Sweep Sensation: U of A Teams Capture Graduate Division at Governor's Cup
Five U of A student startup teams won a total of $58,500 at the 2023 Arkansas Governor's Cup, more than half of the $114,000 prize pool.
The U of A swept the graduate division at the 2023 Arkansas Governor's Cup en route to a dominant showing that saw five U of A student startup teams earn nearly $60,000 for their companies.
Pediatrica Therapeutics won first place in the Innovate Arkansas Graduate Track High-Growth/Technology Division, followed by CareMate Technologies and Vitruvian Matrix. All three winning teams were formed in the interdisciplinary graduate New Venture Development (NVD) program offered by the Sam M. Walton College of Businesses and supported by the Office of Entrepreneurship and Innovation.
AdCharta, the lone U of A competitor in the undergraduate track for the High-Growth/Technology Division, finished first. AdCharta emerged from the Product Teams program of the McMillon Innovation Studio. UNCL Co., a New Venture Development team that is also participating in the Greenhouse Outdoor Recreation Program (GORP), won the elevator pitch competition for the graduate track of the High-Growth/Technology Division.
The teams secured $58,500 in winnings, capturing more than half of the $114,000 prize pool.
Pediatrica Therapeutics, which is using a novel drug to address the growing problem of infants born physically dependent on opioids, praised the support it received from NVD faculty Sarah Goforth and David Hinton.
"We honestly could not have made it this far as a company if it were not for the amazing mentorship provided by Sarah and David during the New Venture Development classes," said Dr. Megan Reed, one of Pediatrica's co-founders and a Health Science Innovation and Entrepreneurship (HSIE) postdoctoral fellow at the University of Arkansas for Medical Sciences.
A year-long, hands-on business incubation program for graduate students, NVD allows students to pursue a startup idea in a hands-on, team-based environment. Open to graduate students from any discipline, the NVD courses constitute the entrepreneurship track of the full-time Master of Business Administration and executive M.B.A. programs. Non-business students participate in the courses by pursuing the graduate certificate in entrepreneurship.
Goforth, who serves as executive director of the Office of Entrepreneurship and Innovation, oversees the program and teaches the courses alongside Hinton, associate director of Technology Ventures.
"I can't recommend this class enough if you are an entrepreneur who wants a crash course in how to develop a company," Reed said.
Since 2001, the Governor's Cup has impacted more than 3,000 Arkansas college and university students.
Finalists for the Governor's Cup were announced in March by the Arkansas Capital Corporation, which oversees the annual challenge. This year's finalists comprised 16 teams from six schools.
The awards ceremony was held in the Event Center at the Fayetteville Public Library, marking the second straight year the event was held in Northwest Arkansas.
About the Winning Teams:
AdCharta
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First place, High-Growth/Technology Division-Undergraduate Track: $20,000
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Mission:
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AdCharta utilizes e-paper to quickly turn any personal surface (car bumper, laptop, water bottle, etc.) into a space for advertisement. AdCharta's no-power, no-hassle display not only makes the locations of displays limitless, but also makes the process of selecting an ad and displaying it seamless for prospective advertisers.
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Members:
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Jack Norris, computer science, College of Engineering; Amanda Thomsen, economics, Walton College
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CareMate Technologies
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Second place, High-Growth/Technology Division-Graduate Track: $10,000
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Mission:
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CareMate is revolutionizing the identification and monitoring of pressure ulcers, which affects 85% of wheelchair users. Their product harnesses highly initiative sensors that utilize pressure sensor and pulse oximetry to pinpoint pressure-ulcer development.
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Members:
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Allie Burgess, Master of Biomedical Engineering, College of Engineering; Kindann Fawcett, Postdoctoral Fellow, UAMS; Tiffany Miles, postdoctoral fellow, UAMS; Jacob Mount, Master of Business Administration, Walton College; Destiny Posey, Master of Business Administration, Walton College
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Pediatrica Therapeutics
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First place, High-Growth/Technology Division-Graduate Track: $20,000
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Mission: Pediatrica Therapeutics is addressing a growing problem of infants born physically dependent on opioids due to maternal opioid use disorder. The company is harnessing a novel drug based on a proprietary technology that has shown promise to protect fetal development against prenatal opioid exposure.
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Members: Veronica Garcia, Master of Business Administration, Walton College; Megan Reed, Ph.D., postdoctoral fellow, UAMS; Julia Tobacyk, Ph.D., postdoctoral fellow, UAMS; Hayot Tuychiev, instructor and Ph.D. candidate, School of Journalism
UNCL Co.
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Elevator Pitch Competition, High-Growth/Technology Division-Graduate Track: $1,000
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Mission: UNCL Co., short for Universal Network Controlled Lock, is an app-enabled security device that easily attaches to existing bike racks, allowing riders to secure and monitor their device without the need to carry a personal lock.
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Members: Michael Burton, Master of Business Administration, Walton College; Payton Lenz, Master of Business Administration, Walton College; Chris Roderick, Master of Business Administration, Walton College; Clayton Woodruff, executive Master of Business Administration, Walton College
Vitruvian Matrix
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Third place, High-Growth/Technology Division-Graduate Track: $7,500
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Mission: Breakthroughs in fighting cancer, autoimmune diseases and COVID-19 have all been made possible by growing cells to study, but not every cell has had an FDA-approved environment where they can both grow and behave as expected. Vitruvian Matrix's first product, Eden, meets all three of these "must-haves" of cell manufacturers, allowing for more cells, more therapies and more life saving.
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Members: Mahsa Haseli, Ph.D. and graduate entrepreneurial fellow, College of Engineering; Karmon Johnson, Master of Business Administration, Walton College; M. Hossein Kashefizadeh, Ph.D. and graduate entrepreneurial fellow, College of Engineering; Britt Lybarger, Master of Business Administration, Walton College
About the U of A Office of Entrepreneurship and Innovation: The Office of Entrepreneurship and Innovation creates and curates innovation and entrepreneurship experiences for students across all disciplines. Through the Brewer Family Entrepreneurship Hub, McMillon Innovation Studio, Startup Village and Greenhouse at the Bentonville Collaborative, OEI provides free workshops and programs — including social and corporate innovation design teams, venture internships, competitions and startup coaching. A unit of the Sam M. Walton College of Business and Division of Economic Development, OEI also offers on-demand support for students who will be innovators within existing organizations and entrepreneurs who start something new.
Contacts
Brandon Howard, communications and social media specialist
Office of Entrepreneurship and Innovation
479-418-4803,
bjhoward@uark.edu