InnoVentures – 2024
What is InnoVentures?
InnoVentures is an annual training and pitch competition which has become a highlight for our Business Basics Graduates. InnoVentures is an opportunity for graduates who are actively in business and ready to scale their current model to the next level of success. Whether promoting a new product, introducing a brand-new innovation or growing a customer base, InnoVentures is the launchpad Venture graduates use to develop long-term revenue for their locally owned businesses.
Thanks to the Butler Family Foundation, there is combined total of $30,000 at stake that covers the Grand Prize, peer pick and a stipend for every participant.
Even better than the monetary reward for participating, this event inspires healthy competition while building a supportive community of local business owners. These relationships last for lifetimes and build a diverse, positive system for entrepreneurs to grow.
The training spans four weeks, beginning Wednesday October 9, 2024, and culminates in a final, showcase event on Saturday, November 2, 2024.
During the final event, participants showcase their businesses to their peers and guests and deliver a three-minute pitch to a panel of judges. This is where the rubber-meets-the-road as graduates do their best to sway judges to pick their idea. Think ‘Shark Tank’ with a level of collaboration, support and community that brings everyone together and ensures we all have a successful day.
Only 30 slots are available, with limits of 10 participants per industry – service, product and food. Applications will be taken until September 30th or until filled.
Get ready to see who wins the $30,000 in prizes!
2024 InnoVentures Program Key Dates
September 18th – Online Registration for Applicants Open
September 30th – Online Registration for Applicants Closed
October 9th – In Person Session One: 6:00pm – 8:30pm
October 16th – In Person Session Two: 6:00pm – 8:30pm
October 23rd – In person Session Three: 6:00pm – 8:30pm
October 30th – In person Session Four: 6:00pm – 8:30pm
November 1st – In person Final Rehearsal & Set Up 6:00pm – 8:30pm
November 2nd – InnoVentures Event Full Day Event
How It Works
- InnoVentures is a four-week, advanced training with up to 30 eligible entrepreneurs participating from beginning to end, culminating in an all day event on November 2nd.
- Participants receive coaching and training to prepare their financial model for investing and strategy needed to refine a pitch as well as personal feedback from high-level judges who are experts in their field.
- In the pitch, participants have three minutes to share their pitch.
- Judging Rubric: Customer Need & Market Demand, Financial Feasibility, Presentation, and Tabling/Outreach.
Who is InnoVentures a good fit for?
- Entrepreneurs who are looking to grow their business by growing their customer base. The pitch can be used beyond InnoVentures in diverse marketing channels.
- Entrepreneurs who are pitching to investors in the future
- Entrepreneurs who want to earn government contracts
Who is eligible to participate?
- Graduates within the past five years of Ventures’ 9-week Business Basics Course.
- Must be active in their business, currently making sales and have not participated in InnoVentures in the past.
- -Must have valid business license
- -Must have valid UBI number
- -Must have business checking account that aligns with your business name in all licenses
What are the additional benefits of attending this advanced training?
- Having a clear pitch helps communicate your business plan effectively.
- While you may not use all three minutes of your pitch at a networking event, having clear talking points will work to your benefit when engaging at networking events.
- This can better prepare you for attending networking events.
- You can transition the three-minute pitch as paid advertising on Instagram or other social media platforms to boost sales.
FAQs
Can I meet with a coach in between trainings if I need support?
- Yes! Coaches will be available during specific times for pitch support.
I am not a fluent English speaker. Can I still participate?
- InnoVentures is an English language presentation for our judging panel and allows non-English speakers the opportunity to practice their pitch in a safe place as a way to pitch elsewhere in the community. You will not be judged on language skills and we encourage to pitch in English if you can. If you speak Spanish and would prefer to present in Spanish we may be able to accommodate this, please indicate this in your application. (Si hablas español, y prefieras a presentar en español, es posible que podamos adaptarnos a eso.)
Are the trainings in person and/or virtual?
All trainings will be in person at the Ventures offices.
What does the stipend look like?
- Stipends range between $250 – $500 depending upon number of participants and business needs.
- All stipends for participants will be made via paper check made out to your business name for deposit into your business bank account.
What are participation requirements?
- Please note that if you miss a training, you will NOT be able to present in the November 2nd event or receive cash prizes.
- November 2nd is a full day event. If you are unable to attend the full day, you are not eligible to participate.
- Due to tight time constraints on November 2nd, you must be available 30 minutes prior to your pitch time. If you are not available at this time, your timeslot will be considered forfeit.
What can I expect for the InnoVenture Event on November 2nd?
- Family and friends are welcome.
- Attire and other expectations will be discussed during the training.
- This is a full day; you will want to make sure and plan to bring water and snacks. Ventures provides refreshments.
- Ventures team will be on hand to assist with any needs throughout the day.
- Anticipate special time to celebrate with your cohort for this huge achievement!
For all questions, please contact Erin Williamson at ewilliamson@venturesnonprofit.org
Rules & Regulations
Mission & Competition Overview
- InnoVentures is an advanced public speaking course and business pitch event that elevates Ventures’ businesses and grows our community of entrepreneurship advocates. Our mission is three-fold: 1) to prepare Ventures graduates for their next level of business ownership and growth, 2) to provide opportunities for skill-building, networking, and resources to strengthen Ventures businesses, and 3) to showcase the Ventures mission in action by promoting Ventures’ businesses to our community. The InnoVentures Final Event is both a pitch competition for Ventures graduates and a community event that welcomes the public to get to know the work of Ventures and Ventures businesses.
Eligibility
- InnoVentures is exclusively for graduates of the Ventures Business Basics Course in the last five years.
- In addition, to be eligible you must:
- Have an independent, for-profit business;
- Have a current, valid Washington State Business License and be able to provide the UBI number;
- Have all additional licenses and permits required for current business operations;
- Have a business checking account to receive prize funds; and
- Be able to attend all four IN PERSON training sessions which will be held at the Ventures campus. See schedule above for dates.
Judging Rubric
Judges score pitches from 1-5 points in four categories: Customer Need & Market Demand, Feasibility, Presentation, and Tabling/Outreach.
Pitch Rules
- 3 minutes. That is the time limit. We will not cut you off mid-sentence, but you should finish your sentence/thought and end. Going over the time limit will be taken into account in the judging process.
- One presenter. All pitches will be given live by one (1) presenter. No tag-teaming, etc.
- Attendance will be strictly enforced. You must attend all 4 training sessions and participate in the final pitch event to qualify for a cash prize.
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