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Educational programs like innovation competitions and programs (ICPs) play a pivotal role in entrepreneurial development among student participants. Students with a focus on fields in science, technology, engineering, and mathematics (STEM) tend to benefit from participation in ICPs. Higher education institutions and foundations have broadened their co-curricular offerings to attract and support student innovators. These include design challenges, hackathons, start-up incubator competitions, boot camps, customer discovery labs, and accelerator programs. Hence, student ICPs are increasingly instrumental in shaping the education of the next generation of innovators and critical thinkers. Furthermore, organizers have a crucial role in ensuring the success and feasibility of innovation and pitch competitions. The successful implementation of such programs often entails myriad challenges and setbacks that organizers must overcome to benefit their participants. This paper aims to explore the different challenges organizers face while running student ICPs, typically non-credit, co-curricular, and team-based initiatives where student teams collaborate to address open-ended problems. The literature review and analysis of organizer interviews will explore current trends, similarities in challenges and setbacks, and provide a concise overview of best practices that organizers can adopt to ensure the success of innovation competitions and programs. The primary focus is on understanding the challenges organizers face during the establishment and execution of their ICPs.