Rice Business Plan Competition doles out $2M to 2025 student teams

big winners

The University of Michigan's Intero Biosystems was the star of the show at the 2025 Rice Business Plan Competition, bringing home both the top-place finish and the largest total investment. Photo courtesy Rice University.

Celebrating its 25th year, the Rice Alliance for Technology and Entrepreneurship hosted the celebrated Rice Business Plan Competition this month, doling out more than $2 million in investment and cash prizes to the top-performing teams.

“For 25 years, the Rice Business Plan Competition has helped shape how Rice Business shows up in the world by creating a platform where student-entrepreneurs can tackle some of the most complex challenges of our time in energy, in health care, in technology and beyond,” Peter Rodriguez, dean of Rice Business, the presenting sponsor of the event, said in a news release. “If we’re serious about changing the world — and I believe we are — then it’s our responsibility to open doors for students everywhere to imagine bold solutions and build what comes next.”

Over the course of the three-day event, the 42 startups competing this year from colleges or universities around the world presented their plans before more than 300 angel, venture capital, and corporate investors. The teams were selected from the event’s largest applicant pool to date and represented 34 universities across four countries, according to Rice. Winners were announced at the company showcase and awards ceremony April 12 in downtown Houston.

Seven finalists were selected, though each team left the competition with some form of funding, according to Rice. The University of Michigan's Intero Biosystems was the star of the show, bringing home both the top-place finish and the largest total investment. Rice's own Pattern Materials also had a strong showing, placing fourth in the pitch competition and also earning the fourth-highest investment total.

Here are the teams that won big in 2025. See a full list of winners and prizes here.

Intero Biosystems, University of Michigan - $902,000

The team finished in first place for its GastroScreen, the first stem cell-driven human “mini gut” that is ideal for organ function testing before testing on humans, and also claimed the largest total investments among the competition.

$150,000 Goose Capital Investment Grand Prize
$250,000 Goose Capital Investment Prize
$200,000 The OWL Investment Prize
$100,000 Houston Angel Network Investment Prize
$100,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize
$100,000 Investment Prize from Nancy Chang
$1,000 Mercury Elevator Pitch Competition - Overall Winner
$1,000 Anbarci Family Company Showcase Prize
TMC Innovation Healthcare Accelerator Bootcamp Invitation Prize

MabLab, Harvard University – $301,500

The team placed second for its rapid test capable of detecting multiple adulterants in laced drugs and spiked drinks.

$100,000 Investment Prize, sponsored by David Anderson, Anderson Family Fund, Jon Finger and Finger Interests
$100,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize
$25,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize
$50,000 Valhalla Investment Network Investment Prize
$25,000 The Eagles Investor Investment Prize
$500 Mercury Elevator Pitch Competition - Life Science*
$1,000 Anbarci Family Company Showcase Prize

re.solution, RWTH Aachen University — $76,500

The team placed third for its water-based technology that recycles polyesters without generating salt waste, making textile recycling viable.

$50,000 Investment Prize, sponsored by David Anderson, Anderson Family Fund, Jon Finger and Finger Interests
$25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
$500 Mercury Elevator Pitch Competition - Energy/Cleantech
$1,000 Anbarci Family Company Showcase Prize

Pattern Materials, Rice University – $134,500

The Houston-based team placed fourth for its laser-induced graphene technology that can be rapidly performed, enabling low-cost, scalable production of the material.

$5,000 prize, sponsored by Norton Rose Fulbright
$50,000 Valhalla Investment Network Investment Prize
$25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
$25,000 New Climate Ventures Sustainable Investment Prize
$25,000 Amentum and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize
$500 Mercury Elevator Pitch Competition - Hard Tech
$1,000 Anbarci Family Company Showcase Prize
$3,000 Venture Builder Innovation Prizes

Xatoms, Western University and University of Toronto — $30,000

The team placed fifth for its AI- and quantum-driven platform for discovering solar-activated semiconductor materials.

