Q: I don’t have a business yet, but I have a great idea. Can I participate?
A: Yes! We strongly encourage you to apply. This is what our competition is all about, taking ideas and small businesses to their highest potential.

Q: When do I have to enter my business or idea into the Challenge?
A: The deadline to enter the 2024-25 Innovation Challenge is November 3rd at 11:59 PM.

Q: What’s the time commitment to participate in the Innovation Challenge?
A: It depends. Starting and running a business takes a lot of time and effort. We expect our teams to be fully committed to improving their business during our competition. When students are partnered with a team, it is up to the founder and student to decide how much time is appropriate for their collaboration. For our mentors, it can also vary. Aside from attending our 3 Mentor Saturday events, you determine how much time you are able and willing to offer our teams. It is always time well spent! Click HERE to view our calendar.

Q: My business generates a gross revenue of $125,000 annually. Can I compete?
A: Congratulations on your business’ success! Sadly, your gross revenue surpasses our eligibility limit. We limit our competitors to businesses with under $100,000 in gross revenue to focus on small, community businesses.

Q: At what point am I assigned mentors after advancing past the qualifying round? A: Participants that are selected to advance past the qualifying round will be have their mentors assigned to them within roughly one month of qualifying. All volunteer mentors are given the qualifying business’ descriptions and we attempt to match mentor’s backgrounds with business’ needs.

Q: How do I find a student team member (founder) or join a business team (student)? A: Each business is required to have a student team member once events start in the Spring. Participants selected to advance past the qualifying round will be asked to provide brief business descriptions. Those descriptions are shared with students who have signed up. They let us know which businesses they are interested in and they provide a resume. We then make an email intro to the founders and founders decide if there is a fit. Once a match is determined, we guide the founders and students through an agreement process that is signed by both parties. *We do not guarantee students a spot on a team and we do not guarantee that a founder will find a student.

Q: How is my business evaluated during the Challenge?
A: When evaluating businesses, we look for three key things: desirability, feasibility, and viability. We want our businesses to be innovative and sustainable. Finalists benefit from growing their business during the spring. See judging criteria for more details.

Q: Is there a hybrid or virtual option to participate in the Innovation Challenge? A: We require local participants to attend our events in person. We offer a hybrid option to competitors, team members, and mentors if they reside outside of Colorado. Our Finals take place in the spring and are strictly an in-person event. We collaborate with our participants to ensure their attendance.

Q: How long will the Innovation Challenge last?
A: Every year, the Innovation Challenge begins with the fall Kickoff and continues until the Finals on April 18th. For the calendar of events, see our website events page at regisinnovationchallenge.com/calendar. (Finalists may also be invited to participate in our accelerator, The Magis Factory ™)

Q: Why is The Innovation Center doing this?
A: This is one of many ways we meet the mission of Regis University. We are committed to giving back to local businesses and want the Regis community to succeed—students, faculty, staff, and alumni.

Q: What happens at the Open Houses?
A: You can get answers to any questions you have about the Innovation Challenge, discuss your ideas, and receive feedback to succeed during the pitch.

Q: If my team doesn’t make it past the first round, can I attend the Mentor Saturday events? Can I attend as a community member?
A: Unfortunately, no. Our Mentor Saturday events are exclusively for our competitors and are custom-designed for their needs. This is a perk of our competition.

Q: How often is the Innovation Challenge held?
A: A new Innovation Challenge competition kicks off every fall.