DeKALB- The De La Vega Innovation Lab is hosting the second annual De La Vega Innovation Lab Pitch Competition for NIU students to gain experience in creating and growing a business of their own.

From 10 a.m. to 1:30 p.m. April 20, the De La Vega Innovation Lab, located in Barsema Hall, will host the De La Vega Innovation Pitch Competition.

The deadline to register for the event is noon Monday.

Becca Husar, associate director of innovation and partnership development in the NIU College of Business, explained the history of the De La Vega Lab and why Ralph De La Vega funds it.

“The De La Vega Innovation Lab is primarily funded by Ralph and Maria De La Vega,” Husar said. “Ralph De La Vega, he got his MBA at NIU in 1989. He was the former Vice Chairman of AT&T and he was responsible for all of AT&T’s Global Business Operations, and the the CEO of AT&T Mobility. So essentially, he is super passionate about making sure students are utilizing innovation and technology as well as entrepreneurship.”

The competition’s main goal is to help NIU students drive their ideas for businesses and nonprofits forward and allow students to learn about entrepreneurship.

Jada Samuels, a junior business major and founder of Jada Juice who got second place last year, said the competition was helpful to her business.

“It was a great opportunity to be a part of,” Samuels said.

Samuels created Jada Juice at age 17 in March of 2020. She was inspired to form the company after she made some homemade smoothies for her mom’s health issues, using fresh fruits.

With Jada Juice, Samuels wants to reach out to minority communities and offer healthier food options through her natural fruit and vegetable smoothies.

After she won, Samuels was able to invest her prize money into her company like better packaging for her product.

Before the De La Vega Innovation Competition starts, there will be workshops with the Incubator Program designed to help students in the competition.

The first workshop is from 4:30 p.m. to 6 p.m. Feb. 20, and will teach students about market research resources available and how to write a value proposition statement.

The second workshop will be from 4:30 p.m. to 6 p.m. March 5, where contestants will learn about financial models and how to build a business model canvas with AI.

The third workshop is from 5 p.m. to 6:30 p.m. March 19, and will have students refine their product and learn about “sprints” in the Agile Methodology framework to do so.

Lastly, the fourth workshop is from 5 p.m. to 6:30 pm. April 2. Students will learn how to pitch to a panel of investors and judges.

Additionally, students can either work alone or in a group.

The competition also has mentor roundtables for participants to meet with both alumni and campus partners to practice pitches and gain feedback. The date for this event is to be determined.

Video submissions for the pre-screening round of the competition are due at 11:59 p.m. April 14. Video submissions will help determine the top 15 competitors moving forward to the actual contest.

There is a first, second and third place, each having prizes for the students.

For all three, they get a chance to compete in the University Pitch Madness competition, an invitation to the NIU Friends of Entrepreneurship Mixer, a De La Vega Innovation swag bag, and have access to the collaborative spaces found in both De La Vega Innovation Lab and 71 North, a cooperative, studio-like space situated in the lower levels of the Founders Memorial Library.

This space can be used by the winners to work on their business with access to all available resources from April to August, according to the NIU College of Business.

In terms of prize money, first place receives $1,000, second place and third place take home $500, each being split between the team members.

First place also gets an Innovation DuPage six month membership and a $50 Barsema’s Closet Voucher, while second gets $25 in vouchers and third, $15.

Samuel Bonilla, junior finance major and student ambassador for De La Vega Innovation, said he encourages students to join the competition.

“This competition is for everyone,” Bonilla said “You don’t need to have a big idea for some tech company or some software. It could be something as simple as a landscaping business or someone who cuts hair or paints nails. And even if you don’t necessarily get to or you feel like you can’t pitch, you could still do incubator and learn how to set yourself up for your business.”