Sponsors & Prizes
Cozad New Venture Challenge Sponsors
Scroll to the bottom for information about funding, prizes, and tracks for 2024.
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Funding and Prizes 2023-24
In 2024, teams competed for $500,000 in funding and in-kind prizes. The awards are funded through sponsorship, alumni donations, and campus partners. All teams who meet the requirements of the Cozad New Venture Challenge, including submitting all mandatory deliverables and meet attendance requirements, have the opportunity to compete in the Demo Showcase in April. Students will get to showcase their ideas to venture capitalists, early-stage investors, and successful entrepreneurs who serve as judges. The judges determine which teams will present their ventures at the Finals Event. Questions? Please contact Stephanie Faraci at shalvors@illinois.edu or Kearsa Rawson at klrawson@illinois.edu.
CASH SPECIALITY PRIZES
Cozad New Venture Challenge Finalists Prize Pool | Up to $100,000
Awarding Cozad New Venture Challenge finalists prizes from a pool of approximately $100,000 for exceptional startups poised for breakthrough success in order to elevate their startups and move their vision forward.
- Eligibility: Cozad New Venture Challenge Finalists
- Sponsored by: Generous contributors to the TEC Exceleration Fund
Rural Health Innovation Prize | Up to $30,000
For teams exploring solutions related to access to care, mental health, addiction, obesity, nutrition, and care for aging individuals.
- Eligibility: Any team developing solutions to support rural health-related issues
- Sponsored by: Barkmeier Tice Rural Health Innovation Fund at Carle Health Center For Philanthropy
Grainger Engineering Cozad Prize | Up to $25,000
This prize seeks to secure promising Grainger Engineering student technology startups from a pool of up to $25,000 to propel these ventures forward. This award is for teams ready to elevate their trajectory to connect with the Chicago tech ecosystem, access guidance from tech leaders and investors, and compete in a Chicago-based pitch competition against other Midwestern teams to thrive in Chicago’s tech landscape.
- Eligibility: Grainger Engineering students working on technology
- Sponsored by: The Grainger Foundation
Health Innovation Prize | Up to $25,000
This prize recognizes startups leveraging cutting-edge technology to pioneer transformative solutions in healthcare, catalyzing groundbreaking advancements in medical innovation.
- Eligibility: Teams with at least one Carle Illinois College of Medicine (CI MED) student
- Sponsored by: Carle Illinois College of Medicine
Business & Engineering Partnership Prize | Up to $25,000
Rewards exceptional teams with high potential for growth comprised of Gies Business and Grainger Engineering students actively engaged in Cozad New Venture Challenge programming and can demonstrate an equitable partnership. These teams will qualify to participate in opportunities focused on connecting teams to the robust entrepreneurship resources available in Chicago including commercialization programs that may offer the opportunity for follow on funding.
- Eligibility: Teams that are composed of at least one Gies Business student and at least one Grainger Engineering student
- Sponsored by: Rick and Gayle Landuyt
Advancement in Sports Medicine Prize | Up to $20,000
This prize recognizes innovative solutions bridging healthcare and athletics, empowering past and present athletes through technology and medical advancements.
- Eligibility: Teams with at least one Carle Illinois College of Medicine (CI MED) student
- Sponsored by: Henry Dale and Betty Smith Sports Medicine Innovation Fund
AWARE Prizes | Awards of $250 - $1,000 from a pool of up to $15,000
These prizes will be awarded to teams for capital to launch and accelerate their ideas. AWARE is dedicated to fostering inclusivity and empowering participation in the entrepreneurial ecosystem. Through a multifaceted approach, AWARE is committed to providing opportunities and creating pathways for students from groups that are not yet well-represented in technology entrepreneurship.
- Eligibility: Teams that present at Demo Day. Preference may be given to teams with at least one team lead or team member who self-identifies as underrepresented in engineering entrepreneurship.
- Sponsored by: Craig & Sabrina Vodnik
Dr. Paul Magelli Innovation Award | $10,000
This prize honors Dr. Magelli and his significant impact on the University of Illinois. Dr. Magelli was a driving force for entrepreneurship throughout the University launching startups and student careers for over 20 years. Illinois Ventures, the venture capital arm of the University of Illinois System, provides early-stage investment capital for advanced technology ventures led by faculty, students, and alumni. Illinois Ventures also operates Illini Angels, an alumni angel group that invests in University-related startups.
- Eligibility: Cozad New Venture Challenge Finalists
- Sponsored by: Illinois Ventures
Commitment to Entrepreneurship Prize | Awards of $250 - $1,000 from a pool of up to $10,000
For teams that remained dedicated to developing their ideas throughout the semester and are encouraged to continue their journey, knowing their efforts are valued and supported.
- Eligibility: Teams that participate in Cozad New Venture Challenge workshops and showcase at Demo Day
- Sponsored by: Hoveida Family Foundation
Innovate & Iterate Prototyping Microgrants | $250 - $500 prizes from a pool of up to $5,500
We’re offering microgrants to cover the cost of special equipment, tools, and supplies to support student teams in building prototypes, refining ideas, and continuously iterating their innovations.
