The goal is to support and increase the number of student entrepreneurs.
Under the new program, teams that placed in one of the 17 events in either the 2014-15 or 2015-16 academic years to apply for the statewide competition. Four prizes, valued at $12,500, will be awarded in these categories:
- Commercializable Technology – A company with a product or business concept surrounding a technology that was licensed or is under option to license out of a research institute from across the state.
- Lifestyle Business – A company that is not immediately focused on creating a high growth business but one that could be a staple within the community.
- Social Enterprise – A company that applies commercial strategies to maximize improvements in human and environmental well-being—this may include maximizing social impact alongside profits for external shareholders.
- Tech Enabled – A company that enables more efficiency within a process or industry. This would exclude technology that was licensed from a research institute. ($12,500)
Seven of the 17 eligible programs are in the primary targeted area for Teknovation.biz. They are:
- Three programs offered by the Anderson Center for Entrepreneurship and Innovation at the University of Tennessee’s (UT) Knoxville campus – the twice-a-year editions of “Vol Court” as well as the “Boyd Venture Challenge” and “Undergraduate Business Plan” competitions;
- The “Tennessee Venture Challenge” offered by the UT Research Foundation;
- UT Chattanooga’s “Elevator Pitch Competition”;
- Tennessee Tech University’s “Eagle Works Competition”; and
- The University of the South’s pitch event.
For more information, read the Launch Tennessee release (Statewide University VC Press Release 3-11).