$50k Hospitality Innovation Competition

The Competition consists of three stages that are detailed below.  

Round 1:  Written Application 

All interested teams must submit an application by February 3, 2025, at 11:59 pm ET.  Applicants from up to 10 teams will be notified by email by February 10, 2025 if they are advancing to round two. 

The initial application does not need to have the full business model but does need to be clear about the problem to be solved (or opportunity realized) and the primary audience for that solution.  To win subsequent rounds, teams will be expected to have fleshed out their business model, identified the resources they require, and make an investor pitch. 

Round 2: Semi-Finals – March 17, 2025 

The format for the Semi-Finals includes an 8-minute pitch with slides and an 8-minute Q&A with the judges at Innovate@BU.  This session will not be open to the general public.  All qualifying teams are expected to attend the Semi-Finals event in its entirety. 

Teams that progress to this round will be expected to have developed their concept further, incorporating as appropriate any feedback they received from the first-round judges, and any guidance they receive from faculty or mentors. Finalists will be announced by March 21, 2025. 

Round 3: Finals – at the Hospitality Leadership Summit on April 3, 2025 

The format for the Finals includes an 8-minute pitch and an 8-minute Q&A session with judges in front of the Summit audience. All qualifying teams are expected to attend the Finals event in its entirety. Winners will be announced at the Summit. 

Payment of awards will be in one of three ways:  

• Non-dilutive investment in a for-profit entity, if one exists, or  

• Grant to a nonprofit entity, if one exists, or  

• A taxable distribution – divided equally among members of the team. 

Please read the following information carefully. SHA reserves the right to verify any submitted information for accuracy to address any circumstances in which the following rules are not followed, and to disqualify any entry. 

• Teams must have at least one current BU degree-seeking student or a BU Class of 2024 alumni who is a co-founder, plays a key management role in the venture, and will take part as one of the main presenters in each competing round. 
• Teams may include non-BU members if the previous requirement is met.  
• The application should be submitted by the BU student or Class of 2024 alumni who is the founder or co-founder of the venture and will act as the primary team contact during the competition.
• A team can consist of one up to a maximum of 5 members. We strongly recommend at least two members, as research shows teams have a greater likelihood of success than solo ventures.
• All members must be in good academic standing with a minimum GPA of 2.5.   
• Teams are not required to have an operating venture or a full business plan to apply; any team with a great idea that is hospitality-related can apply.  
• Applicants must commit to being available to attend and participate in the Semi-finals, Finals, and SHA Leadership event.  

Participant Expectations  

This is a multi-round competition with many moving parts and logistics, including locations, dates and time, materials that may need to be emailed/collected in advance, etc.  You are expected to be responsive to communications that will generally be sent by email.  If you don’t respond to an email within 48 hours, we may assume that you are not participating in the next stage of the competition. 

All three rounds of the 2025 $50K Hospitality Innovation Competition will follow the same scoring rubric:

Scoring 1-4 Likert Scale

1. Meets very few or no criteria and idea is unclear.
2. Meets some criteria, but idea lacks clarity or structure in its presentation.
3. Meets most criteria, and idea is understandable but needs further refinement.
4. Meets all criteria, and the idea is clearly and effectively presented.

All presentations will be judged based on the following parameters:

• Clear problem and customer identification
  • The team presents a clear, logical, and compelling problem or opportunity worthy of addressing
• Clear Value Proposition
  • The team presents a clear explanation of what value, specifically, the company offer consists of, and the customer segments for whom their offer is valuable.
• Innovative Business Model
  • The team presents a clear explanation of the business model, and what it is that makes it innovative compared to what exists in the market currently.
• Potential for Impact
  • The team explains how their organization has the potential to make a significant impact on the market if they are successful.