Rice University Prepares for Annual Business Plan Competition
The Rice University – Jones Graduate School of Business is preparing for the 16th annual Rice Business Plan Competition, which will run this Thursday through Saturday at Rice University.
The competition has been recognized around the world as the richest and largest startup competition for students. During the event, students pitch their businesses to judges who evaluate the teams as if they were investors. And it’s not all pretend — almost 60% of the judges are real investors, providing students with an incredible opportunity to forge real-life connections and win real-life money. The winner of the competition is awarded a prize worth over $300,000, which includes seed funding and invites the winning team to ring the Nasdaq MarketSite closing bell. The total amount awarded in prizes each year is roughly $1.3 million.
Despite a recent downturn in the energy industry’s economy, several companies offer their support and incentives for the competition, including companies such as Cisco, Indus Entrepreneurs and the GOOSE Society of Texas.
Forty-two teams are slated to compete in the upcoming competition, including companies like Sensytec. Created by Rice undergraduates Kevin Cho and Dylan Senter, Sensytec makes a smart cement able to detect pressure, cracks and other damages by sending electrical impulses into a cement mixture with metal fillings.
Judges such as Kemal Anbarci, the managing executive of Chevron Technology Ventures, enjoys acting as a judge for the event because it helps him stay up-to-date with changing technology. Since the beginning of the competition, Chevron has invested in over 70 companies and 17 venture funds. They currently hold 35 active investments with four located in Houston. Given the recent economic downturn in the energy industry, Anbarci seeks companies that are already prepared to put their product to work.
Rice University will have two teams competing in the event: Arovia, a team of two students in the MBA program, and Skylark Wireless, which consists of doctoral students in electrical engineering. Both of their products could have huge impacts in the technology field.
“It’s a glimpse to the future,” said Anbarci. “We need to see what’s coming our way.”
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Alanna Shaffer
Staff Writer, covering MetroMBA's news beat for Atlanta, Houston, and Dallas.