$5,000 prize, sponsored by EY
$25,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize

Mito Robotics, Carnegie Mellon University— $5,000

The team placed sixth for its automated manual cell culture with AI-powered robotic scientists for life science research

$5,000 prize, sponsored by Chevron Technology Ventures

FarmSmart.ai, LSU – $106,000

The team placed seventh for its AI—driven assistant that synthesizes vast agricultural research into actionable, tailored intelligence, but earned the fifth-most investments among the group.

$5,000 prize, sponsored by Shell Ventures
$100,000 The OWL Investment Prize
$1,000 Anbarci Family Company Showcase Prize
Edward H. Molter Memorial Prizes for Wildcard Round - 1st place - Advance to Finals

Other significant awards

GreenLIB Materials, University of Ottawa – $152,000

$150,000 Goose Capital Investment Prize
$2,000 Venture Builder Innovation Prizes

Microvitality, Tufts University – $26,500

$25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize
$1,500 Edward H. Molter Memorial Prizes for Wildcard Round - 3rd place overall in WC

Nanoborne, University of Texas at Austin - $25,000

$25,000 NOV Golden Ticket to Supernova Accelerator and Cash Prize

Last year, the Rice Business Plan Competition facilitated over $1.5 million in investment and cash prizes. MesaQuantum from Harvard University landed the highest total investment last year, although it was not named a finalist. Protein Pints from Michigan State University won the pitch competition.

According to Rice, 910 startups have raised more than $6.9 billion in capital through the competition over the last 25 years.

From Your Site Articles

A Houston investor and leader at Houston Angel Network weighs in on the importance of angel investors in growing startup communities. Photo via Getty Images

Houston expert examines the importance of early-stage investors in the innovation ecosystem

guest column

In a flourishing startup ecosystem, the roles of entrepreneurs, venture capitalists, startup development organizations, policymakers, research institutions, and universities are well documented and understood. Less obvious, however, is the role of early-stage investors, aka, “angel investors.”

These unique people are often the first non-family money to invest in a young company, often while it is still refining its business model, completing its minimum viable product (MVP), or finding product-market fit. Excellent angel investors, however, provide value to the ecosystem far beyond their ability to write a check.

Most angel investors bring deep expertise within their domain. These can be 20- or 30-year industry veterans with invaluable been-there-done-that experience in a particular technology, discipline, vertical, or regulatory environment. They can share insights learned from various industry trends that have succeeded and failed, which often save startups significant time and effort. Or they may bring complementary business expertise such as legal, accounting, technology, financing, or startup strategy. Many angels have launched or worked in multiple startups themselves, which gives them an ability to quickly understand and assist with the unique challenges of early-stage business.

Additionally, good investors are aggregators of knowledge. They constantly read about the sectors in which they invest, learn the latest trends, and watch for innovations that they believe will change industries. As forward thinkers, they know how to look past buzzwords to find what is truly unique or different. They often ask the “hard questions” that cut to the heart of the matter. Wise founders learn how to listen and use this feedback to improve their company and strategy.

Many angel investors serve as mentors to startups and share their hard-won knowledge. Most start with informal or unpaid relationships either through an SDO or personal referral. If they form a meaningful connection with a particular startup, this could turn into an official role as a compensated advisor. The best of these relationships are mutually beneficial and ultimately profitable if the company has a successful exit. Similarly, angels may become advisors to venture capital funds that want to bring their insights to their portfolio companies.

Investors are natural connectors in an ecosystem. As they search for, invest in, and mentor great startups, they foster connections across the innovation community. Relationship-building is key to all business success, and a wise angel knows how to respectfully leverage connections for mutual benefit. However, be careful not to ask an investor to share connections too soon. One of the fastest turn-offs is someone who asks me to open my rolodex before earning my trust and respect.

The most obvious benefit that investors bring to the innovation ecosystem is funding for early-stage businesses. This infusion of capital enables young businesses to identify, create, and grow value, which is the ultimate point of innovation. I mention it last, however, because savvy entrepreneurs know the difference between “smart money” and “dumb money.” Dumb money is not a pejorative but a label for money that has no voice or utility beyond its monetary value (which makes it silent or “dumb”).

