Launched in 1996 and based in Chicago, Illinois, the NVC is a start-up launch program run by the Polsky Center for Entrepreneurship and Innovation at the University of Chicago Booth School of Business. It consists of two phases and a finals competition, with cash prizes, legal services, and professional consulting awarded to the top teams. NVC teams have access to the ARCH Venture Partners New Business Incubator, which provides office amenities and support from Polsky Center staff and entrepreneurial faculty. Participation in the NVC requires at least one team member to have a current UChicago affiliation.