Innovation Competition Tracks

The judging criteria for For-Profit Ventures consist of the following parameters:

1. Innovation and Creativity (20 points): Assess the uniqueness and creativity of the innovation presented in the venture. 
2. Market Potential and Opportunity (15 points): Evaluate the identified market opportunity and potential for the venture’s success. 
3. Feasibility and Viability (15 points): Assess the practicality and sustainability of the proposed venture. 
4. Business Model and Revenue Generation (15 points): Evaluate the clarity and effectiveness of the venture’s business model. 
5. Customer Value Proposition (15 points): Assess how well the venture addresses customer needs and provides value. 
6. Execution Plan and Timeliness (10 points): Evaluate the clarity and effectiveness of the venture’s execution plan. 
7. Presentation and Communication (10 points): Assess the effectiveness of the team’s presentation and communication skills. 

A classic example of a for-profit venture is a multinational corporation like Apple Inc. Apple’s primary goal is to generate profits for its shareholders by designing, manufacturing, and selling consumer electronics and software. The company’s success is measured by financial indicators such as revenue, profit margins, and market share. Apple’s business decisions, from product development to marketing strategies, are driven by the imperative to maximize financial returns. Shareholders invest in Apple with the expectation of receiving dividends or benefiting from capital appreciation, reinforcing the profit-driven nature of the for-profit model. 

The judging criteria for Social Impact Ventures consist of the following parameters:

1. Social Impact and Purpose (20 points): Assess the depth and effectiveness of the venture’s social impact mission. 
2. Innovation and Creativity (15 points): Evaluate the uniqueness and creativity of the innovation presented in the venture. 
3. Community Engagement and Inclusivity (15 points): Assess the level of community involvement and inclusivity in the venture. 
4. Feasibility and Viability (15 points): Evaluate the practicality and sustainability of the proposed social impact venture. 
5. Collaboration and Partnerships (15 points): Assess the ability to collaborate with external partners and stakeholders to maximize social impact. 
6. Customer and Community Value Proposition (10 points): Evaluate how well the venture addresses customer and community needs and provides value. 
7. Presentation and Communication (10 points): Assess the effectiveness of the team’s presentation and communication skills. 

A notable example of a social impact venture is Daily Table. Daily Table is a nonprofit grocery chain dedicated to providing fresh, tasty, convenient, and nutritious food to communities most in need at prices everyone can afford.  

By partnering with a network of growers, manufacturers, and other suppliers, Daily Table sources high-quality food at low costs and makes it available to everyone at prices designed for even a SNAP budget. Its stores provide a wide selection of SNAP-eligible foods, including fresh produce, grocery staples and made-from-scratch prepared foods, and provide a shopping experience that empowers people to eat well with the power of their own dollars, offering a helping hand rather than a handout. Daily Table is also focused on creating living wage jobs, with a strong preference for hiring directly from the communities its stores are located in. 

Daily Table covers about 70% of its costs through earned income generated by customers shopping at its stores. Its donors provide funding to help cover operating expenses, new and existing store growth and development, and G&A. Its vendors provide discounts and donations to drive down costs, savings that Daily Table then passes on to customers. Additionally, volunteers provide staffing support and partner with the company’s teams to better serve their customer needs. 

Hear more about Daily Table from Doug Rauch, President & Founder, on the BU SHA Distinguished Podcast.  

• “Buy One, Give One” (BOGO) Model: This model involves a company donating a product or service to a person in need for every product or service purchased by a customer. TOMS Shoes is a prominent example with its “One for One” model. 

• Social Enterprise: Social enterprises are businesses that prioritize social or environmental objectives alongside financial goals. They generate revenue through the sale of goods or services and reinvest a significant portion of their profits to achieve their social mission. These enterprises can take various legal structures, including non-profits, for-profits or hybrid models. 

• Microfinance: Microfinance institutions provide financial services, such as small loans and savings accounts, to individuals who lack access to traditional banking. The goal is to empower people, particularly those in low-income communities, to start or expand small businesses and improve their economic conditions. 

• Impact Investing: Impact investing involves making investments in companies, funds or projects with the intention of generating measurable social or environmental impact alongside a financial return. Investors actively seek opportunities that align with their values and contribute to positive societal outcomes. 

• Fair Trade: Fair Trade models aim to create equitable trading relationships and promote social and environmental sustainability. Companies that adhere to Fair Trade principles ensure that producers, especially in developing countries, receive fair wages and work in safe conditions. This model is often applied to agricultural products such as coffee, chocolate, and textiles. 

• Benefit Corporations (B Corps): B Corps are companies that commit to meeting high standards of social and environmental performance, accountability, and transparency. These businesses are legally required to consider the impact of their decisions on not only shareholders but also on workers, the community, and the environment. 

The judging criteria for Student Wellbeing Ventures consist of the following parameters:

1. Alignment with mission of Student Wellbeing (20 points): Assess the venture’s ability to: foster community, be accessible to a wide range of students, be action-oriented (i.e., there is an activity involved), and communicate a message or “takeaway” about implementing wellbeing practices into their life.  
2. Innovation and Creativity (15 points): Evaluate the uniqueness and creativity of the innovation presented in the venture.   
3. Community Engagement, Reach, and Inclusivity (15 points): Assess the level of community involvement, scale, and inclusivity of the venture.   
4. Feasibility and Viability (15 points): Evaluate the practicality and sustainability of the proposed wellbeing venture.   
5. Collaboration and Partnerships (15 points): Assess the ability to collaborate with external partners and stakeholders to maximize campus impact.   
6. Campus Community Value Proposition (10 points): Evaluate how well the venture addresses the wellbeing needs of today’s student population.  
7. Presentation and Communication (10 points): Assess the effectiveness of the team’s presentation and communication skills.   

A notable example of a Student Wellbeing venture is BU Meetup. Two graduate students from different programs at Boston University came together with an idea to connect graduate students interested in meeting peers from other programs on campus. Originally piloted in one school using a manual matching process, a second graduate student brought his tech expertise to the table by creating an application to match students into trios as an opportunity to socialize and foster community. This program was launched in the fall of 2022 with the support of the Office of Student Wellbeing. As a student-run project, the goal was to facilitate more casual interactions across academic units. Since October 2022, this program has matched hundreds of students from different departments into small groups to meet and foster new connections at BU.