Smart money, on the other hand, brings many or all of the other attributes discussed above: knowledge, expertise, mentoring, and connections. In terms of value, smart money is worth many times more than its cash value.

As the Houston innovation ecosystem grows, we need more accredited investors with a passion for innovation to learn about angel investing and determine if it is a fit for them. Given its very high-risk profile, it certainly isn’t appropriate for everyone. However, angel investing is a powerful way that investors can help solve society’s biggest challenges and contribute to a thriving innovation community.

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Mitra Miller is the vice president and board member of Houston Angel Network.

Mitra Miller, vice president and board member of the Houston Angel Network, joins the Houston Innovators Podcast to share her passion for growing angel investors in Houston. Photo via LinkedIn

Houston investor calls for all angels to move the ecosystem forward

houston innovators podcast episode 233

One of the biggest components of a well-functioning startup ecosystem is inarguably access to capital, and Mitra Miller is dedicated to enhancing education around investment and growing Houston's investor base.

As vice president and board member of the Houston Angel Network, the oldest angel network in Texas and one of the most active angel networks in the country, Miller strives to provide guidance to new and emerging angel investors as well as founders seeking to raise money from them.

"Most founders have no idea or understanding of how investors think — we are not an ATM," Miller says on the Houston Innovators Podcast. "We are really partners you are getting married to for the next 5, 8, 10 years — sometimes longer. We need to bring your allies in every sense of the word."

HAN, a nonprofit, provides a unique opportunity for its members, as Miller explains. The group consists of around 100 individuals from all business backgrounds, so evaluating companies together brings more than just a wealth of capital — but also a wealth of knowledge.

"What HAN provides is access to investments," Miller says, adding that members have the benefit in evaluating companies together with people from different backgrounds. "Inside a group like HAN, we have extraordinary expertise."

In addition to educating both founders and investors in the process, Miller has dedicated herself to providing opportunities for students in low-income parts of Houston to learn about the startup world. Eight years ago, she founded Eagle Investors, an organization that provides a year-long program that culminates in a group of students participating as judges for the Rice Business Plan Competition.

"They spend a year learning about innovation, entrepreneurship, and investing by meeting local investors, entrepreneurs, and service providers. They go around Houston to get to visit and ... experience all of the ecosystem," Miller says.

At RBPC, the cohort of high school students evaluate the pitches and select a company to provide a $5,000 prize.

Miller herself has been a judge at RBPC for 20 years now, and she's had a front row seat for watching Houston develop as an ecosystem. She's seen the city make real progress, but has one major call to action.

"The piece that I am most aware of that I would like to see grow is activating more accredited investors who are interested in this asset class of early-stage companies and plugging in," Miller says. "They can also invest their time and knowledge to help companies in our region grow and scale."

Houston-based Eden Grow Systems hopes to disrupt the agtech industry and revolutionize — and localize — produce. Photo via edengrowsystems.com

Houston startup with next-gen farming tech calls for crowdfunding as it plans to grow

seeing green

Whether it’s on Mars or at the kitchen table, entrepreneur Bart Womack wants to change what and how you eat.

But the CEO and founder of next-generation farming startup Eden Grow Systems is seeking crowdfunders to help feed the venture.

The company evokes images of a garden paradise on earth. But the idea behind the Houston-based NASA spinoff came from a more pragmatic view of the world. Womack’s company sells indoor food towers, self-contained, modular plant growth systems built on years of research by NASA scientists looking for the best way to feed astronauts in space.

The company has launched a $1.24 million regulated crowdfunding campaign to raise the money it needs to scale and expand manufacturing outside the current location in Washington state.

Additionally, the U.S. Air Force recently chose Eden as a food source for the U.S. Space Force base on remote Ascension Island, in the Atlantic Ocean, Womack tells InnovationMap. Another project with Space Center Houston is also in the works.

“We want to be the government and DOD contractor for these kind of next-generation farming systems,” he says.