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- Eligibility: Any Cozad New Venture Challenge team working on physical projects that need to cover supply and material costs
- Sponsored by: Former Cozad New Venture Challenge participant Matt Gornick, Founder and CEO of OrangeQC
Global Impact Innovator Award | Up to $5,000
This generous contribution aims to inspire and leverage students’ entrepreneurial talents to create meaningful impact and drive positive change across borders. By recognizing and supporting innovative startup ideas with an international focus, this award encourages students to embrace the challenges and opportunities of global entrepreneurship and contribute to building a more interconnected and prosperous world.
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- Eligibility: Students working toward positive change on a global scale and/or ventures that will be based outside of the U.S.
- Sponsored by: Jaime Djuhar
Finals Best Pitch | $5,000
The Finals Best Pitch award recognizes teams that excel in conveying a compelling vision using their visual aids and sharing information in an organized way within the time constraints.
- Eligibility: Cozad New Venture Challenge Finalists
- Sponsored by: Cozad Asset Management
Ag Innovation Prize | Up to $2,500
For students pioneering agriculture innovation ideas that seek to boost sustainability, increase efficiencies, and optimize resource improvement in the face of global challenges like climate change and food security.
- Eligibility: Any Cozad New Venture Challenge team that presents at Demo Day
- Sponsored by: The Edwin Moore Family
Demo Day Best Pitch | $500
The Demo Day Best Pitch Award recognizes teams that excel in conveying a compelling vision for their idea.
- Eligibility: Cozad New Venture Challenge teams that present at Demo Day
- Sponsored by: Cozad Asset Management
Demo Day Out of the Box Thinking | $500
This prize recognizes students’ creativity, originality, and visionary approach to solving problems with novel concepts.
- Eligibility: Cozad New Venture Challenge teams that present at Demo Day
- Sponsored by: Hoveida Family Foundation
Social Impact Prize | $500
The Social Impact Prize recognizes and celebrates a student startup that demonstrates outstanding commitment to creating positive change and making the world a better place through innovative solutions.
- Eligibility: Cozad New Venture Challenge teams that present at Demo Day
- Sponsored by: Hoveida Family Foundation
IN-KIND SPECIALTY PRIZES
Biophia Consulting | Healthcare Consulting Services Prize
20 hours of healthcare innovation consulting for healthcare teams interested in advancing their medical innovations. Biophia Consulting is a biotechnology, pharmaceutical, clinical diagnostics and medical device consulting company dedicated to providing a wide array of critical scientific expertise focused on assisting clients in the discovery, development and commercialization of novel therapies.
- Eligibility: Teams in the healthcare track who are ready to actively engage with Biophia consultants to keep their ventures moving forward.
- Sponsored by: Biophia Consulting
EnterpriseWorks | Student Startup Tenancy Prize
EnterpriseWorks remains the heart of the Research Park’s community building efforts, and ensures the intersection of the Research Park’s startup and corporate innovation community with faculty, students, and staff at the University. This prize includes access to the co-working and conference room spaces in EnterpriseWorks, the startup incubator at the Research Park, beginning May 2024 through April 2025.
- Eligibility: Eligible Cozad New Venture Challenge Finalists must have a founder/executive enrolled as a student at the University of Illinois for the 2024-2025 academic year, be starting a for-profit business, and be technology-based. Winners of this prize will be required to submit an application and develop a Memorandum of Understanding with EnterpriseWorks to access the aforementioned benefits.
- Sponsored by: EnterpriseWorks in the University of Illinois Research Park
EnterpriseWorks | JumpStart Prize
Awarded to a team seeking to launch their new company at EnterpriseWorks incubator at the University of Illinois Research Park. This award funds 80% of the cost of professional business and legal services selected by the team to help them fund their new company in the first year. Services include legal formation, business planning, Entrepreneur-In-Residence (EIR) consulting, and grant support.
- Eligibility: Teams that participate in Cozad Demo Day and must be used during the period beginning May 2024 through April 2025.
- Sponsored by: EnterpriseWorks in the University of Illinois Research Park
Illinois Business Consulting | Startup Consulting Services Prize
The winning team will have the opportunity to work with multi-disciplinary teams of highly qualified students to help you solve challenges and identify opportunities to provide fresh perspective and remarkable insights.
- Eligibility: Cozad New Venture Challenge teams that participate in Demo Day
- Sponsored by: Illinois Business Consulting
mHUB | Co-Working Membership Prize
Our Chicago partner mHUB will provide a 3-month membership to two different teams to provide resources for HardTech startups. Winners will enjoy access to shared workspaces, prototyping shop, meeting spaces, a network of regional suppliers and connect to a valuable Chicago network of mentors and venture capital resources.
- Eligibility: Cozad New Venture Challenge teams that participate in Demo Day and are interested in locating in Chicago. This prize will expire December 31, 2024.
- Sponsored by: mHUB
Singleton Law Firm | Legal Support Prize
In-kind legal support up to $1,200 for eight teams.
- Eligibility: Teams that participate in Demo Day
- Sponsored by: Singleton Law Firm
TechNexus | TeamWorking Space Prize
Located in the West Loop, TechNexus helps leading corporations and ambitious entrepreneurs develop mutually beneficial relationships that accelerate growth opportunities. They invest capital, incubate, and collaborate to create new growth opportunities. Their flexible TeamWorking membership includes access to amenities with virtual-enabled huddle and meeting rooms, shared spaces, and on-demand meeting rooms. You’ll receive invitations to exclusive community and other tech discounts.
- Eligibility: This prize will be awarded to the top three teams during open hours for up to one year following their win.
- Sponsored by: TechNexus Venture Collaborative