President’s Innovation Challenge
2024
The wait is over!
The President’s Innovation Challenge is back, in its 5th edition!
Welcome to the AUB President’s Innovation Challenge, an unparalleled competition where the pioneers of innovation converge to shape the future. This is not the average startup competition—it is a catalyst for groundbreaking innovations that tackle the pressing challenges of our time. This challenge calls upon the brilliant minds of the AUBite community, the driving force behind change, to bring forth their innovative solutions that transcend boundaries and improve humanity.
Applications Deadline is September 15, 2024!
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PRIZES
Advanced Stage
$30,000 for the Advanced Stage startup (Post Minimum Viable Product)
Early Stage
$15,000 for the Best Early-Stage startup idea
Social Innovation
$10,000 for the Chinyeh Hostler Award for Social Innovation
People's Choice
The People’s Choice’ Award
- The Chinyeh Hostler Award for Social Innovation, was established with a generous donation from Mrs. Chinyeh Hostler to inspire aspiring entrepreneurs from across Lebanon and the region to learn about real-world challenges and think about how they can use technology to solve these problems.
- The People’s Choice’ Award, will be determined by audience votes. This award allows the public to have a direct say in recognizing their favorite Startup.
2024 Competition Tracks:
The AUB President’s Innovation Challenge 2024 revolves around five dynamic themes. Each theme presents an opportunity for you to unleash your potential, create transformative solutions, and leave an indelible mark on the world.
FinTech
With over $25Mn invested in FinTech startups alone in MENA during the month of April 2024, FinTech is a sector that cannot go unnoticed. From Neo-Banks, Crypto solutions, financial management software, and lender due diligence apps, there is a great effort being implemented to upgrade the antique infrastructure that governs today’s financial world. The Zein AUB iPark is looking for innovators that enhance the financial landscape.
HealthTech
AUMBC is a global leader in healthcare education and practice. FHS has also provided innovations in the past that have taken part of iPark. From micro-devices to automated meal prep plans, vitals measurement and exercise routine software, the field of HealthTech is at the top of the list for investors around the world. Part of BioTech implementations also fall under this theme, a field that attracts billions of investment on a yearly basis
Social Innovation
iPark will be delighted once again to promote that Chinyeh Hostler Award for Social Innovation. This theme has been incredibly popular in past President’s Innovation Challenges. The UN SDGs have been marketed widely and are setting the benchmark for humanitarian and life enhancement throughout the world, promoting equality and accessibility to those that have usually been described as underprivileged. We want to bridge the different gaps which appear throughout the ecosystem
Sustainability
iPark will be delighted once again to promote that Chinyeh Hostler Award for Social Innovation. This theme has been incredibly popular in past President’s Innovation Challenges. The UN SDGs have been marketed widely and are setting the benchmark for humanitarian and life enhancement throughout the world, promoting equality and accessibility to those that have usually been described as underprivileged. We want to bridge the different gaps which appear throughout the ecosystem
Artificial Intelligence Ai
Artificial Intelligence and its democratization has been compared to that of electricity many years ago. The uses cases for A.I. are endless, imbuing every industry. Innovation in this field is ongoing, with stronger and more accurate models being created by the day. A.I can be a force of pure good, in helping the upskilling of people, in automating processes and saving people time. The years ahead will shed further light on the impact A.I. can make on humanity.
Who Can Apply?
To qualify for participation, teams must meet the following criteria:
AUBite Core Team Member
Each team must have at least one core team member who is an AUBite, ensuring that the spirit of our esteemed university is at the heart of the innovation.
Innovative Idea
The proposed solution should be highly innovative, pushing the boundaries of existing technologies and addressing real-world problems. We encourage you to think disruptively and propose groundbreaking ideas that have the potential to revolutionize industries.
Committed Team
A successful venture requires a dedicated and diverse team with complementary skill sets. The ideal team should have members who possess expertise in areas relevant to the proposed solution covering the technical and business skills.
- Innovators who are looking for partners to complete their teams can ask for help from the Zein AUB iPark team by sending an email to zeinaubipark@aub.edu.lb with subject “PIC 2024: Team Member Search”
Useful Resources
Use our capacity and skills building videos to help by experts in the field of entrepreneurship!
Templates & Resources:
Evaluation Criteria:
Value Proposition & Impact Potential: Is the proposed solution addressing a real need for well-defined customer segments? Can it have a considerable impact on people’s lives?
Innovation: Is the product or service innovative from a technical, business, or process standpoint?
Team: Does the team have the right set of skills? Are they available and committed to working on the startup?
Traction: Has the team validated the product-market fit? Have they demonstrated progress in implementing their idea?
Business Model: Does the proposed solution have the potential to develop a straightforward business model that is scalable and financially sustainable?
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