The Houston-based company includes former NASA scientists, like recent hire Dr. L. Marshall Porterfield, of Purdue University, as an innovation advisor.

Womack, a former digital marketer, Houston public channel show host, night club owner and entertainment entrepreneur, left those ventures in 2012, after the birth of his first child. While taking a year to study trends research, in 2014, what he read intrigued and alarmed him.

“I’ll never forget, I came across a report from Chase Manhattan Bank….of the top 10 disruptive investment sectors, over the next decade,” he says. “At the very top of the list was food.”

Bart Womack founded Eden Grow Systems in 2017. Photo courtesy

His conclusions on the fragility of the world’s food supply system, due to overpopulation, and scarcer land, led him to launch Eden in 2017, funded by venture capital firm SpaceFund, Womack, his family, friends and angel investors.

Womack believes “black swan” events will only increase, disrupting the food supply system and further jeopardizing food supplies.

“We’re going to enter a period of hyper novelty in history,” Womack says.. "The system we’ve built for the last 100 years, the super optimized system, is going to begin to break apart."

To avert a centralized food production outcome, operated by corporate giants like Amazon or Walmart, Womack’s vision offers a decentralized alternative, leaving it in local hands.

With $2 million put into the company so far and a half million-dollars in sales last year, Womack argues that Eden has achieved much and can make food independence within reach for everyday families.

The company commercialized NASA technology to fill what it viewed as “a huge gap within the controlled…agricultural space.”

The tower is the building block of a modular, automated and vertical indoor plant growth system, with calibrated misting, fans, and LED lighting, controlled by an app.

The company website touts the towers as an easy way to grow plants like lettuce, carrots, tomatoes, and potatoes, with little water, no soil, and lots of air, without the expense and work of cultivating an earth-based garden.

For those who want to eat more than greens, the towers provide a way to breed fish and shrimp in an aquaponic version, recycling fish waste as plant fertilizer.

However, big plans come with big costs. The towers range in price from $5,000 to $7,000, although payment plans for those who qualify make it affordable.

Eden has sold around 100 of their towers so far, to a variety of customers. But rising costs and shipping delays have led to a a three-month backlog.

The manufacturing and shipping associated with larger installations means that even if the company made a million-dollar sale, delivery of the product would take a year.

“One of the hardest things…as a start-up, the last couple of years, is trying to narrow down exactly where the biggest payback is,” Womack says. “There is the lower hanging fruit, of small sales to individual buyers, but there’s the larger fruit of institutional buyers. But they can take months and years to convert into an actual buyer.”

Customers include several universities, including Texas A&M University and Prairie View A&M University, and talks are underway with other large academic institutions.

For now, attracting investors so the company can reach its funding goal poses the biggest challenge.

“Texas investors are very, very hard-nosed, and they’re not like West Coast investors. They want to understand exactly how they’re going to get their money back, and exactly how quickly,” he says.

Womack says the crowdfunding round would allow the company to expand manufacturing operations into Houston, deliver product faster, and invest in advertising.

“When we complete this round, and become completely self sufficient, we’re planning on moving to a $25 million valuation,” Womack says. “We can show, given money, we can scale the company.”

The city of Nassau Bay, next to NASA’s Johnson Space Center, has purchased towers and plans to purchase more, not for the production of food, but to grow ornamental flowers.

Womack says that city officials there found that it’s cheaper to grow the decorative plants themselves, rather than buying them.

The towers are adaptable, and can grow not only food but cannabis and other plants, and if buyers want to use them other purposes, that adds to the product’s appeal, Womack says.

Eden has also sold some towers to Harris County Precinct 2 and the city of Houston, as part of a project he says will turn food deserts throughout the area into “food prosperity zones.”

“Our goal is to be the farming equivalent of Boeing,” Womack says.

Teamwork makes the dream work, and this new investor alliance hopes to make Houston startups' dreams of seed funding come true. Getty Images

Investors join forces for citywide alliance to increase access to early-stage capital

Teamwork makes the dream work

Securing funding for your startup is now a one-stop shopping experience. Over 200 accredited investors have teamed up to create the Houston Investment Network Alliance — a platform that promotes investment opportunities and mentorship for early-stage companies.

