Scheinfeld Center’s New Venture Challenge allows students to turn their business ideas into reality. They are currently accepting entries for a chance to win a cash prize.

Every year, the Scheinfeld Center at City College hosts its own iteration of the popular show “Shark Tank” competition. This showcase invites students to pitch their innovative business ideas with the coveted prize of securing vital funding to bring their visions to life.

This year will be the 15th annual Scheinfeld New Venture Challenge. The registration for students for their ideas started on April 1, and will remain open until April 23. On April 28 the finalists will be announced and May 2 is when the winners will be announced.

Like every other competition, there is a long list of rules to follow. Participants can enter as individuals or as a team. A team can have no more than five people. All individuals and teams must submit the required forms and documents by the specified deadline in order to avoid disqualification.

Both high school and college students are allowed to participate in this competition. Tier one is undergraduate college students and tier two is high school students. All undergraduate students must be enrolled in the current academic school year and take at least one course at City College. High school students must be enrolled at one of the area high schools. All students must have a copy of validated student ID or proof of school registration during the current academic school year in order to participate.

“We are the first in our area to do this type of competition for aspiring student entrepreneurs both at the high school level and collegiate level,” Julie Samson, executive director of the Scheinfeld Center said.

Some general requirements for submissions include no more than 20 double-spaced pages that include an executive summary and any other attachments.

The top 10 finalists will proceed to the final competition where they will be required to submit a pitch deck, consisting of eight to 20 PDF slides. They must be willing to address the topics of introduction, solution, market and customer analysis, revenue model, marketing, distribution channels, financial projections, team/advisory board and funds needed and use of funds. This can be done in any order.

The winning student(s) will receive a cash prize and possibly other opportunities with a specific amount and prizes determined by the total funds raised and sponsor participation. Currently, the total award package is valued at $15,000 consisting of cash and in-kind donations.

Last year’s winner was Bella Goodwin and her winning idea was her company Mad Doll Haus. Mad Doll Haus is a pioneering upcycled clothing company that crafts one-of-a-kind fashion-forward pieces while championing sustainability. By repurposing discarded fabrics destined for landfills, they create truly unique garments. With her Scheinfeld NVC winnings, Goodwin was able to invest in new equipment and supplies, fueling the company’s ambitious expansion plans.

When Goodwin took an entrepreneurship class with Samson along with entering the competition, she didn’t know what she was getting into at first. In the end it turned out to be a rewarding experience. 

“I engaged in the ENT class taught by Julie Samson,” Goodwin said. “I at first did not know what I was getting into with this class but it has turned out to be the best thing to happen for me and my business.”  

According to Samson the community is also welcome and encouraged to come and watch this event. 

“The entire community is invited to come attend and we love seeing our students supporting other students,” Samson said. 

The inspiration for this competition was for students to have the opportunity to showcase their work to the community to see the great ideas and the entrepreneurial potential of students at both the high school and collegiate level. Ever since 2011 when it first started it has been very popular.

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