In April, Harvard Business School students and alumni will compete for $300,000 in cash prizes to fund their startup dreams in the 20th Anniversary New Venture Competition. Past competition winners and participants will also return to campus for programs and a celebratory 20th Anniversary New Venture Competition Finale on Tuesday, April 25, 2017.
The school is offering its biggest prizes to date, with a $75,000 Grand Prize for top winners in the Student Business, Student Social Enterprise, and Alumni competitions. Additional prizes are a $25,000 Runner-Up Prize, $5,000 Audience Award, and in-kind services. Previously the Grand Prize was $50,000 in each category.
More than 200 judges will vigorously review the new ventures in several rounds of judging. Past winners include Rent the Runway, Birchbox, and GrabTaxi.
“The New Venture Competition is critical to entrepreneurship at Harvard Business School,” says Jodi Gernon, Director of the Rock Center for Entrepreneurship, which oversees the student and alumni business tracks of the competition. “Competition winners say it was the launching point of their businesses, helped them to attract funding, and gave them the confidence, exposure, and skills to found companies.”
Matt Segneri, Director of the HBS Social Enterprise Initiative, which manages the social enterprise track, says, “The winning teams developed innovative approaches—using for-profit, nonprofit and hybrid models—to tackle society’s toughest challenges, including HIV prevention and K-12 education reform.”
171 alumni teams applied in January and are being judged in 15 regions. Four alumni teams will make it to the semifinals to present and be judged at the April Finale at HBS. More than 70 student teams on the business track and 48 social entrepreneurs have already applied in advance of the March 8 deadline.
HBS also offers workshops and other support for students. You can learn more about the New Venture Competition at hbs.edu/nvc and track Harvard Business School’s 20th Anniversary New Venture Competition on Twitter at #HBSNVC.