big money

Rice University student startup competition names 2020 winners and awards over $1.2M in prizes

The 20th annual Rice Business Plan Competition took place virtually from June 17 to 19 and awarded over $1.2 million in investment and cash prizes. Photo courtesy of Rice University

For the 20th year, the Rice Business Plan Competition has awarded prizes and investments to student-led startups from around the ward. While this year's competition was postponed and virtually held, the show went on with 42 startups pitching virtually June 17 to 19.

After whittling down the 42 startups to seven finalists, the RBPC judges named the winners. And, this year, all seven finalists walked away with a monetary prize. Here's how the finalists cleaned up.

  • Aurign, which provides publishing services for recording artists and record labels, from Georgia State University, won first place and the $350,000 grand prize from GOOSE Capital. Aurign also won RG Advisory Partners' prize of $25,000, bringing the company's total to $375,000 won.
  • Coming in second place with a $100,000 investment prize (awarded by Finger Interests, Anderson Family Fund, Greg Novak, and Tracy Druce) was Dartmouth College's nanopathdx, which is creating diagnostic tools for chronic and infectious diseases. Nanopathdx won two other monetary prizes — the $25,000 Spirit of Entrepreneurship Prize from Pearland Economic Development and Ncourage's $25,000 award focused on female entrepreneurs — for a total of $150,000 won. The company also won the Palo Alto Software Live Plan award and an award from SheSpace.
  • Harvard University's Fractal — a cloud computing tech company that enables powerful remote work tools — won third place and a $50,000 investment from Finger Interests, Anderson Family Fund, Greg Novak, and Tracy Druce. The company also won an $100,000 investment from the Houston Angel Network, bringing their total prize to $150,000.
  • In fourth place was RefresherBoxx from RWTH Aachen University in Germany. The company has created disinfecting devices for clothing and recently pivoted to create a COVID-19 application. The startup won a $5,000 prize sponsored by Norton Rose Fulbright for placing in the finals, but also walked away with a $100,000 investment from TiE Houston Angels, bringing the startup's total prize money to $105,000.
  • The University of Chicago's Beltech, which has created a safer, longer lasting battery, won fifth place and a $5,000 award sponsored by EY. The company also won an $100,000 investment from the Houston Angel Network, bringing the total amount won to to $105,000.
  • Cardiosense from Northwestern University, which has created a wearable heart monitor device, took sixth place in the competition and won a $5,000 award sponsored by Chevron Technology Ventures. Cardiosense also won two other monetary prizes — TMC Innovation's $100K TMC Healthcare Innovation investment and NASA's $25,000 Human Health and Performance Award — bringing the total amount won to $130,000. The company also won OFW Law's prize.
  • Relavo, a safer home dialysis treatment company from Johns Hopkins University, came in seventh place and won a $5,000 prize sponsored by Shell Ventures. Relavo also won three other monetary prizes — the $25,000 Pediatric Device Prize from the Southwest National Pediatric Device Consortium, Ncourage's $25,000 award focused on female entrepreneurs, and Polsinelli's $15,000 technology prize — bringing the startup's total prize money to $70,000.
Some of the competition's participating startups outside of the seven finalists won monetary prizes. Here's a list of those.
  • BIOMILQ, a female-founded startup out of Duke University that can cultivate breast milk outside of the body, won The Artemis Fund's $100,000 prize.
  • The University of Maryland's Algen Air — a natural air purifier that uses algae to filter air — won NASA's $25,000 Space Exploration Award.
  • SlumberFlow — a sleep apnea treatment device from the University of Michigan — won the the $25,000 Pediatric Device Prize from the Southwest National Pediatric Device Consortium.
  • Rice University's own EVA, which streamlines vascular access for medical professionals, won the Texas Business Hall of Fame's $25,000 prize.
  • Contraire — a predictive analysis control system for aeration process within municipal wastewater treatment plants — from Oklahoma State University won Polsinelli's $15,000 Energy Innovation prize.
While not ready to name investment recipients at the virtual event, the Owl Investment Group announced they will be inviting some companies to pitch to them directly.
Additional non-monetary prizes included:
  • Capital Factory's Golden Ticket prize to EVA from Rice University, NanoCare from Texas State University, and SeebeckCellTechnologies from the University of Texas at Arlington.
  • MercuryFund'sElevatorPitch winners included: KnoNap from Georgetown University (first place), Steeroflex from the University of California San Diego (second place), Encapsulate from the University of Connecticut (third place), RefresherBoxx (fourth place), and NanoCare from Texas State University (fifth place).
The virtual event wrapped up with the announcement of the 21st annual RBPC, which is set for April 8 to 10 next year.

