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Building a Cross-Campus
     Big Idea Competition
at a Large Research University
    Michael S. Lehman, MD, MBA
         NCIIA open 2012
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
Growth and Evolution
  2011     199 students       $20K in prizes ++

  Best Business Growth Idea
  Best New Product/Service Idea
  Best 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 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.
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%
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%
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
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
Open2012 cross-campus-big-idea-competition
Open2012 cross-campus-big-idea-competition
Open2012 cross-campus-big-idea-competition
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
Open2012 cross-campus-big-idea-competition
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
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
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

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Open2012 cross-campus-big-idea-competition

  • 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
  • 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