Register to Compete
The Hofstra-Digital Remedy Venture Challenge is an annual entrepreneurship competition for Hofstra students administered by the Hofstra University Institute of Innovation and Entrepreneurship with total prizes valued at $76,250, made possible through the donation of a Hofstra Board Trustee and CEO of Digital Remedy, Mike Seiman. The competition is in its eleventh year at Hofstra University.
We are looking for business ideas that demonstrate scalability, the identification of a unique problem, and has a qualified team in place to execute the idea. The Challenge offers a great experience and is a resume builder for any career path. This year, we will also award a Social Entrepreneurship prize to the business idea with the highest potential for social impact.
A short registration form is due February 28, 2023 and all who register can participate in the Hofstra-Digital Remedy Bootcamp, mentor sessions, and the semi-final round.
Contact Sharon Goldsmith, Acting Executive Dean, with questions: sharon.n.goldsmith@hofstra.edu.
Congratulations to the 2022
Hofstra-Digital Remedy Venture Challenge Winners
From left to right: 3rd Place Winners: Bereket Watts and Jule Able, 1st Place Winner: Nolan Quon, 2nd Place Winner: Rohun Gupta
PANCO - (Nolan Quon, Mechanical Engineering, 2022)
PANCO is here to evolve the commercial Asian kitchen, making it safer, easier, and more efficient by creating an automatic wok tossing machine that can be retrofitted into any wok range.
Sightful- (Rohun Gupta, Medicine, 2023)
Sightful is a biotech company bridging the newest research in anti-aging to eye diseases, specifically age-related macular degeneration.
Green & Smart Property Developments - (Bereket Watts and Jule Abel, Sustainability Studies, 2022)
Green & Smart Property Developments solves the Long Island housing crisis and climate change vulnerability by introducing container-based modular architecture into the housing market. We will offer a better and more affordable alternative because containers are more sustainable in regard to green modifications and recyclability.
- Who is eligible to participate?
Eligible participants include all current Hofstra students, Hofstra graduates of the 21-22 academic year, and any student accepted to Hofstra.
- If I am an accepted student, when will I receive this prize?
You will receive your prize after you complete your first month as an enrolled student at Hofstra University.
- Do I need to have a company to participate?
No, you do not need to have a company, just an idea.
- Does my idea have to be in a particular business sector?
No.
- Does everyone on my team have to be enrolled at Hofstra?
The team leader and 50% of the team must be an Eligible Participant as defined in the rules.
- Can I have worked on the idea prior to the Competition or as a student project?
Yes. You may enter this idea as long as it meets the specific requirements specified in the rules.
- Who will organize the meetings with the entrepreneurs-in-residence?
The Institute of Innovation and Entrepreneurship will assist you in coordinating these meetings.
- Who are the judges?
The judges will be announced prior to the competition.
- What happens if a participant is disqualified?
If the team is disqualified prior to the competition, the Institute of Innovation and Entrepreneurship reserves the right to offer that spot to another applicant. If the team is disqualified at the competition the next highest scoring team will take its place. The team at all times must be 50% or more Eligible Participants as defined in the rules.
- Will Hofstra claim any intellectual property or equity in my idea?
No, Hofstra University releases all intellectual property rights to the student teams. Hofstra will not take any equity in the company.
- What am I required to submit and when?
Students who advance to the final round will be required to submit a PowerPoint or other electronic presentation and an executive summary of their business idea.
- Is my application confidential?
Your application will be reviewed by the Institute of Innovation and Entrepreneurship, members of the administration and judges.
- Can international students participate?
Yes.
- Can graduate students participate?
Yes.
- Is there a required major for eligibility?
No, there is no required major for eligibility.
- Is there a limit on the number of participants on my team?
Five is ideal, but we will make exceptions. Please list the team members in your application. Please review the rules.
- Do I need to build a prototype?
All you need is a business idea to enter. You can work on your prototype during the semester
- What type of mentorship will I receive?
You will receive mentorship from experienced entrepreneurs, investors, CEOs of companies, and faculty through brainstorming sessions, workshops, and pitch preparation sessions.
- Can I apply if I already started a business?
Yes, if it meets the eligibility requirements.
- Can non-Hofstra students participate in my team?
Yes, as long as the majority of the team is formed of Eligible Participants as defined in the rules and the team leader is an Eligible Participant.
- Can we participate in the Institute of Innovation and Entrepreneurship programs if we do not advance to the Final Round?
The Institute of Innovation and Entrepreneurship holds virtual events open to the community. You can also meet with an Entrepreneur-in-Residence. The event schedule is posted on www.hofstra.edu/entrepreneurship. Please email Sharon.N.Goldsmith@hofstra.edu if you are interested in meeting with a mentor.
- What other kinds of aid will the Institute of Innovation and Entrepreneurship provide student entrepreneurs?
The Institute of Innovation and Entrepreneurship is an independent Center on campus that is a resource for all members of the Hofstra community interested in learning more about entrepreneurship and provides mentorship, networking, workshops, and a collaborative space to Hofstra’s students, faculty, and alumni. Visit www.hofstra.edu/entrepreneurship for more information.
