Collegiate Entrepreneurs Win Big at 2022 Baylor New Venture Competition
Student entrepreneurs from universities across the country vied for more than $250,000 in cash and in-kind prizes in national business plan/elevator pitch competition
by Lexi Nitishin, student news writer, Baylor University Media and Public Relations
WACO, Texas (April 29, 2022) – Teams from the University of Pittsburgh, George Washington University and Massachusetts Institute of Technology were named winners of Baylor University’s 11th annual New Venture Competition, a business plan and elevator pitch competition that showcases top collegiate entrepreneurs and their student created, managed and led ventures.
Nearly 200 teams applied for this year’s competition, held in person March 25-26 for the first time since 2019 at Baylor’s Paul L. Foster Campus for Business and Innovation, home of the University’s nationally ranked Hankamer School of Business and the John F. Baugh Center for Entrepreneurship and Free Enterprise. The winning teams and their ventures were awarded more than $250,000 in cash awards and in-kind prizes as well as vital support resources such as web hosting, access to the Baylor Angel Network, workspace, software, consulting and more.
The top three overall winners were awarded grand prizes of up to $50,000 and additional support services. The 2022 Baylor New Venture Competition winners are as follows:
- First place overall, $50,000 award: Heart Input Output Inc. (HEARTio) - University of Pittsburgh
- Heart Input Output Inc. is a digital diagnostics company using AI to detect coronary artery disease more quickly, more accurately and at a fraction of the cost as compared to the current standard of care.
- Second place overall, $25,000 award: Ichosia Biotechnology - George Washington University
- Ichosia Biotechnology is developing a method of mass-producing laboratory grown red blood cells to make blood safer, less expensive and more reliable for clinical transfusions.
- Third place overall, $10,000 award: Candelytics - Massachusetts Institute of Technology
- Candelytics solves unique market pain points with their Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) contracts. For the Air Force, the team is helping the Air Force Civil Engineering Center and multiple Air Force units more expeditiously and effectively conduct damage analysis on airfields.
Honorable Mentions include:
- BioSeal XE - Oklahoma State University
- Bio Seal XE is a wound bio adhesive that immediately stops bleeding and accelerates wound healing for emergency situations involving cuts, tears or punctures with only one application.
- HiHome - Harvard University
- HiHome is building the first Instant Home Matching platform, delivering the fastest and most personalized home search experience ever.
- InfernoGuard - Northwestern University
- InfernoGuard provides prompt wildfire detection and notification through continued monitoring of wildfire conditions – ultimately minimizing damages for large-scale landowners.
- Maia - University of Pennsylvania
- Maia is an integrated mobile-first platform and digital concierge to help couples nurture and grow their relationships with their partner. Maia reminds you before you forget, suggests ideas if you lack inspiration and deepens your connection to one another.
- Relay - Brigham Young University
- Relay is a mobile platform for team-based addiction recovery and self-improvement.
- Speak Information Technologies - Washington University in St. Louis
- Speak Information Technologies is a software solution that advances upon current dictation technology from speech to text, to speech to action in the medical chart.
- uAir - University of Utah
- uAir seeks to reduce cost, reduce waste and improve access to the life-saving medication albuterol by redesigning the existing inhaler thus resolving major shortfalls therein.
During the Baylor New Venture Competition, students gained personal and professional experience through mentorship from field experts and fellow innovators as well as coaching towards sustainable business plans. Groups from universities around the world are able to receive feedback and work towards receiving funding and finding improvements for their future endeavors in business.
Priscilla James, M.B.A. ’18, program manager of the Baugh Center, said to prepare for the finals, the teams were matched with industry-specific mentors and participated in required feedback sessions and optional pitch coaching.
“We are really proud of the constant feedback and mentorship that we provide the teams,” James said. “We want to ensure that the student entrepreneurs leave the competition with more insight than they had before.”
The entry period for the 2023 Baylor New Venture Competition will open in early fall 2022.
ABOUT HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY
At Baylor University’s Hankamer School of Business, top-ranked programs combine rigorous classroom learning, hands-on experience in the real world, a solid foundation in Christian values and a global outlook. Making up approximately 25 percent of the University’s total enrollment, undergraduate students choose from 13 major areas of study. Graduate students choose from full-time, executive or online MBA or other specialized master’s programs, and Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The Business School also has a campus located in Dallas, Texas. Visit baylor.edu/business for more information.
ABOUT BAYLOR UNIVERSITY
Baylor University is a private Christian University and a nationally ranked Research 1 institution. The University provides a vibrant campus community for more than 20,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions.