Resources for Illinois Innovation, Entrepreneurship, and Incuabator Communities

The Illinois University Incubator Network (IUIN) and the University of Illinois EDA University Center are led by EnterpriseWorks at the University of Illinois Research Park.

The Research Park and EnterpriseWorks staff have curated an online list of regional, state, and federal COVID-19 resources. They are also producing and broadcasting virtual events and workshops that are open to the public and feature timely and relevant topics during this time for Illinois innovation and entrepreneurship communities. Consider joining the Research Park listserv by sending your request to rp-announce-l-request@lists.illinois.edu.

IUIN Peer Webinars

Peers from Illinois university incubators are invited to join an online gathering to share resources and best practices on how we are responding to the impact of COVID-19 on our incubator operations and clients. We meet via Zoom approximately twice per month (dates/times vary). Contact Cheri Soliday at csoliday@illinois.edu for more information.

IUIN Peer Resource Sharing

We have also created a COVID-19 Resources folder in the IUIN Resource Space on Box.com. The COVID-19 folder includes archives from IUIN Peer webinars as well as additional resources. These spaces require an invitation or login credentials (if already invited). Access is restricted to leaders and staff of Illinois incubators and entrepreneurship programs. If you do not have access (or your access has expired), reach out to Cheri Soliday
at csoliday@illinois.edu.

IUIN member, Southern Illinois University Carbondale (SIUC), hosted a Small Business Innovation Research (SBIR) Workshop on November 18, 2019 at the Dunn-Richmond Center in the SIUC Research Park. A live webinar and moderation of the workshop was offered at four additional host locations throughout Illinois. Individuals viewing at home also had access to a live stream of the workshop. Seventy participants, which included small business owners, researchers, entrepreneurs, innovators, and community members, joined the workshop to learn more about SBIR funding.

The workshop was designed for participants at all levels of interest. An existing startup company was not required to participate. Roland Garton, an SBIR consultant affiliated with the Illinois University Incubator Network, provided a comprehensive overview of SBIR basics as well as a deeper-dive on the process of preparing, submitting, and executing SBIR awards. Participants who attended the workshop on-site at SIUC had an opportunity to schedule a brief-one-on-one session with Roland to discuss their specific technology or proposal idea. Participants who attended one of the hosted webinars had an opportunity to schedule a brief teleconference with Roland later that week.

The IUIN, in partnership with the Illinois Small Business Development Center Network, the IL PTAC at Western Illinois University, and the Southern Illinois University Carbondale Research Park, collaborated to produce the workshop and webinar. Webinar host locations throughout Illinois included the Illinois PTAC at Joseph Center, Forest Park, IL; the Illinois SBDC for the Metro East at SIUE, Edwardsville, IL; the Illinois SBDC at Western Illinois University, Macomb, IL; and the Illinois PTAC at the Women’s Business Development Center (WBDC), Chicago IL.

Frieda Curry, Managing Director of the WBDC in Chicago, was pleased with the workshop and local participation. “Roland delivered an excellent introduction-to-SBIR presentation. The Small Business Innovation Research program is an exciting opportunity for innovators and researchers, but it can be complex, confusing and overwhelming. Organizing the presentation into four distinct parts that separated and categorized the components of SBIR, helped keep the wealth of information from blending together. The WBDC workshop participants left feeling encouraged that they had enough information to help them start the ‘if, why, how, expectations’ thinking-process to determine if this is something they should pursue,” shared Curry.

This is the second small business collaborative that the IL PTAC at Western Illinois University has coordinated for the State of Illinois business community. “We have a very strong business network in Illinois and we are using innovative ways to maximize our resources to strengthen Illinois research,” said Theresa Ebeler, Center Director of the IL PTAC at WIU – who was instrumental in coordinating technology and host locations for the webinar component.

About Small Business Innovation Research (SBIR)

The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation’s R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs.

About the Workshop Organizers

The Illinois University Incubator Network is led by EnterpriseWorks at the University of Illinois Research Park. Funding support for this workshop is provided by grants from the U.S. Economic Development Administration.

The SIU Research Park in Carbondale is home to the Dunn-Richmond Economic Development Center and the SIUC Small Business Incubator. A catalyst for innovation and entrepreneurship development in southern Illinois, the SIU Research Park provides support for entrepreneurship and economic development within SIU and throughout the region south of Interstate 64.  

