The University of Illinois’ Grainger College of Engineering is gearing up for the 2024 College New Venture Challenge (CNVC), a premier event meant to spotlight the inventive ideas, unique business models, and groundbreaking technologies designed by its talented students.
The CNVC, created in partnership with the college’s center for entrepreneurship and innovation, promises a potpourri of ingenious ideas. These range from sustainable energy solutions and groundbreaking healthcare initiatives to digital transformations and state-of-the-art technology. The proposals will be evaluated by an expert panel that includes industry leaders, successful entrepreneurs, and experienced venture capitalists.
The University and Grainger College of Engineering aim to equip participating students with necessary skills and resources. These include mentorship opportunities, skill-building workshops, and networking sessions. The CNVC’s ultimate goal is to stir an enduring entrepreneurial spirit among students and offering a platform for them to convert their visionary ideas into profitable business ventures.
The competition, that includes seven startups contesting for a prospective investment pool exceeding $200,000, brings more to the table. The startups also become automatically eligible to compete for the additional Grainger Engineering CNVC Prize of $75,000. This award is open to CNVC teams not just from the University of Illinois, but also from all recognized universities in the state. The competing teams get to present their unique ideas before a panel of esteemed judges who are experts in their industry with substantial investment experience.
Starr Marcello, Assistant Dean for MBA programs at an Illinois business school, and contest mentor, is thrilled to see what the teams will bring to the table. She expressed her excitement at the unique and promising strategies offered by the teams, and looks forward to aiding in their business growth. She emphasized the importance of refining business strategies and plans as they determine the success or failure of any business venture.
Leading the pack of contest participants are Bellie, BYLD Innovations, and Domain Diligence, each with their innovative businesses. Bellie offers a gut-health beverage, BYLD Innovations masters in a portable 3D printing device, while Domain Diligence boasts a digital platform that simplifies due diligence procedures. Also participating are Lynkr, MethaFarm, Resolv, and TrackPatch, each aiming to create a niche in their respective fields.
The CNVC, established in 2012, is a part of a New Venture Challenge initiative originating from a prestigious Illinois business school. The initiative can already attribute its success stories to helping create more than 370 startup businesses, collecting over $1.2 billion in investments and about $8.5 million from company acquisitions and exits.
