Third ASU Innovation Open offers student ventures chance to win $100k

PHOENIX — Are you an ASU student with an idea for a business–and you could use $100,000 to get it started?

Avnet and Arizona State University announced last week that the third annual ASU Innovation Open is taking submissions.

The winning team receives $100,000 to put toward its venture.

The competition is open to all current ASU students from any discipline.

We're partnering with @ASU for the third annual #InnovationOpen. Enterprising students aiming to #reachfurther are encouraged to apply. A grand prize of $100,000 will be awarded to continue the development of the winner's #tech ventures. https://t.co/sqycjlRdNd pic.twitter.com/rRmZNtkiPk

— Avnet (@Avnet) September 17, 2018

Each student team must first submit a five-minute video pitch detailing the problem that the proposed venture will solve, as well as details about competition, business model and team members.

Applications for this round close Oct. 31.

A panel of entrepreneurs will chose 15 teams to advance based on their videos.

Those semifinalists will then pitch their ideas in person at ASU Skysong in December.

The judges will choose five teams at that presentation to compete in the final round, which is a pitch presentation at the ASU Memorial Union in Feburary.

Last year’s winner was Hoolest, which created stress-relieving earbud devices to relieve performance anxiety. The team’s technology was featured in an ESPN docuseries this summer.

“The Innovation Open is a terrific example of ASU’s commitment to supporting entrepreneurship in all of its forms,” Ira A. Fulton Schools of Engineering Dean Kyle Squires said in a news release.

“The success of last year’s competition was due in large part to the leadership and commitment of Avnet, along with other dedicated sponsors and ASU colleagues. We are looking forward to drawing an even broader range of competitors as we move forward.”

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