HINA is a collaboration where participating investors can partner up to co-invest in startups, co-host investor events, and share opportunities.

Behind the alliance are four Houston investment entities: the Houston Angel Network, Rice Angel Network, GOOSE Society of Texas, and Cannon Ventures.

"HAN and the Goose Society have invested over $150M in early stage companies over the last decade. The appetite for startup investing continues to be alive and strong in Houston," says Stephanie Campbell, HAN managing director, in a release. "The birth of new groups like RAN and Cannon Ventures demonstrates a new and growing appetite for investment."

Each of the organizations have connections to Rice University and previously worked together on a sports technology-focused pitch night hosted at The Cannon, a West Houston coworking space lead by CEO and founder, Lawson Gow. Gow is the son of David Gow, owner of InnovationMap's parent company Gow Media.

The Cannon launched its own fund, Cannon Ventures, about seven months ago. It has four startup partners: SEATz, Win-Win, Data Gumbo, and SeeHerWork. Each Cannon Ventures startup partner will received anywhere between $100,000 to $400,000 of seed funding as well as access to space in The Cannon and its accelerator opportunities, Gow says.

Cannon Ventures has already also collaborated with the other HINA organizations. The Rice Angel Network is even based out The Cannon.

"We're increasingly co-investing with other angel networks," Gow says, "because it's hard to start a company and raise money, so the more we can do that to help Houston startups get the money they need."

According to Gow, Houston's thriving startup scene and deep pockets is a perfect opportunity for HINA.

"One of the great things about Houston is we've got a lot of money here," he says. "One of the most transformative things we can do for the startup community is get a lot of high-net worth individuals is get them off the bench and onto the field and activate them as regular angel investors into Houston-based startups. That's a really important goal of Cannon Ventures is to grow our membership base and get ore people involved."

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New Houston biotech co. lands $30M for pulmonary fibrosis drug

drug money

Most of us can claim a scar or two on our bodies. But when scarring develops inside the body, it’s known as a fibrotic disorder. A freshly launched Houston company, Oorja Bio Inc., is working on a treatment that can help to repair cells and reduce the damage wrought by the growth of fibrotic tissue in patients.

Late last month, Oorja Bio hit the scene with a pair of big announcements. Not only has the company raised a $30 million Series A thanks to founding investor California-based Westlake BioPartners, but it has also already paved the way for a Phase 2 study to take place this year.

Oorja Bio received Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA), allowing the company to test its treatment in patients with idiopathic pulmonary fibrosis (IPF), a scarring of the lung tissue. IPF affects more than 150,000 adults in the United States and can result in a range of symptoms from shortness of breath to organ failure and death as it progresses.

Oorja Bio’s lead drug candidate, ORJ-001, was shown in a Phase 1 in-human trial to demonstrate “therapeutically relevant exposure and favorable tolerability” in 64 healthy adult volunteers in whom it was administered daily or weekly, according to a news release. Pre-clinical studies of ORJ-001 showed durable target tissue engagement and biomarker activity in bleomycin-induced lung fibrosis.

Administered subcutaneously, ORJ-001 is intended to improve and even restore function in cells that can reduce the signaling that causes IPF. It stops advancement of IPF and also allows for tissue repair. Currently available treatments for the disease can slow the development of IPF down, but do not address the declining lung function that’s inherent in its progression.

“The clinical and preclinical results from our studies to date give us confidence that ORJ-001 represents a novel treatment approach with the potential to repair and reverse fibrosis and modify disease progression in IPF,” Dr. Janethe Pena, CMO of Oorja Bio, said in the release.

“Our team is energized to deliver on our goal of redefining the future of fibrotic diseases, beginning with ORJ-001,” CEO and founder Sujay Kango added. “As we advance ORJ-001 in the clinic, we are embracing the paradigm shift in our biological understanding of IPF pathology that aligns with the central role of the alveolar epithelium. ORJ-001 was designed with this biology in mind and may provide, for the first time, a therapeutic intervention that repairs and reverses fibrosis and promotes disease modification.”

