(December 2, 2010 – BUSINESS WIRE) — In an effort to spark innovation and expand entrepreneurship opportunities, NYU is launching the Technology Venture Competition. The competition, which is open to NYU students, faculty and researchers, has a top prize of $75,000 to the winners.

The Technology Venture Competition was co-created as part of NYU Stern’s Entrepreneurs Challenge by Stern’s Berkley Center for Entrepreneurship & Innovation and the NYU Innovation Venture Fund. The Entrepreneurs Challenge, launched in 1999, is the premier platform for identifying, nurturing and showcasing entrepreneurial talent at NYU. In addition to the newly created Technology Venture Competition, the Entrepreneurs Challenge includes the Annual New Venture Competition and the Social Venture Competition.

The new competition has attracted sponsorship from Lowenstein Sandler, corporate law firm with extensive experience representing venture funds and tech-based businesses; EisnerAmper LLP, accounting, tax and business advisory firm, with a long history of working with clients in the life science and technology industries; and Maloy Risk Services, property and casualty insurance, brokerage and risk management services provider with deep experience servicing the venture capital, technology and life science companies.

"Each year, NYU students and faculty develop cutting-edge inventions that cut across the information technology, physical science, life science and clean tech sectors," says Frank Rimalovski, managing director of the NYU Innovation Venture Fund. "The aim of the new NYU Technology Venture Competition is to tap into this incredible scientific and technical talent across the University and to enable the creation of new early-stage technology businesses. We are thrilled to have the support of our three sponsors, each of which is already a leader in supporting early stage entrepreneurs in New York City: Lowenstein Sandler, EisnerAmper LLP and Malloy Risk Services. Their generosity is a real validation of what we are trying to accomplish." Click here to read more about recent university research.

NYU Stern’s Entrepreneurs Challenge provides aspiring entrepreneurs with frameworks, mentoring and financial support to stimulate new venture creation. Cash prizes totaling $250,000 will be awarded to the winners of the three arms of this year’s challenge:

• Winners of the New Venture Competition will receive the Ira Rennert Entrepreneurial Prize of $75,000, supported by Stern alumnus Ira Leon Rennert (MBA ’56).
• Winners of the Social Venture Competition will receive the Stewart Satter Family Prize of $100,000, supported by Stern alumnus Stewart Satter (MBA ’82).
• Winners of the new Technology Venture Competition will receive $75,000, sponsored by the NYU Innovation Fund, Lowenstein Sandler, EisnerAmper LLP and Maloy Risk Services.

"At this year’s Entrepreneurs Challenge Kick-Off event, more than 450 NYU students, alumni and researchers gathered, standing-room-only, in Paulson auditorium to learn how to get involved in our competitions," explains Jeffrey Carr, executive director of Stern’s Berkley Center for Entrepreneurship & Innovation."“With technology at the heart of so many successful businesses today, the Tech Venture Competition was a missing link in our Entrepreneurs Challenge. So we’re delighted to offer this new track, in response to the demand that we see for it in our community, and the support of our new sponsors will be key to realizing the vision of NYU’s technology entrepreneurs."

The NYU Stern Berkley Center for Entrepreneurship & Innovation is dedicated to conducting and supporting entrepreneurship research and education. The NYU Innovation Venture Fund was created to accelerate the transformation of technology ideas and discoveries from the University’s students, faculty and researchers into viable ventures.

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