol Cross Best Social Mission Award - $10,000

        Second Place Social Venture Award: $5,000

        Third Place Social Venture Award: $2,000

        Main Street

        Best Main Street Business Award: $10,000

        Second Place Main Street Business Award: $5,000

        Third Place Main Street Business Award: $2,000

        Best Overall

        The Dianne and Mike Morey Best Overall Venture: $10,000

        Alternative Entrepreneurial Pathways – Powered by Doug Parker

        The Doug Parker Pathways Award: $5,000

        Elevator Pitch Competition

        Best Overall Pitch: $4,000

        1st Runner Up: $2,000

        2nd Runner Up: $1,000

        (2) Honorable Mention: $250 each

        Venture Gallery

        1st Place Gallery: $2,000

        2nd Place Gallery: $1,500

        3rd Place Gallery: $1,000

        (2) Honorable Mention: Positively Powered Professional Development Honorable Mention - $250 each

        Audience Choice

        Top Venture Gallery: $1,000

        Runner Up Venture Gallery: $500

        Top Innovation Showcase: $1,000

        Runner-up Innovation Showcase: $500

        Stand-Out Awards

        The Bob Larson Creativity Award(s): $5,000

        Doug Parker Rural Impact Award: $5,000

        Campus Impact Award: $5,000

        Visionary Award: Powered by Roger Wittenbach - $5,000

        In-Kind

        Middle Michigan Development Corporation Award - $2,000

        CMURC Gift-in-Kind

        Matthew Skornicka, CPA: Year of Accounting Services