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Innovation Challenge Kicks Off 7th Season

Innovation Challenge snapshotStartups are an important vehicle for U.S. economic growth, accounting for half of all new jobs created. At CSULB, students have a unique opportunity to gain real-world experience in starting a business through the Innovation Challenge, an annual contest that provides the winning entrepreneurial team with $50,000 in cash and services to get started.

Now in its seventh year, the Innovation Challenge is supported by the CSULB Colleges of the Arts, Business Administration, and Engineering, along with industry leaders with varied high-level business experience. The contest is open to all students. Continue reading “Innovation Challenge Kicks Off 7th Season”

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Mentors Are Key in Helping Student Entrepreneurs Succeed

luxnova
Lux Nova won the 2015 Innovation Challenge with its idea for a 3D bone printer.

Student teams don’t make it to the CSULB Innovation Challenge finals alone. To get through the contest, they’re matched with mentors who help them think through ideas and submit their all-important business plans.

A joint project of the colleges of Engineering, Business Administration, and the Arts, the Innovation Challenge rewards winning teams with $10,000 in cash and $40,000 in financial, marketing, legal, and other services. The Innovation Challenge is designed to inspire entrepreneurship and produce one commercialization success each year.

Students who participate receive instruction on developing a business plan and help in finding fellow team members. But it’s the advice from mentors that’s most valuable. Continue reading “Mentors Are Key in Helping Student Entrepreneurs Succeed”

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Step 1 to Startup Success: Build a Winning Team

icmeetupThe Innovation Challenge is intended to give students real-world experience in starting a business. And just like in the real world, assembling a diverse team can be a barrier to entry.

Contest rules recommend teams with 3-7 members, since business ideas have a stronger chance of success if teams include people with finance, marketing, design, and technical skills.

“You can’t run a business by yourself,” said Barbara Barcon, an Innovation Challenge organizer and retired vice president and CFO with Pacific Gas and Electric. “You may like your idea, but will others like it? You’ll also need some market research.” Continue reading “Step 1 to Startup Success: Build a Winning Team”

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2015 Innovation Challenge Kicks Off

2015 Innovation Challenge
About 75 students turned out for the Sept. 21 kickoff of the 2015 Innovation Challenge.

ABC has “Shark Tank.” Google has Angelpad. And Cal State Long Beach has the Innovation Challenge.

The annual entrepreneurial event, where student teams compete to win $50,000 in funding and services for the best business idea, was started six years ago by the colleges of Engineering, Business, and the Arts.

The challenge’s goal is to produce one new business for the university each year. And judging from the 75 students who attended the Sept. 21 kickoff meeting, interest is on the rise. Continue reading “2015 Innovation Challenge Kicks Off”