Innovation Challenge
Got an innovative idea you think would make a successful business? Indiana Tech’s annual Innovation Challenge gives you a platform to put it to the test against your fellow student entrepreneurs. You could win grant funding that will help you turn that concept into reality.
Developed in 2021 for all Indiana Tech students, this competition encourages individuals or teams to turn their innovative ideas into viable business opportunities or commercializable patents. It is a collaboration between the university and Elevate Ventures, an Indianapolis-based venture development organization focused on supporting innovation and entrepreneurship in Indiana.
How it Works
Individuals or teams must apply to compete in the Innovation Challenge. To do so, contact Dr. Ying Shang, dean of Indiana Tech’s Talwar College of Engineering and Computer Sciences, at yshang@indianatech.edu, to get access to a password-protected online application. Those accepted enter a first round of competition to present their business plans to a panel of faculty and staff members from across the university. Those who make the cut move on to present their concepts to Indiana Tech’s Board of Trustees. From there, a board vote determines the winner.
What Participants Can Expect
If your application to the Innovation Challenge is accepted, you will complete a self-paced training session—either in person or online—that will teach you how to create a pitch deck to articulate your idea. With this pitch deck, you will present, among other things:
- The problems your idea will solve
- An analysis of your target market
- An analysis of your competition
- Your sell strategy for the idea
- A business model for the life cycle of the idea
- A workable prototype
If your application to the Innovation Challenge is not accepted, we will recommend ways that you can keep your idea moving forward.
Take a Multidisciplinary Approach
Quite frequently, successful entrepreneurs surround themselves with professionals who possess diversified skill sets to bring their concepts to life. For instance, you might be student in the Talwar College of Engineering and Computer Sciences with an idea for a revolutionary new app. Students from the College of Business can help you identify your app’s marketplace and develop a game plan for bringing it to market. Students from the College of Arts and Sciences can help you find the most effective way to communicate your app to your target audience.