On May 6, 2016 New York University held the final pitch-off for its $200K Entrepreneurs venture competition. It was an exciting day for the competition’s twelve remaining teams of entrepreneurs, winnowed down from the 231 teams that began the accelerator program last fall.
Since its founding sixteen years ago, the $200K Entrepreneurs Challenge has gained a worldwide reputation both for its scale, prize money and success stories. Over nine hundred students, alumni and faculty came together, forming teams to find an innovative idea with the potential to disrupt its market. Some hope they will reach the heights of success of prior competition teams that includes the competition’s most popularly known success, Pinterest.
“The $200K Entrepreneurs Challenge has provided a springboard for NYU entrepreneurs,” explained the Dean of NYU’s Business School Peter Blair Henry in his introductory remarks. “Over the years competition teams have brought to the market life-saving technology and introduced game changing solutions. Teams have gone on to be acquired by Amazon, Twitter and Google.” He commended all those who have participated in the accelerator program and the competition, particularly noting the important value of the mentoring network whose members provide great insight to the teams.
Run by the W.R. Berkley Innovation Lab, participants were taken through workshops, boot camps and coaching sessions over the course of eight months. Luke Wilson, Executive Director, moderated the pitch day that is now streamed live. He explained how the $200K prize of cash and services will be divided among three distinct categories: $50K Social Entrepreneurs, $75K Technology Venture, and $75K New venture.
“Everyone is coming in different stages. Some people have established ideas or prototypes. Some just want to learn how to be an entrepreneur and don’t even have an idea yet. They come into the competition, find a team and they find a way to make it happen,” said Williams.
Participants first identify an opportunity, then refine it into an idea, then refine it again into a solution, according to Williams. Those making it past the December semi-finals move into the process of turning their solution into a business. This may include creating a prototype and taking steps into the market. Those presenting in the finals create an “explainer video” that details their business idea and potential path to market.
Judges that day chose the winners for each of the three categories and based their decisions on: startup plans, the explainer video made by each team, and the presentation made that day. At the end of the day each of the twelve finalists gave a three minute pitch to the audience who then made the “Audience Choice Award” for each category. This is in addition to the judges’ selections.
“Great entrepreneurs focus on building a strong team,” said Frank Rimalovski, executive director of the “Great entrepreneurs focus on building a strong team”, said Frank Rimalovski, executive director of the NYU Entrepreneurial Institute and managing director of the NYU Innovation Venture Fund. “This year’s finalists went beyond school walls to build their teams from over five different NYU schools and colleges tapping into the incredible talent available across the University. The Entrepreneurs Challenge is a great opportunity for them to come together and receive the training, support and mentorship to transform their ideas and bring it to market.” NYU Entrepreneurial Institute and managing director of the NYU Innovation Venture Fund. “This year’s finalists went beyond school walls to build their teams from over five different NYU schools and colleges tapping into the incredible talent available across the University.”
The Social Entrepreneur Competition, which was started to recognize and support NYU students, faculty and alumni who utilize their business and entrepreneurial skills to approach social problems, yielded Elements Digital Health as champion. This startup health care company is dedicated to bringing modern medical technology to rural and impoverished areas.
The Technology Venture Competition, which serves as a catalyst for the creation and acceleration of new businesses based on technology created by NYU affiliates, saw Redesign Science take first prize. Redesign Science is a biotechnology company focusing on virtual molecular design to support the discovery and optimization of next-generation therapeutics
First prize in the New Venture Competition, which celebrates aspiring entrepreneurs excited by the new venture creation process, was awarded to two companies, RateFrame and Sani. RateFrame is a user-friendly and fun tool which allows consumers to share their favorite moments of online videos. Sani is a meal replacement company which employs an algorithm to tailor meals to individual dietary goals and needs.
