Avinger Impact Fund

Nisbet Venture Fund

Applications open January 28th 10am! Deadline February 28, 2022 10am!

The Nisbet Venture Fund (formerly Davidson Venture Fund) is an annual pitch competition that gives Davidson students and recent alumni the opportunity to compete for up to $25,000 in investment in their innovative, for-profit ventures. Established in 2014 through the generous support from Marian Nisbet and Chip Nisbet ’86, the competition has run each year with the exception of spring 2020. Finalists receive up to six weeks of coaching and mentorship from seasoned entrepreneurs and business professionals before pitching to a panel of investors and entrepreneurs!

The Nisbet Venture Fund is specifically designed for currently enrolled Davidson College students and recent alumni (2016 – 2021) to support their entrepreneurial journey. Please note, in order to be eligible to receive investment, your venture must be incorporated. See below for more details.

The 2022 spring competition will take place on April 20th.

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Competition Overview

Applicants selected to participate in the Nisbet Venture Fund will pitch at a live competition on April 20, 2022. To prepare finalists for a strong pitch, a series of educational workshops, experiences, and mentoring opportunities are available throughout the spring term.

In order to encourage both idea-stage as well as established ventures, selected applicants have the opportunity to participate and pitch on one of two tracks: the Incubation track or the Acceleration track.

Applications are due by 10am on February 28. They will be sorted and scored by a committee in their respective categories. Finalists will be announced the week of March 7.

Description of the Tracks

The Incubation Track (15 finalist spots total)

Generally characterized by being a newly formed idea with limited time and resources committed to its development prior to application
Eligible to pitch for a $2,500 prize (non-equity) (2 minute pitch, with no judge Q&A)
Option to attend weekly office hours at Hurt Hub for mentorship throughout the competition season
Eligible to attend all Nisbet Venture Fund workshops
Eligible for the Audience Choice $5,000 prize (Recorded Pitch)
Venture does not need to be incorporated

The Acceleration Track (5 finalist spots total)

Generally characterized by a significant amount of time and resources committed to the venture prior to application.
Teams with generated revenue or venture capital exceeding $5,000 are only eligible to pitch on the Acceleration Track and not the Incubation Track.
Eligible to pitch for the top $25,000 equity prize (5 min full pitch, with 3 min judge Q&A)
Assigned 1-2 dedicated mentor coaches throughout the competition season
Eligible to attend all Nisbet Venture Fund workshops
Eligible for the Audience Choice $5,000 prize (Recorded Pitch)
Venture must be formed legal entity in order to receive grand prize (registered as a business)

Selection Process and Timeline

Applications open on January 28th and are submitted electronically through a form found on this page.

When a student or recent alumni applies for the Nisbet Venture Fund they will have the option on the application to select if they would like their venture to be considered for the Incubation Track, the Acceleration Track, or Either Track.

Once the applications are received, they will be sorted and scored by a committee in their respective categories. Finalists are chosen on the merits of their written application.

Important Dates

Applications open January 28th 10am and are due by February 28, 2022 10am
Finalists will be notified the week of March 7th by email
To compete for the Audience Choice award, a 90 second recorded video pitch needs to be submitted by April 8th, 2022 10am
Voting for Audience choice will take place through the Hurt Hub website between April 13th 12:00 pm EST through April 20th, 12:00pm EST.
All selected finalists will pitch at the Nisbet Venture Fund competition on April 20th, 2022 for a panel of judges

Eligibility

Individuals or teams must include an enrolled Davidson College student or recent Davidson alumni from a graduating class between 2016-2021.
In order to receive the $25,000 investment, the venture must be a formed legal entity (corporation or limited liability company). Teams competing for the Audience Choice or Incubation Prize do not need to be incorporated/organized.
To participate in the Accelerated Track, Davidson College alumni from the classes of 2016-2021 and/or currently enrolled Davidson student(s) must own 25% or more equity in the business to be eligible for an investment. If more than one Davidson College alumni from the classes of 2016-2021 and/or currently enrolled Davidson student(s) own equity, at least one of those team members must own 25% or more equity in the business.
The Davidson College student or recent alumni must deliver the pitch and answer the judges’ questions.
Past equity winning ventures of the Davidson Venture Competition are not eligible to participate in the pitch competition. Past finalists whose venture did not receive funding from the Davidson Venture Fund competition remain eligible.
Teams with generated revenue or venture capital funding in excess of $250,000 are not eligible to compete in either pitch. This includes funding from both institutional and non-institutional sources (pitch contests, grants, bank loans, etc.)
Teams with generated revenue or venture capital exceeding $5,000 are only eligible to pitch on the Acceleration Track and not the Incubation Track.

Award Descriptions

$25,000 Acceleration Track

The winner(s) receives a $25,000 investment by Davidson college in their business; the investment is structured as a convertible note or a warrant. The winner is determined by a panel of judges. Please review our FAQ for further details.

$2,500 Incubation Track

The winner(s) receives a $2,500 grant. The award may be paid to the venture or to one individual. The winner is determined by a panel of judges.

$5,000 Audience Choice

This award will be granted to the venture with the most audience votes as determined by an online vote. Applicants must submit a pitch no longer than two minutes by April 8th, 2021 at 10am. Voting will run for a week from April, 13 12pm EST – April 20th 12pm EST, 2022.

