NJIT New Business Model Competition, open to anyone, now taking entries

The new institute will be located on NJIT's campuses in Newark and Jersey City. (NJIT)

The 2022 New Jersey New Business Model Competition, sponsored by the Martin Tuchman School of Management at the New Jersey Institute of Technology, is now taking applications.

While the competition is sponsored by the New Jersey Innovation Acceleration Center at NJIT, it is open to anyone in the state.

There are two parallel tracks, one for students (at any New Jersey institution of higher education) and one for nonstudents.

The event, now in its 14th year, will award more than $24,000 in grants plus entrance into the NJIT Lean Startup Summer Accelerator.

This is a unique startup program that brings together entrepreneurs of all ages and backgrounds. They share skills, wisdom and other resources during the accelerator.

Principal program sponsor Capital One will provide Innovation Acceleration Fellowships to winners, worth $3,000 each.

Wells Fargo supports the NJIT Martin Tuchman School of Management Summer Lean Startup Accelerator for all finalists.

Ellavoz will sponsor a new prize for a top winner to support its future commercialization.

To apply, click here.

The initial application asks for answers to the following four questions (not more than two pages total):

  1. What is the problem that this company proposes to solve? For whom? (Need)
  2. How does the company plan to solve the problem? (Application)
  3. How does the company plan to add value (make money) from this application? (Value)
  4. What is the competition and why will your team win? (Competition)

A select number of entrants will be asked to present live Nov. 29 at NJIT.

In 2021, there were 90 submissions and 16 finalists (eight per track) who presented live at the finals. Eight winners were selected.

Last year’s student winners came from Princeton University, Seton Hall Nursing, NJIT undergraduate programs and an NJIT Ph.D. candidate. The community track winners were even more varied and included Bilal Walker of Newark and many other underrepresented entrepreneurs.

Have questions? Email ehrilech@njit.edu.