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Dates

Friday, November 5, 2021 through Sunday, November 7, 2021

Overview

The Innov8 48 Challenge is a weekend collegiate competition focused on innovation, entrepreneurship education and the task of creating a sustainable business idea over the course of 48 hours or less. Teams will attend an Idea Generation, Customer Discovery, and Lean Business Canvas session on Friday evening. The teams will then compete and collaborate on a business idea of their choice, and build out the framework for a sustainable idea through the course of the weekend. The culminating event on Sunday will have two parts: First, the teams will enter an elevator on the ground floor of the Markle Building and must pitch to judges on their ride up to Suite 1100. After the elevator pitch piece of the competition, the teams will then compete in a pitch deck competition to another set of judges. Winners of the Elevator Pitch and the Pitch Deck Presentation will be announced and cash prizes will be awarded.

Teams

Teams must consist of 1-4 college students who are currently registered at one of the following NEPA colleges/universities: Penn State University (Hazleton, Wilkes-Barre, Schuylkill, or Scranton campuses), Luzerne County Community College, Lackawanna College, Johnson College, Wilkes University, University of Scranton, Kings College, Bloomsburg University, East Stroudsburg University, Misericordia University or Marywood University.

Business Stage Eligibility

Teams must not be a registered business entity, and must be pre-revenue earning. Teams do not have to have an idea to participate since part of the weekend will focus on idea generation. However, teams may enter the challenge with an early state “idea” if they have one they would like to work on.

Brief weekend overview

The HQ for the competition will be the Hazleton LaunchBox on 13 W. Broad St. Hazleton. Teams will register and participate in a competition overview meeting and an Idea Generation/Customer Discovery/Business Model Canvas workshop. The teams are then excused to work on their projects. On Saturday, a team of advisors will be on hand both in-person and virtually to work with the teams on their projects and pitch deck preparation, if needed. On Sunday, the teams will finish up their projects and begin the first of two competitions for the day.

Advisors

These will be both academic and corporate advisors on hand on Saturday, November 6, at the LaunchBox and virtually, to assist student teams with parts of their projects, such as (but not limited to) Marketing, Legal Structure, Finance, Technical Aspects, Customer Discovery, Sales Forecasting, and Distribution.

Judges

The judges may consist of lawyers, bankers, accountants, entrepreneurs and other successful and knowledgeable business leaders. Judges will not be affiliated with, or involved in the preparation or funding of, any participating team. The overall selection of winners is based on the viability and likely success of the business.

Judging Criteria

Teams will be judged based upon their overall ability to present their business model. Criteria will include team presentation skills, company overview, description of product/service, identified target customer, target market, sales strategy and revenue models. The decision of the judging panel will be final and will not be subject to appeal.

Prizes

There will be two prizes awarded:

1. Elevator Pitch Contest: The team judged to have the best elevator pitch will receive $1,000

2. Pitch Deck Competition: The team judged to have the best pitch deck presentation will be awarded $2500

Any team is eligible for one or both of the awards. Prize monies will be available through our sponsoring organizations.

Food & Beverage

Meals will be served at the Friday event, a continental breakfast available on Saturday, and refreshments will be served at the awards ceremony on Sunday. Food stations/snacks, served by local food establishments and food startups will be available throughout the weekend (see attached schedule of events - all times are still in draft form). Food and beverages for the participants and volunteers will be served at the Hub Welcome Center in the front of the LaunchBox at 15 W. Broad St., Hazleton.

Note to College/University Academic Administrators & Faculty

This is a voluntary event for student participants. To encourage weekend participation, please consider incorporating this event into an extra credit or reflection piece of your curriculum, although that is not required. We do encourage you to promote this event as an opportunity to develop business skills to be used in any career path.

Learning Outcomes for this program

By participating in this challenge, the student will:

• Begin to develop an entrepreneurial mindset

• Learn the basics of developing an idea pivoting that idea into a sustainable business

• Be able to effectively communicate an idea to their professional network

• Develop critical thinking and problem-solving skills

Administrators of Innov8 48

Dr. Bill Andahazy, Penn State Entrepreneurship Education Coordinator, Hazleton LaunchBox,

Jocelyn Sterenchock, Director of Economic Development, Hazleton CAN DO, CAN BE Innovation Center,