2022 Big Idea Competition
Center for Innovation & Commercialization's Big Idea Competition supports entrepreneurial spirit within the UTRGV student body
(November 1, 2022) RIO GRANDE VALLEY, TEXAS – The third annual Big Idea Competition, hosted by the UTRGV Center for Innovation and Commercialization (CIC), brought together students, staff, faculty, alumni, investors, and the Rio Grande Valley entrepreneurial-minded community to witness student finalists pitch innovative startup ideas to a panel of judges in a Shark Tank-like event.
"The Big Idea [Competition] was a well-thought-out event with great execution," said PETE FLORES of SCORE. "I had the honor of being a judge and a mentor to two of the teams. I was deeply impressed with the ingenuity of the presentations along with the poise and professionalism of the presenters. I am extremely proud of the students."
The competition, held in person this October, provided the chance for UTRGV students with business ideas to win prize money that can help further develop their ideas. 13 finalists deemed to have the best potential to commercialize competed for more than $5,000 in total prize money. Awards went to the three teams with the top overall ideas, and to special category winners as part of the larger Blackstone LaunchPad Ideas Competition. Winners of these special categories -- Social and Climate Impact, Health & Life Science, Consumer Products & Services, and General -- qualified automatically for the national level of Blackstone LaunchPad's Ideas Competition, providing the chance for each of these teams to compete to win an additional $10,000 to launch their ventures.
"Coming back as an Alum to support the Big Idea Competition Finale was both an exciting and inspiring experience," said YAW SAM , Founding Partner and Chief Marketing Officer at Brand Geniuz, who served as a competition judge. "The amount of talent and passion that was demonstrated by the finalists in the competition is a testament that there is so much potential for innovative ideas and business development here in the Rio Grande Valley. The UTRGV Center for Innovation & Commercialization is shaping the next generation of entrepreneurs and I'm excited for the impact that will have in South Texas."
Nearly 100 people in the audience watched the competition, including faculty and staff from the Robert C. Vackar College of Business and Entrepreneurship, local angel investors and entrepreneurs, family and friends of the competitors, and a group of 15 competition judges and mentors comprised of experienced business owners and professionals across the Rio Grande Valley.
"Having taught courses like New Venture Creation and Foundations of Entrepreneurship, I tell the students, I know one of you in here can come up with an idea that you can take to market and rattle the incumbent, and really disrupt an industry," said UTRGV College of Business & Entrepreneurship faculty member EDUARDO HINOJOSA . "And one of the best resources you have as a student is at the Center for Innovation and Commercialization. This gem of a facility... is where (students) can take their idea and assemble resources for the research and development phase associated with proving their idea's worth. That is why I love the Big Idea Competition. It really allows students to see how the idea goes from a thought in their mind to potentially an attractive market opportunity."
FOCUS ON STUDENT SUCCESS
UTRGV student WAAED KHUFFASH took first place overall and won the Health & Life Sciences special category for “Expander,” an alternative to braces and Invisalign that would assist in correcting craniofacial dystrophy or improper facial growth, addressing symptoms such as crooked teeth, TMJ, and sleep apnea.
"I had a lot of fun at the Big Idea Competition and am so grateful that I got to work with my mentor, Adrienne Wheatly. I really want to make a change; I really want this device to exist here in the Valley, here in the U.S.," Khuffash said. "It meant a lot to me that the audience appreciated what I had to say and that they wanted to fund my project. Now I can get started, I can talk to experts, I am so excited to start prototyping!”
The two-person team of UTRGV students DAVID MORALES and TAYLOR VLACH took second place overall and won the General Category with their venture idea, Ja-Ha Comedia Lounge. This venture seeks to be the premiere comedy club in the Rio Grande Valley, seeking to provide high-quality and accessible entertainment in both English and Spanish.
"All the competitors were really strong. This was a great turnout, and we were happy to be a part of it,” said Vlach. “Tomorrow, we start on our venture!”
“While preparing for this competition was very tough and a quite stressful,” Morales said, “it was all worth it at the end, I met great people and had an amazing time.”
UTRGV student LUIS ACOSTA took third place overall and won the Consumer Products & Services special category with V-Line, an on-campus food delivery service for students to have food handed to them right outside their requested buildings for ultimate convenience. V-Line would utilize student workers, capitalize on V-bucks as a payment option and incentive, and keep profits local.
"All eyes are on you; your hands get clammy and your voice squeaks. Don't be nervous, you tell yourself. You give it your all and feel your stomach drop but realize you did it,” Acosta said. “I honestly didn’t know what to expect, it could have been anybody. But I was very excited and felt a rush when my name was called."
UTRGV student MIGUEL RAMIREZ won the Social & Climate Impact special category for “School Bucks,” an online academic NFT marketplace where students who complete tests are awarded digital plaques that can be kept for bragging rights or traded in for digital coins. With these digital coins (called School Bucks or SBC for short) students can unlock exclusive courses from top instructors.
"This competition was a huge opportunity to complement my Computer Science education with a very practical and valuable entrepreneurial experience that makes me a more well-rounded innovator," Ramirez says. "To be a great programmer in the modern era it's not enough to be familiar with the bleeps, the bloops, and how to create an application; it is vital to be able to show people how their lives will be made better through your efforts."
In all, 45 students and student teams applied for the October 20 competition. 17 reviewers evaluated the submissions and narrowed the competition pool to a final 13 student competitors. Director of the Center for Innovation & Commercialization LAURIE SIMMONS said that opportunities like the Big Idea Competition and the Rafael Munguia Business Plan Competition -- coming up this spring and currently accepting applications -- are a good way to encourage and support new ideas from across the region.
“Through our center and our competitions, we hope to help the next generation of entrepreneurs turn great ideas into great businesses,” said Simmons. “No matter what ultimately happens with the ideas, we hope the experience and knowledge gained through the competition will be of benefit to the students long after the event.”
The Big Idea Competition was made possible by Blackstone LaunchPad and the V.F. (Doc) and Gertrude Neuhaus Chair for Entrepreneurship, Dr. Russell Adams.
ABOUT BLACKSTONE LAUNCHPAD
The Blackstone LaunchPad network makes entrepreneurship and entrepreneurial skills accessible and relevant for all college students to help them build thriving companies and careers. We work with higher-ed institutions to deliver proven startup resources, facilitate access to a global network of mentors and advisors, and offer unique virtual and physical convening opportunities so thousands of diverse college students can go further, faster. Students learn by doing, gaining knowledge and critical skills to help them succeed as a founder or contributor to the innovation economy. LaunchPad’s ever-expanding network encompasses campuses with predominantly underrepresented populations.
See UTRGV Newsroom's video coverage of the 2022 Big Idea Competition below!
Check out our instagram reel of the big day:
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