Most patients live only three to five years following their IPF diagnosis. Soon, ORJ-001 and Oorja Bio could give them a fighting chance.

Axiom Space tops $525M in oversubscribed round, announces Swiss subsidiary

funding boost

Axiom Space tacked on an additional $175 million to a previously announced capital raise, bringing the oversubscribed round to a total of more than $525 million.

Axiom shared in February that it had secured $350 million in a financing round led by Type One Ventures and Qatar Investment Authority. In the latest release from the company, Axiom reports that Japan-based MUFG Bank Ltd. joined the round as a new investor, in addition to continued participation from existing backers.

The funding will go toward developing the company's commercial space station, known as Axiom Station, and the production of its Axiom Extravehicular Mobility Unit (AxEMU) under its NASA spacesuit contract.

“Investor interest in this round outpaced what we set out to raise, which speaks to the moment we’re in,” Jonathan Cirtain, CEO and president of Axiom Space, said in the news release. “Our partners see what is possible in low-Earth orbit, and they see who is positioned to lead it.”

Axiom announced last month that it planned to open a Japanese subsidiary July 1. Earlier this week, it also shared plans to establish Axiom Space Switzerland, a wholly owned subsidiary based in Lucerne that is also expected to begin operations this summer.

The Switzerland subsidiary aims to establish Axiom's presence in Europe and help it partner with the European Space Agency and other space organizations and companies on the continent.

“Europe is a founding leader in the creation of the commercial space economy, and Switzerland is uniquely positioned to convene the government agencies, research institutions, and industrial entities that will shape its next decade,” Cirtain added in a separate release. “Axiom Space Switzerland facilitates the scaling of development and deployment of the infrastructure that will succeed the International Space Station.”

Texas cashes in among 10 best U.S. state economies in 2026 report

State Economics

A new study gauging the success or decline in economic performance in every state has revealed Texas' economy remains stable in 2026 after it dropped out of the top five to No. 8 last year.

Texas boasts the No. 8 best state economy in the U.S. this year, according to WalletHub's annual "Best & Worst State Economies" report. The personal finance website's analysts ranked all 50 states and the District of Columbia across 28 relevant metrics to measure each state's economic activity and health status, and its "innovation potential."

Notably, Texas leads the nation for the most exports per capita in the U.S. in a five-way tie with Louisiana, Kentucky, North Dakota, and Indiana. Across the study's three main categories, Texas ranked highly for its economic activity (No. 7) and economic health (No. 11), and the state's "innovation potential" rank is the 24th best in the nation.

This is how WalletHub ranked Texas' economic performance, where No. 1 is considered the best and No. 25 is considered average:

No. 6 – Change in non-farm payrolls
No. 8 – Change in GDP
No. 8 – Startup activity
No. 11 – Annual median household income
No. 18 – Government surplus/deficit per capita
No. 21 – Percentage of jobs in high-tech industries
No. 30 – Unemployment rate

WalletHub previously ranked Texas one of the top three states to start a business in 2026, with Houston earning its own entrepreneurial acclaim in separate rankings of the best big cities for new businesses and for starting a career.

"U.S. economic growth depends heavily on the performance of individual states, and some contribute more than others," the report's author wrote. "For example, California, Texas, New York and Florida have economies so large that if they were countries, they would rank in the top 20 in the world."

The five states with the worst state economies in 2026 are Rhode Island (No. 47), Maine (No. 48), Louisana (No. 49), Kentucky (No. 50), and West Virginia (No. 51).

The top 10 best state economies for 2026 are:

No. 1 – Massachusetts
No. 2 – Washington
No. 3 – Utah
No. 4 – California
No. 5 – Delaware
No. 6 – North Carolina
No. 7 – New York
No. 8 – Texas
No. 9 – Colorado
No. 10 – Florida

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This article originally appeared on CultureMap.com.

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