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