New Venture ONLINE Competition

To safeguard against the spread of the coronavirus (COVID-19) and support students, we’re offering an Online NVC



Student ventures pick one of two tracks:

*Each of these tracks will have separate awards.

1. 10-Minute Video Presentation

2. 2-Minute Video Pitch.


Deadline to Compete: Monday, March 23 by 5:00 pm  

For teams wishing to compete, please email the following information to the NVC Team:

  •  Your venture would like to participate in the Online NVC; and, 
  • If so, whether it will compete in (1) the 10-Min Video Presentation track or (2) the 2-Min Video Pitch track.





 Important Dates:  
  • Executive Summary Due: Monday, March 23 at 5:00 pm
  • Financial Summary Due: Monday, March 23 at 5:00 pm
  • Video Submissions Due: Friday, April 10 at 5:00 pm
  • Awards Announced: Friday, April 24




Prizes:

The 10-Minute Video Presentation Track and the 2-Minute Video Pitch Track will have separate awards. These awards include:

10-Minute Video Presentation Track

First Place:  $7,500

Second Place:  $3,000

Third Place:  $2,500

Honorable Mentions (2 Awards):  $1,000 each


2-Minute Video Pitch Track

First Place:  $5,000

Second Place:  $2,500

Third Place:  $1,000

Honorable Mentions (2 Awards):  $750 each




Video Guidelines & Requirements:

All video submissions should be uploaded to Youtube and added to Reviewr by Friday, April 10th at 5:00 pm. Check with Julie Baker if a different format is desired.

​Video Requirements: ​10-Min Track
​2-Min Track
​Video length
​10 minutes
or less
​2 minutes
or less
Number of teammates required
 to be in the video
minimum
of one
minimum
of one

Can the video include slides
(e.g., Powerpoint)?
​Yes
​No





Judging Information:

Judges are free to use their discretion when evaluating the ventures. However, we will encourage judges to consider the following questions, if applicable, when making their decisions:

  • Is the business concept convincing?

  • Is this a business you want to know more about?

  • Is this a team with the passion and capability of taking the business forward to the next milestone?

  • Did the team conduct testing of their concept with potential customers?

  • Is the video presentation/pitch believable and understandable?

  • Is the implementation plan reasonable?

  • Did the team define their product/service and the problem it solves?

  • Does the team have a minimum viable product (MVP)?

  • Does the team explain how they will make money and/or fund their venture?

  • Does the team know their points of differentiation? 

  • Is there established validation of the team's competitive advantage?

  • Is the financing model viable and sustainable?

  • What would the team do with the awarded capital?



FAQ:

Are the executive summary and financial summary still due?

Yes, both the executive summary and financial summary are due in Reviewr by Monday, March 23 at 5:00 pm.


Will students submit videos in Reviewr (in lieu of delivering live presentations/pitches)?

Yes, all videos are due in Reviewr by Friday, April 10 at 5:00 pm.


Is it okay if just one team member is in the video?

Yes.


Do the videos need to use a certain file format?

YouTube is preferred. (Check with Julie Baker, if a different format is desired)


Can the video include slides (e.g., PowerPoint)?

Teams competing in the 10-minute presentation track can include slides in their video. Teams competing in the 2-minute pitch track cannot include slides in their videos.


Will there be prizes?

Yes. (see prizes above)


Will there be specialty awards?

No.


Will students still be required to form a business entity before receiving their awards?

Yes.


Is award information (and other information) in Reviewr and online subject to changes raised in this email?

Yes.


When do you anticipate announcing awards?

Winners will be announced on Friday, April 24


Who will judge the executive summaries, financials, and videos?

A subset of our normal NVC judges.


Will judges ask ventures questions? 

No.


Will the judges provide feedback after the competition?

Judges will be invited to share additional feedback.


Will judges be invited to have a phone call with student ventures requesting such feedback?

Yes.


Will there be any type of gallery to show your venture?

No.


Will there be any more live workshops this Spring?

No, but relevant videos will be shared via Blackboard.


Will there be an NVC booklet (like in previous years) for the Online NVC?

We plan to create and share a streamlined NVC booklet (available in PDF format).


Do you plan to invite students who submitted a timely intent to compete, for this year’s NVC, to participate in next year’s NVC?

Yes.



The competition is led by CMU's College of Business Administration's
Isabella Bank Institute for Entrepreneurship.