New Venture Competition Social Impact Track

The New Venture Competition is made up of three rounds:

1. Initial written application
2. Semi-Finals pitching, and
3. Finals pitching

Round 1: Written Application

All interested teams must submit an application by Sunday, February 2 at 11:59pm ET. Applicants from up to 20 teams (approx 10 per track) will be notified via email in late February or early March if they are advancing to Round 2.

Round 2: Semi-Finals

You've advanced beyond the written application, well done! You will be awarded $500 for reaching this point.

The format for the Semi-Finals includes a 10-minute pitch with slides and an 8-minute Q&A with judges. These will not be open to the public.

All semi-finalist teams are required to have a 45-minute pitch preparation and feedback session with Innovate@BU staff or coaches prior to pitching in this round and must attend the Semi-Finals event for the team's track in its entirety.

Social Impact Track Semi-Finals Pitch: March 26, 2025

Round 3: Finals

If you've made it this far, you're one of just 10 teams who have advanced!

The format for the Finals includes a 10-minute pitch with slides and a 10-minute Q&A with judges.

All Finalist teams are required to attend a 45-minute pitch preparation and feedback session with Innovate@BU staff or coaches prior to pitching in this round and must attend the Finals event in its entirety. Additionally, Finalists must attend Innovator's Night where the winners of each track will be announced.

Social Impact Track Final Pitches: April 15, 2025

Awards

The top three teams in each track are awarded:

• 1st: $20,000
• 2nd $8,000
• 3rd: $6,000

Please read the following information carefully. Innovate@BU reserves the right to verify any submitted information for accuracy to address any circumstances in which the following rules do not apply and to disqualify any entry.

Teams & Participation

• A team could consist of one or more members.
• For currently enrolled BU PhD students, this competition is intended for creative work outside of your thesis work.
• Each team may only apply with one idea and compete in one track.
• The application should be submitted by the Boston University student or Class of 2024 alumni who is the founder/co-founder of the venture and will act as the primary team contact during the competition.
• Teams that apply to the Social Impact Track must be able to demonstrate in their application and pitch that they prioritize social impact in their organizational decision-making and planning.
• Teams must have at least one current BU degree-seeking student or a BU Class of 2024 alumni who 1) is a co-founder, 2) plays a key management role in the venture, and 3) will take part as one of the main presenters in each competing round
• Teams may include non-BU members as long as the previous requirement is met.
• Applicants must commit to being available to attend and participate in the Semi-Finals event (for their track), Finals event (for their track), and the Innovators' Night for their entirety (see dates and times).

Funding & Revenue Limitations

• Have not raised more than $250,000 in funding or grants.
• Generated less than $500,000 in annual revenue.
• Semi-finalists and Finalists will be required to present 3-5 year financial projections during their pitch.

Ideas

• Winners of Top 3 cash prizes in previous NVC's cannot compete with the same venture idea. They may enter with a new venture idea.
• Teams must apply with an original idea and agree to not violate any contract or third-party rights including any patent, copyright, trade secret, propriety or confidential information, trademark, publicity or privacy rights.

Participant Expectations

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

Scoring Scale:

5 = Exceeded expectations with clear communication 4 = Effectively communicated and met expectations 3 = Partially met expectations with some room for improvement 2 = Needs improvement 1 = No attempt or significant improvement needed

Social Impact Track Rubric

• Problem: Identified an important challenge or opportunity that requires a human-centered solution.
• Customer: Identified and validated their target customers.
• Solution: A clear and effective solution concept that tackles the problem more adeptly than existing alternatives.
• Value proposition: Communicated how the solution benefits potential users, customers, or stakeholders.
• Feasibility: Demonstrated an understanding of what is needed to develop and implement their venture (includes some or all of the following: human, physical, financial, intellectual, and social capital).
• Community Engagement: Demonstrates an understanding of and commitment to engaging with the affected community, involving them in the development and implementation of the solution.
• Business Model: An understanding of where their revenue is coming from and what costs are associated with running the venture.
• Social Impact: Effectively communicate the positive effects and meaningful changes that their venture brings to society or a specific community.
• Team: An understanding of the relevant knowledge & skills their startup team needs to have to execute their venture idea.

Prizes

Each track awards a 1st place prize of $20,000, a 2nd place prize of $10,000, a 3rd place prize of $6,000, and an Audience Choice Award of $500.

Prize Distribution

Prize money is awarded after receipt of a completed W9 form from the founder or the designated award recipient(s) from the winning team. The W9 can also be from the team's business entity, if already established, with an EIN.

Issuing checks take up to three weeks after the W9 is submitted to Innovate@BU staff.

Individuals or businesses receiving prize money are responsible for the tax implications of the winnings, which BU and the IRS treat as income. Non-citizen prize winners are taxed upfront on their winnings.

You need to provide your email address, first and last name, BU school/college, student status, graduation year, and confirm your role as a founder or co-founder of the venture. Additional demographic information is also required.

You should include a 1-2 sentence description of your venture, the problem you are addressing, your target customers, your proposed solution, key competitors, unique aspects of your venture, target market size, and your customer acquisition strategy.

Yes, there are specific questions for the General Track and Social Impact Track regarding revenue generation and funding plans.

You need to consent to media release, live streaming, attendance at required events, and compliance with competition rules and guidelines.

Sign up at the bottom of the cheat sheet page with your first name and email to be notified.

The judging criteria include the clarity and effectiveness of the solution concept, the significance of the problem addressed, the understanding and validation of target customers, differentiation from competitors, and the feasibility of the proposed solution. Judges also consider the team's background and expertise, as well as the venture's potential for social impact (for Social Impact Track) or revenue generation (for General Track).

No, you must choose one track to apply for: either the General Track or the Social Impact Track. Make sure to select the track that best aligns with the focus and goals of your venture.

Your 1-2 sentence description should succinctly convey the core essence of your venture, including the problem it addresses, the solution it offers, and any unique value propositions. This description will be used for announcements if you become a semi-finalist or finalist.

Eligible ventures must be founded or co-founded by current BU students or BU 2023 alumni. The venture should be an original idea with a priority on social impact and large-scale beneficial change, in accordance with the requirements stated on the Innovate@BU site. Teams cannot have raised more than $250,000 in funding or generated more than $500,000 in annual revenue.

Teams participating in the New Venture Competition will have access to mentorship, workshops, and resources provided by Innovate@BU. These resources are designed to help teams refine their ideas, develop their business plans, and prepare for the semi-final and final pitches.