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Building Houston

 
 

Fertitta and his family have gifted $50 million to UH's medical school. Photo courtesy

As Houston’s most high-profile billionaire and owner of the posh 5-star Post Oak Hotel and Houston Rockets, Tilman J. Fertitta has become synonymous with over-the-top opulence and big-time entertainment.

But the CEO of the massive Feritta Entertainment empire’s latest move has nothing to do with penthouses or point guards, but rather a legacy, game-changing appropriation meant to aid his home state’s health.

The longtime UH board member and former chairman and his family have just pledged $50 million to the University of Houston College of Medicine. In turn, the new medical school has been christened the Tilman J. Fertitta Family College of Medicine.

The projected school, upon completion. Rendering courtesy of University of Houston

This landmark gift aims to address the state’s critical primary care physician shortage, (especially in low-income and underserved communities), as well as attract innovation-focused scholars, UH notes.

Additionally, the grant is meant to further clinical and translational research, with an emphasis on population health, behavioral health, community engagement, and the social determinants of health, according to a press release.

Here is how the Fertitta family gift will be distributed:

  • $10 million funds five endowed chairs for faculty hires who are considered national stars in their fields with a focus on health care innovation. This portion of the gift will be matched one-to-one as part of the University’s “$100 Million Challenge” for chairs and professorships, doubling the endowed principal to $20 million.
  • $10 million establishes an endowed scholarship fund to support endowed graduate research stipends/fellowships for medical students.
  • $10 million will cover start-up costs for the Fertitta Family College of Medicine to enhance research activities including facilities, equipment, program costs and graduate research stipends/fellowships.
  • $20 million will create the Fertitta Dean’s Endowed Fund to support research-enhancing activities.

No stranger to writing big checks, Fertitta donated $20 million to UH Athletics — the largest individual donation ever — in 2016 to transform UH’s basketball arena into the now high-tech Fertitta Center.

CultureMap caught up with the CEO (who just sold his Golden Nugget gaming for $1.6 billion), best-selling author, and Billion Dollar Buyer to discuss his landmark gift.

CultureMap: Congratulations on this legacy grant, which has been a long time coming. What does this gift mean to you, now that it’s finally official?

Tilman Fertitta: This was a vision of our chancellors and, you know, I’m on my third, six-year term and not been the chairman for eight years — and we started working on this, seven, eight years ago.

To be able to be in the beginning and the nucleus, and the idea, and what we wanted, and to get the approval from Austin—to watch it come to fruition, how often does somebody get to do a naming gift at the same time they had a lot to do with the creation of the school? So, it was very special in my heart.

CM: Many know you as the CEO of a hospitality empire, author, and even TV personality. But not many know of your commitment to healthcare.


TF: I think there’s one thing in this world that we definitely should always be treated equally on, and that's that’s equal health care for all. This medical school will serve the whole community.

We’re trying to recruit students who want to be primary physicians who will take care of the community that we live in. It’s just something that was very important to me in my whole family.

CM: Academia, scholarship, and research aside, this could essentially be looked at as seed capital for a fledgling operation. Is that a fair assessment?

TF: I know where you’re going with this and yes, it’s no different than business.

I have the vision to know that being in nearly the third largest city in America and a top 100 university in the United States — as University of Houston is according to U.S. News & World Report — that I know what this is going to be in 50 years. It’s no different than looking at another business that you start and you can have the vision to see how successful it'll be in the years to come.

Being on the ground floor of the University of Houston Medical School and being a part of it from its inception, and to help the seed money that will attract other money, I know that in the years to come what a special nationwide medical school this is going to be — because it’s in one of the great cities of America.

So, to be a part of it today and still be a part of it when I’m not here 50 years from now, maybe even sooner than that [laughs], you know, it’s going to be something very special to always be attached to.

CM: Other Houston medical schools here have distinctions in pivotal research or groundbreaking procedures. Is there a specific direction you’d like UH Med to take, going forward?

TF: Honestly, you know, what I’ve been saying? There’s a significant shortage of primary care physicians, not only in the country, but in the state of Texas. We ranked number 47th in the nation.

What we need in the state of Texas, as well in Houston and everywhere, is primary care physicians to take care of your everyday people—and to see them to know if you need a specialist.

I hope that this medical school looks back and we see that they’re graduating more primary care physicians than any other university in the United States and that's our goal. We’re going to be a med school of the community.

CM: You have zero problem with issuing directives, Tilman. What’s your message to the first graduating class, the one that will initially benefit from this $50 million gold mine?

TF: Go out and take care of the people.

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This article originally ran on CultureMap.

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