The Big Idea Competition at the University of Pittsburgh has grown since 2009. It now includes over 150 student participants each year working on ideas across various disciplines. The competition objectives are to support student entrepreneurship and provide experience, funding, and networking opportunities. Recent winners have achieved milestones like patent applications, $1 million in revenue, and national retail expansion. The competition continues to evolve with lessons learned to better serve students at all stages of developing their business ideas.

1. Building a Cross-Campus
Big Idea Competition
at 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 for
Interdisciplinary 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 and
experience-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

13. Lessons Learned
Bootstrap
Persevere
Market Success
Measure Impact

14. Lessons Learned
Leverage Gust for all entries and scoring
Anticipate questions re: visas
Formalize team-building process
for university technologies
Consider using video entries

15. www.pittbigidea.com

17. ChroKnow is a Pittsburgh company that provides a software-based
solution 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

18. 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 Filed
Operating Engineer’s Union
• Setup Manufacturing Facility
• Secured Funding for EPA Testing
City of Pittsburgh

19. 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.com
Julia Erickson ’13, Political Science/Business dual major
Aaron Ingley ’11, BA, History; BSBA Business