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Innovation Challenge: Frequently Asked Questions

How much funding can I potentially receive?

Over $85,000 in team prizes will be awarded at the discretion of the judges during the 2008/09 academic year.

What assistance is available to individuals and teams interested in the competition?

Throughout the academic year, there will be a series of coaching sessions for teams who have submitted intent to compete forms. The university also hosts an Invention to Venture workshop in September and an intensive 4 day Advanced Invention to Venture workshop in January.

Professors Mike Malone and Soren Bisgaard also teach a project-based course in Innovation and entrepreneurship (Engineering/School of Management 797).

How many people can be on a team?

Please click here to review the rules and guidelines.

Your team should consist of 2 to 6 people who can help develop and commercialize the idea/concept.

Who should be the team leader?

The team leader must be a full-time UMass Amherst student or recent alumnus (not more than 2 years post-graduation). The team leader must present the concept/idea during the Innovation Challenge Executive Summary & Elevator Pitch Competition and Innovation Challenge Final Business Plan Competition.

Who do I need to have on my team?

The team must have at least one full time member of the UMass Amherst faculty as an advisor.

Innovation Teams must consist of at least one full time UMass Amherst student or recent alumni (not more than 2 years post-graduation). There are no restrictions on team members' area of specialization. Since a business plan requires broad knowledge of business and technology, the team should be interdisciplinary. You'll need members with skills ranging from engineering, management, and marketing to finance, as well as people with the ability to help develop and commercialize the idea/concept.

Can I compete on multiple teams?

No, please click here to review the rules and guidelines.

You'll need to concentrate your efforts on one team to help the team's idea/concept become a reality. Being on one team shows focus and commitment to the judges and potential investors.

Can additional members be added to a team during the competition?

Additional members may be added to your team up until the deadline for submitting the Mini Plan.

Who may I consult regarding ownership of my thesis research or concept/idea developed within UMass Amherst's facilities to determine whether I can enter the Innovation Challenge?

You may be subject to the University's patent and copyright laws. Therefore, please consult with the office of Commercial Ventures and Intellectual Property (CVIP), http://amherst.cvip-umass.net/ or your faculty advisor.

Please note that similar restrictions apply to private industry and government sponsored research as well.

Will my entry remain confidential? Will my intellectual property be protected?

The organizers are committed to preserving the confidentiality of submissions and pledge not to share information outside of the competition.
Industry standard for venture capitalists is to not sign Non-Disclosure Agreements (NDA). Therefore, our judges will follow this standard operating procedure to help replicate the experience of funding a new venture. Please note that our judges are well-respected, highly accomplished business people who will treat each entry with the highest standard of professional privacy.
If you are concerned about confidentiality please exclude specific details from your submissions. Also, please contact a patent attorney or the University of Massachusetts Amherst's office of Commercial Ventures and Intellectual Property (CVIP). CVIP can assist and advise you through this process and will prepare the appropriate CDA whenever necessary: email cvip@research.umass.edu.

Teams that are selected for the Executive Summary & Elevator Pitch or the Final Business Plan Competition will present their concept/idea to the public.

Who has ownership of the idea?

Please click here to review the rules and guidelines for judging.

Owners of the concept/technology cannot be under a contractual agreement, university or company disclosure policy, or other restrictions that prohibit competing in business plan competitions, using the technology for personal use without informing others, or disclosing the concept/technology.

What are the benefits of competing in the Innovation Challenge?

You will learn to work with an interdisciplinary team and transform an idea into a viable business.

You will have the opportunity to take part in the process of conceiving and developing an idea in commercial terms.

You will have the opportunity to win prize money that can be used to advance your business.

I am not affiliated with UMass Amherst. Can I still participate in the competition?

Please click here to review the rules and guidelines

Yes, but your team leader will need to meet the guidelines, and at least 50% of your team must have an affiliation with UMass Amherst.

Do I need to submit an Intent to Compete Form twice?

No. If you submitted an Intent to Compete Form in the fall semester, you will not need to resubmit in the spring semester. If you missed the fall semester deadline and still want to compete in the Mini Plan Competition & Final Competition, you will need to submit by the deadline in spring semester.

If my team did not win the Executive Summary & Elevator Pitch, is my team eligible to compete in the Mini-Plan Competition & Final Competition?

Yes. The Executive Summary & Elevator Pitch will provide your team with feedback to help improve your plan as you move forward into the Mini Plan Competition.

My team was not announced as a finalist from the Mini-Plan Competition. Are we still eligible to compete in the Final Competition?

No. Unfortunately we can only have five teams participate in the finals given our time constraints at the Final Business Plan Competition & Banquet. However, we do encourage you and your team to attend this event.

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