AI Startup Challenge: Future of Finance

Do you have a unique idea and bold vision to shape the future of finance?

Call for Submissions

*** APPLICATION DEADLINE EXTENDED TO FRIDAY, FEB 7 by 11:59 P.M.

Do you believe artificial intelligence has the power to tackle some of the toughest business challenges? Here’s your chance to pursue your idea and bring it to fruition. The AI Startup Challenge: Future of Finance is calling innovative thinkers, problem-solvers, and aspiring student entrepreneurs to pitch forward-thinking startup ideas that leverage AI to revolutionize and unlock opportunities in the finance industry.

This competition challenges current graduate degree students at Columbia University, Cornell Tech, and The Wharton School of the University of Pennsylvania ("Wharton") to harness the transformative power of AI to create innovative solutions within the finance industry.

You’ll have the opportunity to network with experts and other entrepreneurs, refine your idea, and pitch to a panel of VCs for $35k in prizes.

** JUST ADDED: Finalists also have the chance to present their startup ideas at a later date to a panel of investors from Motive Partners to receive feedback/input. Motive Partners is a next-generation investment firm focused on technology enabled companies that power the financial services industry.

The AI Startup Challenge is hosted by the Digital Future Initiative and Lang Entrepreneurship Center at Columbia Business School; and the Richman Center for Business, Law, and Public Policy at Columbia Business School and Columbia Law School.

Registration Closed

Thank You to Our Supporters

Challenge Description

Eligible graduate students are asked to submit innovative AI-driven solutions that address critical areas within finance. Examples of focus areas could include targeting small- and medium-sized businesses (SMBs) by creating tailored valuation solutions, developing compliance systems to automate manual processes, or supporting low-income individuals in accessing wealth building resources and improving financial literacy... just to name a few.

Ultimately, it’s up to you to decide what problem your startup will tackle and how you propose to address it. Whether your focus is on banking, fintech, or resource allocation, the goal is to create a scalable and sustainable solution that has the ability to enhance financial capabilities or break down financial barriers for those who need it most.

Have Questions? See the FAQs.

Who Can Apply?

Must be an actively enrolled graduate degree student in spring of 2025 up to and including the final pitch date on April 25, 2025 from the following institutions: Columbia University, Cornell Tech, and Wharton
Students with a passion for solving real-world problems through AI, as well as interest in tackling opportunities within the finance industry
Cross-disciplinary teams are encouraged but not required

Note on pitch decks: A deck is not required as part of your application. Should you/your team be selected to pitch on the virtual Screening Day on 3/7, you will need a deck as part of your presentation.

Why Join?

Visibility: Pitch your idea to industry experts and partners from leading organizations
Networking: Connect with other entrepreneurs in AI/tech and finance
Mentorship: Finalists gain access to industry experts who will help you refine your pitch
Prizes: Compete for grant opportunities to jumpstart your startup
- 1st place: $20k*
- 2nd place: $10k*
- 3rd place: $5k*
JUST ADDED: Finalists also have the chance to present their startup ideas for feedback at a later date to a panel of investors from Motive Partners, an investment firm focused on technology enabled companies in the financial services industry.

* IMPORTANT NOTE ON TAX IMPLICATIONS: Any payments (including, but not limited to prizes, awards, non-qualified scholarships, grants, fellowships, stipends, etc.) to U.S. and international students are potentially subject to withholding. Please contact your tax advisor regarding individual tax implications.

Startup Eligibility

AI-Driven Solutions: AI must be a core component of the proposed startup, meaning it drives the functionality, decision-making, or innovation of the solution
Pre-launch ventures only: We welcome pre-launch ideas at different stages, whether it’s a well-formed concept or an early-stage prototype. Your solution must be feasible and capable of development
Founder Status: At least one founder or co-founder must be a currently enrolled graduate student through April 2025 from any discipline in the following institutions: Columbia University, Cornell Tech, and Wharton

Judging Criteria

Innovation: How creative and original is the solution? Is the solution differentiated among current competition and substitutes?
Market opportunity: Is the market opportunity sizable? Does the team understand the competition? Are they uniquely positioned to win?
Use of AI: How integral is AI to the solution? Is it appropriately and uniquely applied to the problem in a way that is not easy to replicate (e.g. not a thin GPT wrapper)?
Feasibility: Can the solution be realistically implemented and scaled?
Team Potential: Do the team members have the skills, passion, and vision to execute the idea? Do they have the potential to lead and sell? Do they have the 'It factor'?

Registration Closed

Timeline / Key Dates

Application Opens: Wed, Dec 11, 2024
Application Deadline: *** Extended to Fri, Feb 7, 2025 by 11:59pm***
Semi-finalists announced: By Feb 24, 2025
Screening Day (virtual): Fri, March 7, 2025
Finalists Announced: Mid-March
Mentorship and Pitch Practice: Mid-March to early April
Final Pitch Day (in-person): Fri, April 25, 2025 at CIBC - 300 Madison Ave. New York, NY, 10017
- The primary applicant is required to pitch in-person in order to be eligible for prizes

FAQs

Can I apply as a solo founder?

Yes, though cross-disciplinary teams of 2-4 are encouraged.

Can I apply if I’m a graduate student on hiatus, but otherwise eligible?

No. You must be an active, currently enrolled graduate student for spring of 2025 up to and including the final pitch date in April 2025.

Can my co-founders be non-students or students from other universities?

Yes.

Are Executive Education participants eligible?

Sorry, Executive Education participants and certificate holders are not eligible. At least one member of the founding team must be enrolled in a graduate degree program at Columbia University, Cornell Tech, or Wharton.

Do I need to have a technical and/or finance background to apply?

No specific backgrounds or skills are required. That said, we encourage cross-functional teams ideally inclusive of applicable skills and experience.

Who are the judges and screeners?

Application screeners and judges are experienced faculty and industry experts in relevant fields, many (but not all) of whom are alumni and other affiliates of Columbia University and other institutions. Note that in order to run a fair and equitable process, we do not share screener/judge names or contact information with applicants.

How many teams will be invited to Screening Day and to the Final Pitch Day?

Up to 20 teams will be selected to pitch at the Screening Day (will be virtual), and up to 10 teams will be selected for the Final Pitch Day (will be in-person in NYC).

Would I be required to pitch in-person if my startup is chosen for the Final Pitch Day on April 25?

Yes - to pitch in the Final Pitch Day, the primary applicant (along with any co-founders you choose to bring) is required to pitch in-person on April 25th, 2025 at CIBC - 300 Madison Ave., New York, NY, 10017

Are the prizes subject to taxation?

Yes. Any payments (including, but not limited to prizes, awards, non-qualified scholarships, grants, fellowships, stipends, etc.) to U.S. and international students are potentially subject to withholding. Please contact your tax advisor regarding individual tax implications.

I still have questions!

Please reach out to us at [email protected].