With all the great innovation and entrepreneurship (I&E) programs on campus at Carolina, how do you know which ones are the right fit for you? What resources do each program provide? And how can they help you make your ideas work? Each week, we’re highlighting one program from the Innovate Carolina Network to help you connect to the resources you need.
This week, we check in with the Carolina Challenge to get the latest on how students across campus can be part of this series of premier entrepreneurship funding events for UNC undergraduates.
What is the Carolina Challenge, who does it serve and how can undergraduates get involved? The Carolina Challenge is a series of premier entrepreneurship funding events at UNC for undergraduates across campus. The most known event being our Pitch Party, where dozens of teams pitch their ideas to more than 150 judges in hopes of winning prize money to fund their ventures.
What are the biggest benefits that undergraduates at UNC get by participating in the Carolina Challenge? Established in 2005, the Carolina Challenge has become one of the most dynamic and exciting hallmarks of the UNC entrepreneurship ecosystem. As UNC’s flagship venture competition, the Carolina Challenge gives students the chance to win seed funding for their early-stage idea.
In addition, the Carolina Challenge’s events connect aspiring student entrepreneurs with experienced mentors, which makes it much more than a business plan competition. In fact, the Challenge includes a series of networking events, coaching sessions and practice workshops that are held throughout the academic year. These events provide students hands-on experiences for communicating and accelerating their venture ideas. Each year, nearly 200 entrepreneurs, industry experts and alumni generously donate their time and energies to the Challenge program.
How does the Carolina Challenge make a positive human, economic or social impact in the world – whether at UNC or beyond? Up to $50,000 in total prize money is distributed among the most promising ventures each year in both profit and non-profit social tracks. These ventures span across all industries, and the earnings from the competition enable these ventures to make a real-world impact.
What’s something new about the Carolina Challenge, and what should people expect to see from it in the future? The Carolina Challenge undergoes updates every year, enabling it to grow and expand its impact. This year, we changed the format so that we will have two large events each semester. The Pitch Party is Nov. 8 and is open to any undergrad with an idea. The best pitches receive funding. The spring event is still in the works, but we plan to join forces with other partners across UNC and hold a make-a-thon. The top teams coming out of this event will be eligible for funding and a mini-accelerator series. Ultimately, the top team will represent UNC at the ACC Inventure Competition and have a chance at winning $15,000.
Also new this year is a workshop series to help students prep for the Pitch Party, including the Prototyping and Design Thinking Session on Sept. 18, Pitch Practice on Oct. 10, and the Problems Worth Solving speaker series, which takes place on the first Thursday of every month.
What’s the most surprising thing about the Carolina Challenge? Many people do not realize that this competition is targeted toward ventures in their earlier stages. It is also a place for all! We encourage any undergrad to enter, whether they have a business background or not. Most students who apply to the Pitch Party with an idea and completed application will get a table (think Moroccan Bizarre). It provides a space for feedback with judges and peers. This competition seeks to foster the development of ideas into viable ventures. In general, ventures that are already well established are not eligible to compete, although we urge them to consult with the competition’s organizers to determine their participation eligibility.
Can you share a success story ? Last year’s Carolina Challenge 2017 winners boasted student founders from biomedical engineering, economics, music, computer science, health policy, journalism, and the business school. William Sweet, whose team Cold Compression Therapy won last year’s competition says, “The Carolina Challenge Pitch Party is the ultimate experience for young aspiring innovators, creators, and leaders. Good luck to each and every team competing this year!”
Julian Wooten’s venture is an app/companion website that advanced all the way to last year’s Carolina Challenge finals and won many other awards. Wooten offered the following description of his venture:
“The developed venture uses location-based technology to connect people by allowing them to create profiles and broadcast events they create on a map. Surrounding users are able to see the event and participate. Additional functionality includes the ability to create profiles, send messages and coordinate registration. This technology is focused on connecting people for fitness and real time sports events. Think of this technology as the Uber of fitness.”
Wooten is working to expand it across UNC and to compete for approximately $1.5 million from big names, including Kevin Plank and Sequoia.
Learn more about the Carolina Challenge and sign up for events. Turn your idea into action by submitting your Carolina Challenge application by Oct. 1.
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