Competition Overview

Innoventure is a semester long competition based on four primary components:

• Product Prototype
• Business Plan
• Website / Marketing Display
• Oral Presentation

Based on the competition theme, student teams are challenged to design and build a scaled prototype that relays the purpose and function of their invention. As any inventor, students must create an inventor’s log to keep record of their innovation process. This is proof the inventors have done their own testing and analysis, and serves as an important element if the product was ever patented. Students at New Mexico State University’s (NMSU) College of Engineering host mentoring workshops to assist teams understand technical and design issues, prototype development, and functionality.

Based on the prototype, student teams then craft a comprehensive business plan. Teams must incorporate items such as a mission statement, keys to success, product description, marketing and competitive analyses, organizational structure, and personnel qualifications. At workshops, MBA students from NMSU work with teams on a one-on-one basis to mentor them on business principles and business planning.

Student teams then crate a well designed and attractive marketing display that appeals to potential customers. For those who desire and added challenge, students can create a fully functional website.

Incorporating these elements, student teams are tasked with making a brief oral presentation or “elevator pitch” as if requesting funding from a bank or venture capitalist.

The competition culminates on the campus of NMSU where teams from across New Mexico compete for great prizes including, IPods, DVD players, and other high-tech gadgets!