10 Tips to Win the Diamond Challenge
If you’re a high school student eager to explore entrepreneurship and boost your resume in the process, participating in an entrepreneurship competition can be a great way to start.
Some entrepreneurship competitions (such as the one below) offer exposure to international competitors, mentorship from industry leaders, access to valuable resources, and a platform to showcase your ideas and potentially win funding for your idea/product!
As a high schooler, there are multiple competitions you can apply to across business, entrepreneurship, and innovation. This post shall review one such contest and whether it’s worth participating in - the Diamond Challenge.
What is the Diamond Challenge?
The Diamond Challenge is an international entrepreneurship competition for high school students managed by the Horn Entrepreneurship Program at the University of Delaware. It provides young innovators with a platform to turn their ideas into reality. One of its unique features is the dual-track format:
Business Innovation Track: Focuses on commercial business ideas that can generate revenue.
Social Innovation Track: Encourages you to propose solutions for pressing social issues, emphasizing nonprofit or mission-driven impact.
This structure allows you to explore entrepreneurship in a way that aligns with your interests and goals.
Who is eligible to apply?
Any high school student aged 14 to 18 from anywhere in the world can participate. To be eligible, you must be enrolled in a high school or secondary education program for the entire competition duration.
Each team must consist of 2 to 4 students and have an adult advisor (21 years or older) who will provide guidance and act as the primary contact with competition officials. The advisor does not need to be from the same school as the team members. Additionally, you and your team members can be from different schools, and there are no restrictions on geographical location.
How is the Diamond Challenge structured?
The Diamond Challenge follows a multi-stage process. Here’s an overview of the timeline:
Registration Deadline: Teams must register, choose their competition track (Business or Social), and select either a virtual or in-person pitch location.
Concept Submission: By January 16, teams must submit a 3–5 page concept document and a 60-second video detailing their idea.
Feedback from Judges: Judges review submissions over three weeks and provide feedback.
Pitch Submission: After considering the feedback, teams submit a 10–15 slide pitch deck by February 18, which is their final submission.
Pitching and Evaluation: Between February 14 and February 18, shortlisted teams present their pitches either virtually or in person, depending on the option they chose during registration.
Diamond Challenge Summit: The competition culminates in a two-day Diamond Challenge Summit from May 1 to 2, where semifinalist teams network with industry experts, attend workshops, and present their final pitches.
What do you stand to win?
The Diamond Challenge provides over $100,000 in prizes and resources. The winning teams in both tracks receive:
1st place: $12,000 in startup capital.
2nd place: $8,000.
3rd place: $4,500.
Additionally, four special Topical Prizes are awarded to outstanding teams in each track.
Beyond the monetary rewards, winners also gain access to the Diamond Challenge Summit, an entrepreneurship education and networking event where they can connect with mentors, investors, and industry leaders.
Is the Diamond Challenge prestigious?
Yes. The competition attracts thousands of students globally, with the most recent edition featuring over 1,900 participants from 500 teams across 126 countries. It is sponsored by various well-known organizations, including technology firms, entrepreneurship incubators, and financial institutions. Winners receive ongoing mentorship and resources to help them develop their business ideas.
How to win the Diamond Challenge
If you’re aiming for success in the Diamond Challenge, here are some crucial strategies:
Build a well-rounded team: A well-rounded team with complementary skills—such as marketing, finance, product development, and design—can give you a competitive edge. Judges look for teams that can execute their vision effectively. If your team lacks expertise in a particular area, consider seeking mentorship or external collaborators to strengthen your project.
Create value: Whether in the Business or Social track, judges prioritize impactful and scalable solutions. Ensure your idea addresses a real-world problem with a unique and feasible solution.
Conduct thorough research: Understand the market landscape, potential competitors, industry trends, and emerging technologies. The more informed your proposal, the more compelling your pitch will be.
Leverage data to strengthen your pitch: Judges appreciate well-researched ideas backed by data. Go beyond basic market research by incorporating industry reports, customer surveys, or small-scale pilot studies. Use statistics, case studies, or trends to validate your business model and show how your idea is positioned for success.
Develop a prototype: A functional prototype or minimum viable product can set you apart. It demonstrates to judges that your idea is actionable and has been tested.
Highlight scalability and long-term impact: A great idea isn’t just innovative—it’s sustainable and scalable. Clearly outline how your business or social venture can grow over time. Address potential expansion strategies, partnerships, and how your model adapts to different markets. This will demonstrate to the judges that your idea has lasting potential beyond the competition.
Demonstrate financial viability: Even social impact ideas need a sustainable revenue model. Clearly outline how your business or initiative will generate and manage funds.
Master Storytelling: Judges award 25% of the score to the “Wow Factor”, which includes creativity, passion, and presentation skills. Make your pitch engaging, well-structured, and persuasive, with specific arguments and data to back your hypothesis and conclusions.
Use plenty of visuals: A pitch deck with text-heavy slides can be dull. Instead, incorporate compelling visuals, such as infographics, charts, or even a short animated demo of your idea in action. Create a short, high-quality video showcasing customer testimonials or a prototype demonstration if applicable. Engaging visuals can help make your idea more memorable.
Ensure you’re prepared for the Q&A: A well-crafted pitch is essential, but judges will challenge your ideas with tough questions. Anticipate potential concerns and prepare strong, well-reasoned responses. Conduct mock Q&A sessions with mentors or teachers to refine your ability to think on your feet and defend your proposal confidently.
Our experience with Diamond Challenge alumni:
At the Young Founders Lab, we’ve worked with several students who participate in the Diamond Challenge, and here’s what we noticed— they all had solid exposure to pitching under pressure, refining ideas through feedback, and navigating complex problem-solving. Contests like the Diamond Challenge can help you work towards ideating and testing out ideas and prototypes, especially if you’re considering working on your own startup. If you're looking for competitive experience in innovation, and need a good sounding board for your entrepreneurship skills before you work on a startup of your own, we recommend this challenge!
Looking to work on your own startup in high school? Check out the Young Founders Lab!
The Young Founders Lab is a start-up boot camp founded and run by Harvard entrepreneurs. In this program, you will work towards building a revenue-generating start-up that addresses a real-world problem. You will also have the opportunity to be mentored by established entrepreneurs and professionals from Google, Microsoft, and X.
You can access the application link here!