The Finer Print

Confidentiality & Permissions

Confidentiality of information is not guaranteed and teams should not include any confidential information in their submissions, including trade secrets or other proprietary information that would be at risk for disclosure. Entry into this competition may be considered a public disclosure for patent purposes. If teams plan to file patent protection on an aspect of their business, they should consult with an intellectual property attorney before entering. Intra-team confidentiality is the sole responsibility of team

Additional & Permissions members.

Teams are subject to the Davidson College Honor Code. Teams may be disqualified at any time before, during, or after the pitch competition for failing to comply with these general rules or the conditions set forth in the program participation agreement.

Educational Programming

Your Next Big Idea Workshop (In-person)

Wednesday, February 2, 4:30-6:00pm Come stretch your idea-muscles with the Hurt Hub! In this workshop, a facilitator will guide you through a series of exercises to explore where you might discover potential opportunities for an entrepreneurial idea or innovation. We will uncover different ways to start thinking with an entrepreneurial mindset and by the end of the workshop, you’ll have an inspiration list for your next big idea!

Best Practices In Pitching (Virtual)

Thursday, February 28, 4:30-5:30pm

What goes into creating a solid pitch? What can you do to attract others to your idea and put confidence in potential investors? In this workshop, we’ll cover what should go into your pitch deck and go over the best practices and common mistakes entrepreneurs make when presenting their venture. This workshop will be taught by Juan Garzón, Executive Director of Innovate Charlotte and Pitch Breakfast.

Structuring Contracts and Agreements Workshop

Monday, April 4, 4:30pm-6:00pm

Establishing strong agreements helps enforce the policies and procedures your venture needs to keep healthy working relationships. In this workshop, we will discuss the important considerations in creating strong contracts and agreements for your small business as well as what kind of agreements that might come up as an entrepreneur. This workshop is in partnership with Michael Best and will be instructed by Michael Fulks and Lyle Gravatt.

FAQ

Does my venture qualify?

Individuals or teams must include an enrolled Davidson College student or recent Davidson alumni from a graduating class between 2016-2021. We accept applications from any profit business model.

Does my entire team have to be Davidson students or alum?

No, but they must own at least 25% of the company.

Do I have to take part in the mentoring?

Acceleration Track Finalists: Yes. Finalists selected for the Acceleration track are assigned and required to participate in weekly mentoring sessions. Teams are also encouraged to attend any relevant events or clinics hosted at the Hub. Non-local alumni and students studying abroad must participate in remote mentoring sessions.

Incubation Track Finalists: Are encouraged to attend office hours at the Hurt Hub leading up to the pitch competition, though it is not a requirement. Incubation Track Finalists are not assigned a specific mentor. Teams are also encouraged to attend the educational workshops and clinics hosted by the Hurt Hub.

Does Davidson give out more than one award?

Usually, one finalist team on the Acceleration Track takes home the entire $25,000 prize. When the judges believe there should be more than one winner, they have the discretion to divide up the prize. In addition, there is no requirement that the judges make an investment in any team. The investment will be granted in the judges’ discretion.

The Incubation Track finalists will compete for the $2,500 prize and all finalists are placed in the same pool for the $5,000 audience choice award.

Does Davidson help pay for travel?

We generally reimburse up to $250.

How does the investment process work?

Investment from the Nisbet Venture Fund is an investment by Davidson College (or a subsidiary of the college) in a Davidson student or young alumni business venture.

While teams may compete and win the investment without being incorporated (or, in the case of a limited liability company, organized), the investment will only be disbursed to a corporation or limited liability company. The winning team(s) will have the option to structure the investment as either a convertible note or a warrant. If the convertible note structure is selected, then the team will enter into a Convertible Promissory Note and a Loan Agreement with Davidson College or a subsidiary of the college (referred to as the “Investor”). If the warrant structure is selected, then the team will enter into a Warrant and Investment Agreement with the Investor.

CHECK OUT PAST WINNERS

Avinger Winners

Add your name to the list!

Sebastian Charmot (’22) + Oğuzhan Çölkesen (’22)
FundNet

Emre Koc (’20) + Altan Tutar (’20) + Huseyin Altinisik (’21)
Impact Network

Mariem Bchir (’20)
LEAPS Academy

Nathan Engstrom (’21) + Zane Libke (’21)
SowChange

Kim Bako (’21) + Patrick Sullivan (’21)
JustPlay

Lorena James (’21)
ZSpools

Andrew Wright (’20) + Jackson Miller (’20)
UWAVES

Arianna Montero-Colbert (’19)
Anakracy

Houston Downes (’18)
Pokadot

Charlie Goldberg (’19)
Get it Poppin’ Clothing Line

Peter (Andy) Baay (’17)
Data Engineer at Tresata, Armfield Capital Management, LLC

Violet Degnan (’17)
Topstone Projects

Scott Cunningham (16’)
Digital Storyteller

Tori Mayernick (’14)
Hives for Lives

Jared Blakney (’14)
Generations Tee Shirt Co.

Jay Hurt Hub

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Avinger Impact Fund

Nisbet Venture Fund