Last April I too was sitting in the NVC classroom, watching Chicago Booth's new class of startups getting coached on the subtleties of pitching, acquiring customers, and building viable business model. Mine was one of the 28 startups that had been selected out of 72 applications to take part in the 15th annual New Venture Challenge. Then life happened, and I had to leave my startup, so I experienced the NVC finals last Friday only as a spectator.
I remember thinking, as I watched the finalists present before a captive audience of hundreds, Wow -- I should be happy I had to drop out of NVC, or I would have been demolished by these teams!
That's not me being humble -- that's me being truly impressed by the talent and perseverance of all the teams presenting.
But honestly -- demolished is the wrong word.
NVC is not about getting demolished or even winning at all. What I love most about the entrepreneurial community at Chicago Booth is it's unwavering support for one another.
NVC is not your stereotypical business plan competition -- where imaginary companies are judged by the slickness of their presentations. NVC teams are expected to do real market research, build prototypes, and demonstrate true user traction. If that sounds intense, you're absolutely right -- and it was certainly daunting for those among us who hadn't always imagined ourselves as entrepreneurs, and who perhaps spent the winter recruiting for corporate jobs only to be happily surprised to find ourselves now planning to work full-time on our startups.
None of this would have been possible without the amazing support of the whole Booth entrepreneurial community -- everyone more than happy to pitch in and help each other, and recognizing that, from the techiest of hackers to the financial analyst to the marketing strategist, we all have valuable skills to bring to the table.
When we all congregated to hear professor Kaplan announce the winners of the 2011 New Venture Challenge, the energy was infectious and it was clear right away that there could be no winners or losers. It's a tired cliche' to say that everyone's a winner, but at that moment, we all had to suspend our cynicism and admit that, if just for one day, it really felt that way.
Best of luck to all the NVC participants!
NVC 2012 -- here I come!
About the New Venture Challenge
Launched in 1996, the Edward L. Kaplan, '71, New Venture Challenge is one of the nation's premier business competitions, allowing students to act upon their entrepreneurial ideas within a supportive and highly rewarding environment. Over the past 15 years, the New Venture Challenge has helped launch over 60 companies, which have gone one to raise $150 million in funding and create hundreds of jobs.
Okay... so who were the winners?
Agile Diagnosis came in first, followed by Sibylus in second place, while Swingbyte and Pretty Quick tied for third place. You can read more about them all on the Polsky Center press release.
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