June 5, 2025
In the 29th Annual Edward L. Kaplan, ’71, New Venture Challenge (NVC) on June 5, 2025, a record-breaking more than $2.2 million was awarded to the 10 finalists teams.
The 10 teams competing in the finals were selected from 25 teams that participated in the classroom portion of the NVC, which consists of a credit-bearing spring quarter course.
Judges and additional investors awarded $2.267 million to the ten finalist teams at the 29th Annual Edward L. Kaplan, ’71, New Venture Challenge (NVC).
“It was an extremely competitive year. We had seven teams that we considered for first place during the deliberations…” said Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business and Kessenich E.P. Faculty Director of the Polsky Center for Entrepreneurship and Innovation.
“This year’s startups were some of the strongest yet – and at more than $2.2 million, it’s the most we’ve ever awarded, but it’s also the most ever awarded in any university-based business plan competition in the world,” added Mark Tebbe, adjunct professor of entrepreneurship at Chicago Booth and entrepreneur-in-residence at the Polsky Center.
The finalists represented a diverse group of startups. They presented their business plans to a judging panel made up of nearly 30 investors, entrepreneurs, and industry leaders, many of them Booth alumni, who deliberated behind closed doors before announcing the winners.
K1 Semiconductor, an early-stage deep tech startup which provides a breakthrough wafer processing service that enhances the efficiency and economics of advanced chip manufacturing, won second place and $668,000.
K1’s proprietary wafer-splitting platform technology enables up to 20x wafer reuse and works across a range of high-performance semiconductor materials, powering the future of mobility, clean energy, industrial automation, defense, and AI infrastructure.
*Included in the prize total, K1 Semiconductor also was awarded the Moonshot Prize ($25,000), which is awarded to a team whose unique technology is catalyzing innovative solutions to global challenges.
Investments in the top three teams were made in part from the Purcell Ventures Investment Award, which was established following a $2 million gift from Greg and Francine Purcell in 2022.
The NVC Finals was held in person at Chicago Booth’s Harper Center and included Booth students, members of the public, mentors, advisors, faculty, staff, and investors.
The NVC pioneered business school venture competitions when it held its first finals in 1997 with a $20,000 investment pool. It has since graduated more than 200 companies still in operation today, including nationally known brands such as Grubhub, Braintree/Venmo, Simple Mills, and Tovala, that have gone on to raise more than $1.5 billion in funding and achieve more than $11.6 billion in exits.
