Building a Cross-CampusBig Idea Competition
at a Large Research University
Michael S. Lehman, MD, MBANCIIA open 2012
Growth and Evolution
2009 89 students $12K in prizes ++2010 148 students $20K in prizes ++
Best Business Growth IdeaBest New Service IdeaBest New Product Idea
Growth and Evolution
2011 199 students $20K in prizes ++
Best Business Growth IdeaBest New Product/Service IdeaBest Interdisciplinary Team Idea
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.
Three new ways to enter in 2012Powered by Pitt
Born Here,Raised Here
The Office of Technology Management provides
technology created by Pitt faculty, but not yet fully
commercialized. Interdisciplinary teams work to bring the technology to
market.
Power Up PittsburghSolutions to City
Challenges
The Office of Mayor Luke Ravenstahl has drafted a list
of opportunities for improving the city.
Interdisciplinary teams work to find a business solution.
Power of InnovationYour Idea,
Your Company
Students enter their start-up business or plan for a new product/service, developing a sound business strategy for future success.
School Total PercentageDietrich 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%
2012 Entrants
2012 EntrantsGraduation 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%
2012 Randall Family Big Idea Competition ShowcaseApril 4 University Club
1:00-4:30 pm Competition Finals4:30-5:00 pm Judges Conference 6:00-8:30 pm Competition Showcase
Networking Reception Voting for WILDCARD winner
Six finalists present their pitches 1st Place: $30,0002nd Place: $20,0003rd Place: $10,000Three runners up: $5,000 eachWILDCARD winner: $1,000
Networking Reception
#pittbigidea
Timeline - students at all stages of learning andexperience-building can benefit from participation
Team Forming-RoundLetter and Resume
Entry RoundV = P X S X M
Semi-Finalist Round Gust (Sources and Uses), Slide
Finalist RoundGust, Plan (Sources and Uses), Presentation Slides, Pitch --
Mentors
WILDCARD Round
Lessons Learned
Bootstrap
Persevere
Market Success
Measure Impact
Lessons Learned
Leverage Gust for all entries and scoring
Anticipate questions re: visas
Formalize team-building process for university technologies
Consider using video entries
www.pittbigidea.com
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
Milestones Since Big Idea ’09:
• Completed Product Development• Booked $1MM in Revenue• Utility Patents Filed• Setup Manufacturing Facility• Secured Funding for EPA Testing
The Vector is a bolt-on fuel system retrofit that enables commercial and industrial diesel
engines to operate on biofuels.
Giant Eagle
Operating Engineer’s Union
City of Pittsburgh
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 majorAaron Ingley ’11, BA, History; BSBA Business
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