TeestaIain

Donna Rockin

JULES F. KNAPP ENTREPRENEURSHIP
ACADEMY

Fueling innovation has always been
a cornerstone at Illinois Techl Whether it’s
building the new Ed Kapla.n Family Institute
for Innovation and Tech Entrepreneurship,
challenging students to create advanced and
original projects for their IPRO submissions, or
starting businesses during their student years
at the university or shortly after graduation,
Illinois Tech students never shy away from
solving tough consumer or business problems

Creating products and apps that
solve real consumer and business problems
was the germ of the idea that gave birth to
the 2016 Chicago Innovation Challenge
(CIC) sponsored by the Jules E Knapp
Entrepreneurship Center, The Fogelson Family
Foundation, the Coleman Foundation and the
MeHub, Chicago’s newest coeworking space
for makers The 2016 Chicago Innovation
Challenge (http://webliitledu/knappecenter/
chicagoeinnovationechallenge) has 3 divisions
students can enter: (1) Currently enrolled
Illinois Tech students, (2) Currently enrolled
students who are enrolled in a college or
university with a physical presence in Chicago,
and (3) Currently enrolled high school
students attending any Chicago Public School

Student newspaper of Illinois Institute of Technology since 1928

Chicago Innovation Challenge, a new route to startup success at Illinois Tech

or Chicago Public Charter School

The Knapp Center recognized
that competitions, especially those with
cash and other prizes, motivate students to
participate Competition winners also have the
opportunity to brag about winning on their
resumes, during job interviews, and on their
social media accountsl Winners and even
participants stand out in a crowd of “me too"
job applicants, because winning competitions
or participating in them shows potential
hiring managers; applicants with creativity,
critical thinking skills that have been applied,
problem solving skills and (depending on the
competition) the ability to work as a team with
other members to accomplish a goal

The competition has a design and
format to educate student innovators and let
them gain realeworld skills like creating mock,
ups, PowerPoint decks, video presentations
and giving a “Live Pitch?’ Contesta.nts can enter
as sole inventors or as part of a team (up to four
tudents from the same educational institution
can form a student team) to compete by
presenting their idea and defending itl Teams
that work together gain experience in the
division of labor and collaborative thinking,
fostering teamwork and creative problem
solving Another aspect of the CIC is access to
a free mentor to help guide the team, or a sole
contestant: on market analysis, prototyping,
revenue streams and other requirements of the

challenge to work towards a specific goal

The CIC has divided the
competition into manageable, implementable
stepsl These steps are laid out in the official
rules as well as when participants apply on
the Startup Compete (https://iitchicag02016l
startupcompetecol) platform For example,
rather than asking participants for a
comprehensive slide deck or a prototype in
Stage 1, the CIC made it very easy for as many
students or student teams as possible to enter
In Stage 1, besides entering basic biographical
information, the competition asks contestants
to identify a realeworld consumer or business
problem or need; a solution to the stated
problem or need; and a basic illustration/
photo/drawing or simple wireframe work for
an app or the interface Then, the candidate
pool will be narrowed downto quarterefinalistsl
Quarterefinalists will have to prepare some
additional work to advance to the next level of
participation and reach the semiefinalist stage
Then, judges will narrow down semiefinalists
to a group of five students or student teams
that will then be asked to polish up their pitch
decks and prototypes/ frameworks and prepare
a video and a “live pitch" to a small group of
experienced judges

The CIC provides internal and/ or
external mentors at Stage 21 As teams move
through the stages they build a repository
of resources, knowledge, IP potential and

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prototype/framework knowledge The
contestants receive Knapp Center social media
coverage and exposure to Knapp Center
advisory board members and staff

The 2016 academic year is the initial
year of the Chicago Innovation Challenge, but
the Knapp Entrepreneurship Center already
has a commitment from the Fogelson Family
Foundation to keep this competition running
for academic years 2017 and 20181 Moreover,
the Knapp Entrepreneurship Center and
Illinois Tech’s Institutional Advancement team
are working together looking for ways to grow
the Chicago Innovation Challenge competition
and help ensure it goes on as long as consumers
and businesses have realeworld problems that
need solving by the best and brightest student
minds in Chicago As the competition unfolds,
the greatest benefit will be to IIT and other
Chicagoland area students as the CIC hopes
they will learn many aspects of starting and
growing an idea into a fulleblown business,
or learn how to license or sell their creative
solutions/technology to an industry leader To
learn more about the competition, go http:/l
webliitledu/knappecenter/chicagoeinnovation,
challenge Official competition rules are also
available at that link The deadline to register
your “Big Idea" is September 30, at 11:59 pm

 

Photos by Khaleela Zaman