University of Illinois Urbana-Champaign’s Grainger College of Engineering is all set to host the 2024 College New Venture Challenge (CNVC) with seven start-ups gearing up to compete. This event serves as a platform for university students to showcase their innovative start-up ideas to a panel of experienced venture capitalists and industry leaders, with the focus on disruptive technologies and scalable business models.
These seven finalists were chosen from a large competitive group and will get the opportunity to present their well-prepared business strategies to the judges and potential investors. This year’s investment funding is expected to exceed previous records, with estimates reaching over $200,000.
The competition introduces a new award this year, the Grainger Engineering CNVC Prize. This award is designed to support teams comprised of students from both the University of Illinois and a renowned Chicago-based university, aiming to foster an atmosphere of innovative thought and rigorous research.
Starr Marcello, deputy dean for MBA programs at a prominent Chicago business school, praised the quality of this year’s participants. She highlighted the diversity of thought and the strong commitment to leadership excellence and social responsibility each candidate brought to the table. This made the selection process incredibly challenging, underlining each candidate’s potential for significant impact in their respective fields.
The finalists are set to bring a broad spectrum of innovative ideas to the table, ranging from health drinks to 3D printers, online platforms for investment bank M&A due diligence, sustainable farm waste management solutions, enhanced blockchain security systems, to bio-adhesive patches for child location tracking.
Since its inception in 2012, CNVC has made a significant contribution to the entrepreneurial ecosystem. It has been a launchpad for more than 370 ongoing ventures, attracted over $1.2 billion in investments, and recorded over $8.5 million in merges and exits. The upcoming competition is poised to create a similar impact in the start-up world.
