Idea Challenge
Idea Challenge
Each fall, the Rowan Center for Innovation & Entrepreneurship teams up with the Rowan Innovation Venture Fund, along with sponsors Rohrer College of Business, the Henry M. Rowan College of Engineering and the College of Science and Mathematics, to give Rowan students the opportunity to move their idea forward. The annual showcase encourages entrepreneurial thinking and interdisciplinary collaboration from students throughout the Rowan community.
Applications for the Idea Challenge will be posted on StartupTree in September.
How to Participate
Please check Startup Tree for dates, deadlines and more information for this year’s Idea Challenge. Info sessions will also be posted for September and October.
Structure
The Idea Challenge encourages students from across all Rowan colleges to enter and provides a unique format to ensure that the idea has the needed resources to become a real business. A summary of each phase is below.
Phase 1 - Team Registration
Each team must submit an initial idea application on StartupTree to register their team and provide a brief summary of the business idea.
Phase 2 - Virtual Toolkit
Upon registration, teams will receive a link with access to a virtual toolkit for student startups with resources that will help prepare entrants for the Idea Challenge.
Phase 3 - 90 Second Pitch Video
Teams must submit a 90 second pitch to confirm participation. Videos should be uploaded to YouTube as unlisted. Be sure to test the link before submitting.
Phase 4 - The Idea Challenge
Teams showcase their business at a decorated expo booth in Business Hall 104 and present their idea to students and faculty. Students are encouraged to think BIG and BOLD when planning their booth. A 6ft table and linen table cloth are provided. Power can be requested and is available as space permits.
Prizes
The Idea Challenge offers exciting opportunities for student startups to showcase their ideas and compete for awards judged by over 60 faculty members from across Rowan University.
Awards will be announced at the end of the competition.
The prize categories are as follows:
- 1st Place: $3,000 in non-dilutive seed funding, plus a 60-minute Marketing and Social Media Consultation with 15M Media, valued at $1,000
- Includes: Discovery, consult and brainstorming session with a Marketing Strategist and Content Manager from 15M
- 2nd Place: $1,500 in non-dilutive seed funding
- 3rd Place: $750 in non-dilutive seed funding
- 4th Place: $500 in non-dilutive seed funding
- 5th Place: $250 in non-dilutive seed funding
In addition to these cash prizes, the following awards will also be presented:
- People's Choice Award: A Certificate of Recognition determined by student attendees voting for their favorite venture during the Expo.
- 2 Honorable Mentions: A Certificate of Recognition awarded to the ventures ranked 6th and 7th, based on judges' evaluations.
Selected winners are also better positioned to unlock various rounds of seed-funding throughout the school year and move on to RCIE's Rohrer New Venture Competition & Expo.
Rules and Regulations
- Any Rowan undergraduate can submit an Initial Idea Application. You do not need to have a team in place to enter but you must have a team developed when submitting the final video pitch application.
- Eligible teams must be composed of at least two undergraduate students from different colleges at Rowan University. For example, a team with a student from the College of Business and the College of Engineering is eligible to compete.
- There is no limit to the size of the team assuming Rule #2 is met.
- All ideas must operate within the confines of the law.
- Winning teams must collect their prizes within the timeframe given.
Resources
RCIE is available for 1:1 mentorship and guidance appointments as teams prepare for the Idea Challenge. Students are encouraged to take advantage of RCIE's virtual student startup toolkit. Please email rcie@rowan.edu for more information.