Venture Challenge

• Who is eligible to participate?
  Eligible participants include all current Hofstra students, Hofstra graduates from the 23-24 academic year, and any student accepted to Hofstra.
• If I am an accepted student and place in the competition, when will I receive this prize?
  You will receive your prize after you complete your first month as an enrolled student at Hofstra University.
• Do I need to have a company to participate?
  No, you do not need to have a business, just an idea.
• Does my idea have to be in a particular business sector?
  No.
• Does everyone on my team have to be enrolled at Hofstra?
  The team leader and 50% of the team must be an eligible participant as defined in the rules.
• Can I have worked on the idea prior to the competition or as a student project?
  Yes. You may enter this idea as long as it meets the specific requirements specified in the rules.
• Who will organize the meetings with the entrepreneurs-in-residence?
  The Institute of Innovation and Entrepreneurship will assist you in coordinating these meetings.
• Who are the judges?
  A panel of judges will include experienced entrepreneurs.
• What happens if a participant is disqualified?
  If the team is disqualified prior to the competition, the Institute of Innovation and Entrepreneurship reserves the right to offer that spot to another applicant. If the team is disqualified during the competition, the next highest scoring team will take its place. The team, at all times, must be comprised of 50% or more eligible participants as defined in the rules.
• Will Hofstra claim any intellectual property or equity in my idea?
  No, Hofstra University releases all intellectual property rights to the student teams. Hofstra will not take any equity in the company.
• What am I required to submit and when?
  • The competition is composed of two rounds. In round 1, eligible participants will submit an online application and 1-2 minute video to ideaHUb@hofstra.edu describing your business idea by 11:59pm on Friday, March 8, 2024. A panel of judges will select the participants that will advance to the final round.
  • Final Round: Finalists will submit an executive summary by 11:59pm on Friday, April 5, 2024 and give a 5-minute pitch presentation to a panel of judges. The judges will select the first, second and third place winners.
• Is my application confidential?
  Your application will be reviewed by the Institute of Innovation and Entrepreneurship, members of the administration and judges.
• Can international students participate?
  Yes.
• Can graduate students participate?
  Yes.
• Is there a required major for eligibility?
  No, there is no required major for eligibility.
• Is there a limit on the number of participants on my team?
  Five is the maximum number of team members that can participate. Please review the rules and list the team members in your application.
• Do I need to build a prototype?
  All you need is a business idea to enter. Use of the IdeaHUb maker space is available upon request and subject to approval and availability of the space.
• What type of mentorship will I receive?
  You will receive mentorship from experienced entrepreneurs.
• Can I apply if I already started a business?
  Yes, if it meets the eligibility requirements.
• Can non-Hofstra students participate in my team?
  Yes, as long as the majority of the team is comprised of eligible participants as defined in the rules and the team leader is an eligible participant.
• What other kinds of support does the Institute of Innovation and Entrepreneurship offer Hofstra student entrepreneurs?
  The Institute of Innovation and Entrepreneurship is an available resource for all members of the Hofstra community interested in learning more about entrepreneurship. The Institute provides workshops, mentorship, and networking opportunities.

Visit www.hofstra.edu/entrepreneurship for more information.