The Big Idea Competition, a “Shark Tank”-style pitch competition hosted annually by the Institute for Innovation and Entrepreneurship (IIE) at The University of Texas at Dallas, returned to the big stage April 17 with a little bit of added intrigue as seven competitors vied for top investment prizes in two categories.
For the first time, the guest judges had the discretion to decide the amount of prize money awarded to each startup team.
“We believe that granting the judges greater discretion in determining the recipients of prize money would not only enhance their engagement but also introduce an element of intrigue for the audience,” said Leon Jacobson MBA’22, assistant director of IIE.
In the student competition, digital platform FoodiFy won the top prize of $10,000. Founded by psychology senior and Eugene McDermott Scholar Anisha Holla, FoodiFy connects social media influencers with restaurant owners who then pay the influencers to taste-test the food and post about the restaurants. According to Holla, FoodiFy has worked with 25 restaurants in North Texas and is on track to make $1.5 million in gross revenue this year.
“Winning this competition will allow us to build out the restaurant outreach team we’ve needed for so long,” Holla said. “We already have over 250 influencers across the United States on our platform; we have our technology in place; and we have the track record of helping over 20 restaurants in Dallas grow their lines. Now it’s just a matter of reaching new restaurants that could use something like this, not only in Dallas but across the U.S.”
Step Up, led by business analytics graduate student Asad Moulvi, was awarded $8,000. The mobile application helps students prepare for standardized college admissions tests by gamifying the study process and using artificial intelligence (AI) to source study questions. Step Up also won the Audience Choice Award, which was presented for the first time, with 36% of the votes.
Two companies received $1,000 each: Yong Bros, a game development studio led by finance senior Ralph Yongoueth, and Sesame, led by computer information systems and technology senior and National Merit Scholar Ananya Sammidi and computer science senior Aditi Mungale. Yong Bros creates games that combine innovative mechanics with strong intellectual property-focused content on the Roblox platform. Sesame is an AI-powered platform that organizes digital file storage systems like Google Drive and Box.
In the alumni competition, Rick Tett MS’21 and his team at Glydr — an innovative dual-pedal controller that allows video game players to incorporate their feet into gameplay — won the $10,000 top prize.
“Winning the Big Idea Competition as an alum of this great school means a lot to me,” Tett said. “The timing was great because the prize money provides the funds we need to build our branding and our new website, where we will be taking preorders.”
Glydr recently closed an oversubscribed Kickstarter campaign in which the team sold 453 of its controllers.
Two companies were awarded $5,000 each. Prosper AI, led by founder and CEO Andrew Denton BS’15, MS’20, is a career-matching platform that uses AI to facilitate quality hiring decisions efficiently. PriceTect, led by Sahil Patel MA’23, focuses on improving the change order process for construction projects by using AI-driven cost estimates.
“The Big Idea Competition is a cornerstone event that ignites the creative minds of students, alumni and researchers,” said Carol Marcus-Rehtmeyer, executive director of IIE. “It provides a platform to showcase groundbreaking ideas and transform them into viable businesses. This competition is more than just a contest; it’s a celebration of innovation that empowers participants to bring their entrepreneurial visions to life, fostering a vibrant ecosystem of growth and discovery.”
The competition’s judges were Herb Weitzman, founder and executive chairman of Weitzman; Michael Gorton MS’88, co-founder of Teladoc Health; Kevin Lavelle, founder and chairman of the board of Mizzen+Main; and Lynn McBee, CEO of Young Women’s Preparatory Network.
Sponsors of this year’s competition included the McKinney Economic Development Corporation, Vela Wood, Baker Tilly, Silicon Valley Bank and JPMorgan Chase & Co.
Startups’ Pitches Add Personal Touch at Commercialization Finals
The Research Commercialization Track finals of the 2024 Big Idea Competition provided an opportunity for faculty members and research associates from The University of Texas at Dallas to receive funding for spinning their academic research prowess into business ventures.
Presented by the Institute for Innovation and Entrepreneurship (IIE) and held April 5 at the Headquarters for the Richardson Innovation Quarter, the event featured personal stories from participants that brought their innovations into perspective.
BackStop Neural, which is developing a system to stimulate the spinal cord with electrodes encapsulated with a polymer for the relief of chronic neck and arm pain, won the $15,000 top prize. Dr. Jason Carmel, chief medical officer, co-founded the company after his twin brother injured his spinal cord in a diving accident, paralyzing him from the chest down.
Connie Manz MS’13, co-founder and CEO of BackStop Neural, said the response to her team’s presentation was encouraging.
“There is a long way to go, but it shows we are on the right track,” she said. “We want our product to really connect with people.”
Dr. Walter Voit BS’05, MS’06, UT Dallas associate professor of materials science and engineering and of mechanical engineering, is president and co-founder of the company. Biomedical engineering graduate Pedro Rocha PhD’23 is the company’s senior product engineer.
John Yoo BS’19, whose father had a history of heart attacks, represented Sancorda Medical, a 3D coronary artery visualization and operation planning platform that won $4,000 in the competition. He described how the company’s technology assists in identifying potential ruptures and optimizing stents, thereby reducing hospital readmissions.
Electrical engineering doctoral student Soroush Senemmar presented PowerWatch.ai, a real-time monitor for energy systems with predicted maintenance via artificial intelligence-based fault detection, which won $1,000 in the competition. It can detect faults at an early stage and can help reduce operation and investment costs, Senemmar said.
“I think we have a chance to make a real difference in a low-cost way,” he said.
One of the judges, David Stark, former chief legal officer of Teva Pharmaceuticals, was impressed by the balance in each presentation.
“I was surprised in how thoughtful it was from the idea to approval pathway and commercialization,” he said. “I was also surprised at the sophistication. I know the University provides support, and they do a great job of training students to research for the end game.”
Leon Jacobson MBA’22, assistant director of the IIE, said the personal stories connect with the audience.
“These stories can be an important part of helping people understand the need for innovation, and they connect with potential investors because we have all been in a situation where a solution might have made a difference in our lives or for someone we know,” he said. “Unfortunately, innovation often comes out of a very difficult situation. But the hope is that it can change things for the better.”
This story was reported and written by freelance contributor Eric Butterman.