Frequently Asked Questions

Who is eligible to enter the NUVC?

• Anyone is allowed to participate as long as at least half of the team's members are currently enrolled at Northwestern University and the idea was generated by the NU students.

I am not an NU student. How do I meet NU students to form a team?

• There is a message board available for all interested in the competition. It can be found under Entrant Info >> Find a Team.
• In addition, if you are on the InNUvation listserv you will see announcements for mixers and other social events designed to aid in team formation.

Can I get a copy of the business plans?

• Business plans presented in the competition will not be made available for all. However, if you meet another team and they are willing to share their plan with you on a one-to-one basis, that is of course acceptable.

How big can my team be?

• No more than 6 people can be on a team.

Can I be on more than one team?

• Yes, you can be on as many teams as you like; however, spreading your focus to multiple plans will make it more difficult to produce a winning plan. We suggest focusing on making one very good plan rather than multiple plans.

How does judging work? What do judges look for in a plan?

• Ideas will be judged based on the following criteria:
• Creativity and innovation involved in the business concept
• Likelihood of business success
• Stage of idea development
• Team's knowledge of the product/service and its market
• Growth potential and capability to become market leader
• Sustainability of the business and competitive advantage
• Up-front capital investment and rationality of the financing strategy

How is the prize money distributed?

• The prizes will be paid in one installment after the closing ceremony (please allow 30 days for processing).

Who are the judges?

• The Judging Panel will be comprised of experienced entrepreneurs, social entrepreneurs, venture capitalists, academics, non-profit founders, legal professionals, and patent experts.

Where can I find other resources to help me in writing a business plan?

• Resources are available on the NUVC website.

How will my intellectual property be protected?

• Access to submitted abstracts is only granted by NU Venture Challenge to the members of its judging panel. The Lead Organizers, the IT team and the Judging team members are the only other individuals who may be provided with the submitted venture presentations.
• Before submitting your abstract or presenting your plan in the semi-final or final rounds of the NU Venture Challenge we urge you to confirm with appropriate advisors or legal counsel that any intellectual property described in your plan is protected.
• The semi-final and final presentations will be public events.

How will I get contest information during the rest of the year?

• Join the InNUvation listserv. You can sign up by clicking here.

What other assistance is available?

• We will aid in pairing interested teams with mentors. In addition, office hours will be available for participating teams. Office hours will be staffed by graduate students and faculty as available.

Will there be people available to critique the plans before they are submitted into the NUVC?

• Yes, please look for the office hour schedule.
• In addition, please contact NUVC directors if you would like to have your plan reviewed at other times.