3/26/2024
Cozad: Making entrepreneurship education accessible
The Cozad New Venture Challenge stands at the forefront of making entrepreneurship education accessible to all, a crucial step toward fostering innovation and economic growth. This experiential program focuses on democratizing entrepreneurship education, nurturing an entrepreneurial mindset, and accelerating the creation of new sustainable business ventures. Organized by the Technology Entrepreneur Center in The Grainger College of Engineering at the University of Illinois Urbana-Champaign, Cozad New Venture Challenge has soared to unprecedented heights this year.
With nearly 140 teams and 450 students from various colleges within the University of Illinois, as well as from other national universities, this year’s program showcases the largest and most diverse cohort to date.
Growth Since Inception in 2000
With nearly 140 teams and 450 students from various colleges within the University of Illinois, as well as from other national universities, this year’s program showcases the largest and most diverse cohort to date. These teams are vying for a chance to win funding and awards from an unparalleled prize pool exceeding $400,000.
Cozad provides mentoring to startup teams through the phases of venture creation, resources in idea validation, and assistance with filing patent and trademark applications. This spring, teams have engaged in insightful workshops covering key concepts such as customer discovery, value proposition articulation, financial planning, and effective pitching strategies.
The campuswide program kicked off in February with a record-breaking number of over 190 applications. Now, approximately 140 teams that progressed through the program's mandatory requirements are preparing to pitch their ideas and showcase prototypes to a panel of venture capitalists, early-stage investors, and experienced entrepreneurs at Demo Day on April 11 at the I Hotel and Conference Center.
The Cozad New Venture Challenge (originally called the V. Dale Cozad Business Plan Competition) has played a pivotal role in propelling several notable Illinois startups like Top Tier Lessons, Natrion, PSYONIC, Trala, Mesh++, Cast21, Haylon Technologies, Serionix, and more. Cozad has awarded over $2.8 million to student entrepreneurs since its inception.
Last year marked the introduction of the Healthcare Track, a collaborative effort with the Carle Illinois College of Medicine. This track focuses on advancing healthcare innovations with specialized workshops, mentoring, and a dedicated $100,000 in funding and prizes, covering areas such as Rural Health, Sports Medicine, and Healthcare Innovation, attracting 54 teams this year.
Solving Problems First
The Cozad New Venture Challenge features a diverse array of teams, each at different stages of the startup lifecycle. Many teams are addressing critical problems. For instance, a startup team called Luminous is developing an AI-smartphone enabled screening system to make the diabetic retinopathy screening accessible and cost-effective for underserved population. According to the team, diabetic retinopathy is a leading cause of irreversible blindness, affecting 10 million people in the US and over 100 million people worldwide.
We are currently seeking industry professionals, faculty members, and university staff to join us as judges for Pitch Practice Night in Urbana on April 3, and Demo Day in Champaign on April 11. Your insights, experience, and guidance can help refine startup ideas.
Another team is developing a dynamic wheelchair cushion that combines sensor array technology with pneumatic controls to prevent pressure sores in wheelchair users.
There are also efforts to bolster early childhood emotional well-being through technology-driven parental support, and initiatives employing AI for efficient waste segregation and disposal. These teams underscore our unified goal of solving problems first.
Support Our Student Entrepreneurs
The success of this program is a testament to the vibrant support from our entrepreneurship ecosystem, including partners, sponsors, and various stakeholders. We are currently seeking industry professionals, faculty members, and university staff to join us as judges for Pitch Practice Night in Urbana on April 3, and Demo Day in Champaign on April 11. Your insights, experience, and guidance can help refine startup ideas. To become a part of this transformative experience, click here.
Cozad New Venture Challenge will conclude with finalist teams pitching their startup ideas at the Finals Event on April 17 at Portal Innovations in Chicago and the Year-End Entrepreneurship Celebration and Awards Ceremony on April 24 at the Campus Instructional Facility.
Stay engaged as we announce the winners of the Cozad New Venture Challenge 2024!