Edward L. Kaplan, '71, New Venture Challenge (NVC)

Edward L. Kaplan, '71, New Venture Challenge (NVC)


Most other business schools and graduate entrepreneurship programs host a single day or weekend business plan competition as their New Venture Challenge. The NVC at the University of Chicago Booth School of Business is different. It is not just a competition. Instead, it is a year-long business launch program that is recognized as the #1 university accelerator program in the nation. It features three distinct phases:

  • Phase I: In the Fall quarter, attend events hosted by the Polsky Center to learn about entrepreneurship, meet teammates, and generate ideas. Eligible teams must develop their business feasibility summary and apply by Wednesday, January 24, 2024.
  • Phase II: Selected teams will enroll in a Spring quarter class where they will develop a full business plan, practice pitching, and receive mentorship from faculty, coaches, and experienced investors.
  • Phase III: The program will culminate at the end of the Spring quarter where top finalist teams will be invited to compete for $1 million in cash and in-kind prizes and pitch in front of an esteemed panel of investors and judges at the NVC Finals on May 30, 2024

Applications for the 2024 NVC cycle will open during mid-Fall Quarter. The NVC application deadline is January 24, 2024 at 11:59 p.m. CT (no exceptions). 


Students must speak to the following topics about their business in short-answer responses. This section will serve as the Executive Summary to a team’s application.

  • Business description
  • Problem this business is addressing
  • Customer segment this business addresses
  • Potential market size
  • Competing or substitutable products
  • Why is this the right team to launch this business?
  • Current status of the business and/or estimated time to market


Students must develop a 8-page feasibility summary outlining a business or idea. Common elements of a feasibility summary include: value proposition, customer segments, competition, intellectual property, customer engagement, revenue model, cap table, operations, management team, progress to date, business risks, and business analogues.


  • 10-12 pt legible font
  • 1 inch margins
  • 8-page maximum (judges are not expected to read any appendices)


Students must create a 2-minute elevator pitch video articulating the following.

  • What problem are you solving?
  • What is your solution?
  • Who is most interested in having this problem solved?
  • What evidence do you have that they will find value in your solution?
  • Why are you the team to solve this problem?
  • How will the New Venture Challenge enable you to reach your goals?
We will not share this video outside of the selection committee. Emailed videos will not be accepted. Videos should be landscape (horizontal – 16:9) and in .MOV or .MP4 format (edited) 

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