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Open2012 cross-campus-big-idea-competition

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  • 1. Building a Cross-Campus Big Idea Competitionat a Large Research University Michael S. Lehman, MD, MBA NCIIA open 2012
  • 2. Growth and Evolution 2009 89 students $12K in prizes ++ 2010 148 students $20K in prizes ++ Best Business Growth Idea Best New Service Idea Best New Product Idea
  • 3. Growth and Evolution 2011 199 students $20K in prizes ++ Best Business Growth Idea Best New Product/Service Idea Best Interdisciplinary Team Idea
  • 4. Objectives • To support University of Pittsburgh students in launching and growing new, sustainable business ventures in western Pennsylvania; •To provide a forum for emerging student entrepreneurs to network with potential advisors, partners, customers and funders; •To provide a forum for University of Pittsburgh alumni and potential donors to engage with students; •To offer an experience-based learning experience for undergraduate and graduate students from business, as well as all disciplines across the university; •To highlight the expanding entrepreneurial culture at Pitt to the university community, the region and prospective students.
  • 5. Three new ways to enter in 2012 Powered by Pitt Power Up Pittsburgh Power of Innovation Born Here, Solutions to City Your Idea, Raised Here Challenges Your Company The Office of Technology The Office of Mayor Luke Students enter their start- Management provides Ravenstahl has drafted a list up business or plan for a technology created by Pitt of opportunities for new product/service, faculty, but not yet fully improving the city. developing a sound commercialized. Interdisciplinary teams work business strategy forInterdisciplinary teams work to find a business solution. future success. to bring the technology to market.
  • 6. 2012 Entrants School Total Percentage Dietrich School of Arts & Sciences 19 12.18% Honors College 3 1.92% Katz Graduate School of Business 26 16.67% College of Business Administration 25 16.03% Education 4 2.56% Swanson School of Engineering 29 18.59% Law 4 2.56% Public and International Affairs 6 3.85% Social Work 2 1.28% Information Sciences 4 2.56% Dental Medicine 1 0.64% Nursing 0 0.00% Pharmacy 0 0.00% Public Health 0 0.00% Medicine 21 13.46% Health and Rehabilitation Sciences 12 7.69% Total 156 100%
  • 7. 2012 Entrants Graduation Year Total Percentage 2011 6 3.85% 2012 65 41.67% 2013 43 27.56% 2014 25 16.03% 2015 15 9.62% 2019 2 1.28% Total 156 100%
  • 8. 2012 Randall Family Big Idea Competition Showcase April 4 University Club 1:00-4:30 pm Competition Finals 4:30-5:00 pm Judges Conference 6:00-8:30 pm Competition Showcase Networking Reception Voting for WILDCARD winner Six finalists present their pitches 1st Place: $30,000 2nd Place: $20,000 3rd Place: $10,000 Three runners up: $5,000 each WILDCARD winner: $1,000 Networking Reception #pittbigidea
  • 9. Timeline - students at all stages of learning andexperience-building can benefit from participation Team Forming-Round Letter and Resume Entry Round V=PXSXM Semi-Finalist Round Gust (Sources and Uses), Slide Finalist Round Gust, Plan (Sources and Uses), Presentation Slides, Pitch -- Mentors WILDCARD Round
  • 10. Lessons Learned Bootstrap Persevere Market Success Measure Impact
  • 11. Lessons Learned Leverage Gust for all entries and scoring Anticipate questions re: visas Formalize team-building process for university technologies Consider using video entries
  • 12. www.pittbigidea.com
  • 13. ChroKnow is a Pittsburgh company that provides a software-basedsolution for predictive design of controlled release (CR) formulations Milestones since 2010 Big Idea Competition: • ChroKnow, Inc. founded in November 2010 • Life Science Start-Up Accelerator program completed April 2011 • Favorable patent international search report (ISR) June 2011 • Option for exclusive license from Pitt started August 2011 • Recognized by Kauffman Foundation as one of the top 15 startups • Idea Foundry’s Fellowship Program completed in December 2011 • Early interactions with six potential customers as of March 2012
  • 14. The Vector is a bolt-on fuel system retrofit that enables commercial and industrial diesel engines to operate on biofuels. Giant Eagle Milestones Since Big Idea ’09: • Completed Product Development • Booked $1MM in Revenue • Utility Patents FiledOperating Engineer’s Union • Setup Manufacturing Facility • Secured Funding for EPA Testing City of Pittsburgh
  • 15. Two dancers exploiting an underserved niche market—the dance and related health/wellness worlds. Barre is currently sold in over 150 retail outlets and 10 Whole Foods Markets. www.realfoodbarre.comJulia Erickson ’13, Political Science/Business dual major Aaron Ingley ’11, BA, History; BSBA Business