Official Rules and Guidelines

Northwestern Alumni Involvement

Businesses must include at least one graduate of Northwestern University. The Northwestern graduate/alum must be a founder or co-founder, substantial equity holder in the business, and actively involved full-time in day-to-day operations, and graduated from Northwestern prior to December 31, 2023.

To be considered a Northwestern alum, you must have completed an undergraduate, graduate, or post-doctoral degree from Northwestern University on or before December 31, 2023. Graduates of Northwestern University certificate programs are not eligible to participate in Alumni VentureCat.

The Northwestern alum founder must act as the Team Lead, which includes completing the application, serving as the main point of contact and fully commit to presenting in-person during the finals public showcase at Northwestern’s San Francisco campus. 

Business Entity and Company Requirements

Businesses must have a U.S. based registered business entity and its IRS Employer Identification Number (EIN) at the time of application. All applicants will be required to upload a completed W-9 form for the U.S. based entity. 

If selected as a winner and awarded any prize money, company must have a U.S. based registered business entity and a completed W-9 form to receive payments. Payments will not be made to foreign entities.

All Alumni VentureCat prize payments are made to companies, not individuals.

Businesses that have raised more than $2.5 million USD in total debt/invested equity capital are ineligible to compete. This amount includes money received through grants, awards, and other funding sources in debt/invested equity capital.

Businesses founded more than five years prior to the application open date are ineligible to compete. 

All applicants will be required to attest that all founders and other equity holders, has or will have a signed agreement that outlines the equity ownership of the company (for example, a Founders’ Agreement, LLC Operating Agreement or Shareholders’ Agreement) by the Alumni VentureCat competition date, and understand that (i) Northwestern University may ask to see the agreement at its discretion, and (ii) in the event Northwestern University makes such a request, Northwestern University will not review such agreements for substance and will not be responsible for any issues or disputes that may arise in connection with such agreements.

Businesses that have previously won the 1st, 2nd or 3rd place finals prizes at the student VentureCat finals are ineligible to compete. Businesses that previously won prize money at the student VentureCat semifinals or businesses that made it to finals, but did not win a finals prize (1st, 2nd or 3rd), are eligible to apply.

The evaluation criteria for all stages of the application and competition include:

Problem

• Significant problem/need identified.
• Customer groups sized and identified.

Proposition (Value Prop & Business Model)

• Compelling solution with path to scalability or growth
• Differentiated customer value
• Demonstrated understanding of the competitive landscape
• Business model outlined with realistic revenue sources.

Progress (Progress & Traction)

• Progress beyond idea stage (e.g., proof of concept, customer research, customer outreach, testing, product development, patent or trademark application, sales)
• Proposal for additional funding to accelerate progress.

People (Team)

• Presentation materials and responses to questions demonstrate expertise, commitment, and a thoughtful approach.
• The founder, key team members, and advisors have the required industry knowledge, skill sets, leadership abilities, and established relationships/networks needed to operate and scale the business successfully.

The Northwestern alumni founders for the businesses chosen as finalists must fully commit to participating in-person at the Finals Public Showcase on Northwestern’s San Francisco campus and serve as the lead pitch presenter (co-founders can participate in the Q&A portion of the Finals).

Applicants will be required to complete a brief application, provide a link to a 60-second video pitch, a 10-slide pitch deck, and executive summary for the business. Each venture should be the original idea of the founding member(s). 

Businesses must provide a completed W-9 form for a U.S. based entity at the time of application. Prize payments will only be made to U.S. based registered business entities. Funds not claimed by the end of the calendar year of the competition are permanently forfeited. Payments to the winning business will be made to the company.

Prize payments will be mailed to the address provided on your company W-9.

Northwestern University reserves the right to withhold or deny prize money for any reason, including without limitation, conduct determined by the University to be detrimental to the University or University alumni and/or violations of the Northwestern University Code of Conduct or other University policies.

For example, in the event Northwestern or any of its agents is made aware of any founder or other dispute which calls into question the equity ownership or capitalization table of the company, or ownership of any of the company’s intellectual property, funds will not be awarded until the company has demonstrated to Northwestern’s satisfaction that such issues have been fully and finally resolved. Funds not claimed by end of the calendar year of the competition, whether for reasons described above or otherwise (including without limitation due to Northwestern’s determination that a founder or intellectual property dispute remains unresolved), are permanently forfeited. To collect funds, a completed W-9 form for the business entity must be submitted at least 30 days before end of the calendar year of the competition. All Northwestern decisions in respect of the foregoing matters shall be final, and neither Northwestern, nor any of its faculty members or agents, shall be liable to the company or any student or team member in connection with any forfeited award.

The program reserves the right to disqualify any participant or submission if Northwestern University has determined in its sole discretion if there has been a violation of rules and guidelines or if Northwestern determines that an entry does not meet all eligibility requirements.

Northwestern University respects the Intellectual Properties of others. Please do not disclose or include without permission the Intellectual Property of third parties in your application or pitch. In the event your pitch includes IP or concepts from other contributors, even if they are no longer involved in your company or participating in your pitch, you must acknowledge their contributions and involvement.

Please note that your pitch and ideas will be in front of the general public audience. The disclosure (and protection) of the ideas, intellectual property rights, and other information and materials in your application, pitch and other materials are the ultimate responsibility of each Contestant. Contestants are urged to mark as CONFIDENTIAL (and take other reasonably prudent steps as necessary) any portion of their entries, which they consider to be proprietary, or of a sensitive nature. Contestants should be aware that disclosure of certain “patentable” concepts of their own or others that have not been protected in their entries may result in loss of patentability in many countries. Northwestern shall not be responsible for any disclosure, confidentiality or intellectual property issues or other matters. 

Participation in the Alumni VentureCat Competition is voluntary. By participating, Contestants irrevocably and unconditionally release and covenant not to sue Northwestern University and/or any related entities, their successors, licensees, assigns, and/or their respective trustees, officers, faculty, employees, agents and representatives (collectively “Releasees”) from any and all claims, actions, damages, liabilities, losses, costs and expenses of any kind (including, without limitation, attorneys’ fees) (collectively “Claims”) arising out of, resulting from, or by reason of any application for and/or participation in or in connection with the Alumni VentureCat competition, including, without limitation, any exhibition, advertising and/or promotion of the Alumni VentureCat competition or any Contestant’s appearance in the Alumni VentureCat competition, any disclosure of any idea, product, invention, service or business, the failure of University to select any Contestant as a participant, and/or the cancellation of the Alumni VentureCat competition, on any legal theory whatsoever (including without limitation violation of privacy and publicity rights, false light, defamation, breach of express or implied contract, breach of any statutory or other duty of care owed under applicable laws, infringement of copyright, trademark or patent, loss, limitation or reduction of any intellectual property rights and loss of earnings or potential earnings). Each Contestant hereby agrees to defend and indemnify Northwestern University, together with each of the other Releasees, from and against any Claims and/or any third-party claims initiated by any business members, former business members or other third parties relating to the business, its business idea, participation in the Alumni VentureCat competition and/or any awards or decisions made by Northwestern University related to any of the foregoing.

Northwestern shall not be responsible or liable for any adverse impacts of forming a US based entity and participating in the Alumni VentureCat competition or otherwise, including related to tax, immigration, visas, etc., and by applying and participating in the Alumni VentureCat competition the applicant hereby waives, and releases Northwestern from, all such claims on behalf of itself and its company and co-founders.