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Hosted annually during the fall semester, the Center runs the Newark Innovation Acceleration Challenge. Many entrepreneurs submit practical innovative ideas for review by a panel of judges at a chance to win a $3,000 summer fellowship to pay them to work on their idea.Capital One Bank and Sterling Medical are sponsoring the fellowships this year. There are two tracks for our competition this year. As in previous years, there is a competition open to any Newark High School, College, or University Student with an idea to solve a problem in any area of science, technology, or society. This year, we are partnering with GNEC to establish a new track for Newark community based businesses. They will also be able to win $3000 summer fellowships. Although submission is free, each submission must follow the guidelines of the NAVC program. NAVC is the standard for innovation focusing on the basics that help tell if an idea is viable or not. First participants must define what the need for their product is and to whom their target audience would be. This basically outlines what the problem is that needs solving. Next they must outline their proposed solution to the problem including how their solution is the best solution to date. Their product is defined at this stage of the NAVC process. Value proposition, also known |
as profitability, can now be examined because the target audience, production costs, and projected gains can be determined from the problem and proposed solution. Finally competition and competency can be accounted for. A solution is only viable if a market is both available and not oversaturated with competition. Of the many submissions, roughly 6 will be accepted as finalists in each track. Finalists make a 10 minute presentation to the judges in person with the use of power point as an option. Following the presentation is a Question and Answer session. It is at this point winners are chosen and awards distributed. In fall 2012 at least 3 winners will be chosen:
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