CSULB Innovation Challenge

COE and CBA Convocations22 & 23 August 2013

Eric SchwartzCSULB Innovation ChallengeAdvisory Board Member

What is the Innovation Challenge?

• A learning environment and annual competition for CSULB student teams to develop, present and launch entrepreneurial business ideas

• Students learn how to create business plans

• Reward the best team/plan (annually) with business-related services and seed funding

You have an idea!

Build a team!

Develop your business plan

Review with mentors and support team

Present to Investors and

Judges(Final 4 teams)

Compete for start-up

resources and funding

CSULB Innovation Challenge

How do Students get Started?

• Form a team and submit a Letter Of Intent (Oct 14 - Dec 11, 2013). The sooner students submit the LOI, the sooner a mentor is assigned to their team

• Put together a business plan by February, 2014

• Visit the website to learn more:

– http://www.csulb.edu/innovationchallenge

• Contact us by:

– emailing us at - innovate@csulb.edu

– Visit us during our office hours Tuesdays and Wednesdays beginning September 17 from 11am-1pm EN-2 300-D

Final Competition and Awards

• The Final Four teams present to a panel of judges in a public forum. All receive gift cards and certificates

• The winning team receives business support resources such as; office and/or lab space on campus, professional services e.g. legal, accounting, tax, intellectual property, on-going advisory support and $10,000 in seed money to help launch their business

• Past Winners (2011, 2012, 2013)

Electric Bikes Sliding Doors Textbook Exchange

Need Faculty Help

• Help get the message out to the students, encourage participation• Mention/promote in classes, club meetings, etc• Could be part of a senior-level class project• Teams come from all majors• Attend the final competition/awards event on April 10, 2014

Questions????

Back-Up

CSULB Innovation ChallengeSchedule (2013-2014)

September 10, 2013 – November 5, 2013

Attend information sessions

December 11, 2013 Last day to submit Letter of Intent (LOI)

October 14, 2013 thru December 11, 2013

Match mentors with teams

February 27, 2014 Complete Business Plan packages due by 5 pm

March 17-20, 2014 Notification of finalists & non-finalists

April 10, 2014 Finalists’ presentations, completion of judging, and presentation of awards 4pm at The Pointe

What Do Students Get Out of It?

• An environment to develop business ideas

• Learn to form and work on a multi-disciplinary team

• Advice and networking with a business professional who is a mentor to the team

• An opportunity to learn how to be an entrepreneur

• Develop experience and knowledge in starting a business, intellectual property, financial plans, etc.

• Resources and financial support ($K)

Example Past Innovation Challenge Business Ideas

• Improved medical testing device• Specialized garments• Electric bike• Bicycle security components• Sliding Doors• Water Management System• Automated beverage service• Tea-based beverages• Automated geo-information• Textbook exchange