UNIVERSITY OF WISCONSIN River Falls

Community Resources

UWRF Innovation Challenge

 

Have a big idea? Undergraduate and graduate students can explore the possibility of turning their business ideas into reality. Utilizing the Lean Startup Methodology, students can develop their ideas into a viable business and compete to win up to $30,000!

Competition Basics

Student teams select a faculty mentor and register for the competition here. All teams will be required to utilize the Business Model Canvas. Teams will prepare a 10-minute presentation covering their business idea and their utilization of the Business Model Canvas. For examples of these presentations, view the past winners here. Watch the video below to learn more about the Business Model Canvas and associated Lean Startup Model.

For more information, see the Student Orientation Packet

 


Frequently Asked Questions

How many members can I have on my team?

Competing teams should consist of at least one and no more than three undergraduate degree-seeking students who are enrolled part-time (minimum of six credit hours) or full-time at a UW System school (except UW-Madison) in the semester of the Wisconsin Big Idea Tournament (spring semester). Graduate teams interested in applying for the International Business Model Competition at-large category must be degree-seeking and enrolled part-time during one semester of the academic year the competition takes place.

Can international students visiting the UWRF campus participate?

Yes, international students are eligible to participate if they are enrolled as an undergraduate with a minimum of six credits in the spring semester. It is important to note that the winner of the state finals earns an Ideadvance Stage 1 award (worth up to $25,000) that is contingent on the business being formed in Wisconsin. If the state winner were an international student and they were not able to form a business in Wisconsin, they would not be eligible for the Ideadvance award.

Must ALL members of the team be enrolled part-time during the spring semester to compete in the Wisconsin Big Idea Tournament?

Non-undergraduate students (or graduates) may be part of the venture but cannot participate in the state or international competition (e.g., pitching, Q&A, etc.). The eligibility requirement is any student participating in the state or international finals needs to be an undergraduate enrolled in a minimum of six credits in the spring semester. In general, a member of the student team should be CEO, COO or president of the venture, or members of the student team should occupy 50 percent or more of the functional area management positions that report directly to the CEO, COO or president.

Can you discuss any concerns regarding intellectual property rights?

Participants own the IP (Intellectual Property) and can disclose to WiSys or file for a patent on their own if they want. We don't require anyone to sign an NDA or non-compete to participate. This defeats the purpose of this type of format and is becoming a standard practice for accelerators and angels/venture capitalists. At the center of what participants are going to be judged on at the State Final is Lean Startup and customer development which shouldn't require dissemination of proprietary information. Participants should instead be focused on telling their learning journey and how they validated (or invalidated and pivoted) the elements of their business model.

What is Lean Startup and the Business Model Canvas?

Check out these resources for more information on this topic. You will also have access to the D2L course beginning in November to learn more about the Business Model.

Can I see an example of a past winner's work?
How can I find a mentor?

You can connect with Dr. Marina Onken or Danielle Campeau if you need assistance finding a mentor.

What if I have an idea but don't want to work on it alone?

We will assist you in finding additional team members if needed. Additionally, feel free to network at the Orientation Event to find other students that may be interested.


Innovation Challenge Timeline

Oct. 18, 2018

Ideathon

Alumni Room, 117 South Hall 
5-7 p.m.

Review orientation packet, develop business idea.

Oct. 30, 2018

Innovator in Residence Speaking Event

Riverview Ballroom, UC 12:30-1:30 p.m.

 

 

Oct. 21, 2018

Registration Deadline

Please use the registration button at the top of this page.

 

Nov. 2, 2018

Applications Reviewed by Committee

   

Nov. 5, 2018

Recipients notified

   

Nov. 13, 2018

Meeting: Innovation Challenge Orientation and WiSys Overview 

Location TBD
4-5 p.m.

Record interviews of 100 people over Winter Break, create Business Model Canvas

Nov. 28, 2018

Intellectual Property Presentation

Location TBD

 

Dec. 11, 2018

Fall URSCA Gala

Riverview Ballroom, UC

 

Feb. 6, 2019

Meeting: Customer Discovery Recap

Location TBD
4-5 p.m.

Create draft of your presentation, continue interviews.

Feb. 20, 2019

Meeting: Presentation Practice

 

Location TBD 
4-5p.m.

Run through presentation and make suggested updates, continue interviews.

March 6, 2019

Meeting: Final Presentation Practice

 

TBD

Presentation rehearsal-teams scheduled for a one hour practice session

March 13, 2019

Innovator in Residence and Innovation Challenge-Competition

University Center

Luncheon 11:30 a.m.

Presentations from
2-4 p.m.       

Speed networking at 4 p.m.

Winners announced at 5 p.m.

March  2019

At large application to WBIT

Online

Second place team will apply to at-large round for WBIT

March  2019

At large application to WBIT

Online

All teams encouraged to apply.

Mid-April 2019

WI Big Idea Tournament

Madison, WI

Drive down Friday evening

Mid-May 2019

International Business Model Competition*

TBD

Fly to IBMC location


Prizes and Awards

 

1st Place= $2,000

2nd Place=$1,000

3rd Place= $500

WI Big Idea Tournament, 1st Place = $25,000 Ideadvance Grant

IBMC, All Competitors= $2,000 and may win up to an additional $30,000

 

Business stipends must be used for activities or supplies directly related to starting or growing the business idea entered in the Innovation Challenge.

Additional incentives

  • Entry into and travel to the Wisconsin Big Idea Tournament in Madison, WI, for the 1st place winner
  • Assistance applying to the International Business Model Competition at-large option
  • Access to Learn Startup workshops
  • Feedback from entrepreneurs and regional business leaders serving as competition judges
  • Free access to UW-Extension's D2L course about Learn Startup and the Business Model Canvas process
  • Opportunity to present your business idea to the UWRF Foundation Board for funding consideration

 

Thanks to our Sponsors!

 

agsdatasystems

 

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