Illinois Small Business Development Centers are located throughout the state and provide information, confidential business guidance, training and other resources to start-up and existing small businesses. The Illinois SBDC is funded in part through a cooperative agreement with the Illinois Department of Commerce and Economic Opportunity and the U.S. Small Business Administration.

Illinois Procurement Technical Assistance Centers are a portal for small businesses looking to enter the world of government contracting. The centers provide one-on-one counseling, technical information, marketing assistance and training to existing businesses interested in selling their goods and services to local, state, and/or federal government agencies. The IL PTAC at Western Illinois University is funded in part through a cooperative agreement with the Defense Logistics Agency, the Illinois Department of Commerce and Economic Opportunity, and Western Illinois University.

December 2, 2019.
Contributors: Cheri Soliday (IUIN), Theresa Ebeler (IL PTAC), Deborah Barnett (SIUC)

The EDA University Center at the University of Illinois at Urbana-Champaign seeks consulting proposals for an Entrepreneur in Residence (EIR) Program that will serve startup ventures and prospective entrepreneurs in downstate Illinois (south I-80). The areas of expertise requested include:

• Agriculture innovation and technology
• Biomedical or healthcare innovation and technology
• Innovation and technology related to national security and defense

For more information about the EIR program and proposal requirements, download and review the RFP. Proposals received by September 30, 2019 will receive full consideration.

The EDA University Center is led by EnterpriseWorks at the University of Illinois Research Park. Funding support for the Center and the EIR Program is provided by the U.S. Economic Development Administration through a five year grant (2016-2021).

Approximately 1 in 3 senior citizens experience a fall each year and falls are the leading cause of death by an injury among those aged 65 and older.

Surefooted LLC, an Illinois startup, is developing a nascent type of physical therapy equipment with the potential to revolutionize fall prevention. The Surefooted Trainer (“Trainer”), which was developed by Surefooted’s CEO Udai Jayakumar MD, MBA, and COO Brad Taras, MBA, consists of a shifting platform that allows users to safely walk along using a harness. The Trainer aims to improve subjects’ balance skills and enables people to develop and strengthen neuromuscular reflexes.

In recognition of their work, the National Institutes of Health (NIH) has awarded Surefooted the Phase I STTR grant award for $222,737. Funding from the Small Business Technology Transfer (STTR) program will be used to carry out a 12-month project to further develop and test the efficacy of the Trainer in collaboration with Tanvi Bhatt, PhD PT. Dr. Bhatt is an Associate Professor in the Department of Physical Therapy at the University of Illinois at Chicago.

The highly competitive SBIR/STTR program encourages small businesses to participate in federal research and research development. With 2.2 billion dollars set aside annually to support the financing of technologies for small businesses, the SBIR/STTR uses funds to advance scientific research and promote technological innovation.

With funding from a grant through the Illinois University Incubator Network, Anna Lisa Somera provided counseling assistance with Surefooted’s STTR funding application. Such counselling services are awarded to select companies via a competitive application process. Awarded companies are required to be associated with a university and be referred by an incubator within the Illinois University Incubator Network.

“Our end goal is to redefine the standard of care in fall prevention and that goal just became a lot more achievable thanks to this STTR grant,” said Jayakumar.

For more information about Surefooted LLC and the Surefooted Trainer, visit their website.

According to the National Kidney Foundation, about one in ten people will develop a kidney stone. Oxalo Therapeutics, a University of Chicago (UC) biotech startup, is developing a drug to treat and prevent kidney stones. The startup is run by assistant professor of medicine at UC, Dr. Hatim Hassan, and a Chicago Booth MBA student, Yang Zheng.

The National Institutes of Health (NIH) has awarded Oxalo Therapeutics a $2.3 million grant for a first-of-its-kind drug. Continued development of Oxalo’s ground-breaking therapy would not be possible without this funding award, which is part of the Small Business Technology Transfer (STTR) program. The SBIR/STTR program supports scientific excellence and technological innovation through the investment of Federal research funds in critical American priorities to build a strong national economy.

Oxalo also received assistance from IUIN SBIR consultant, Anna Lisa Somera, while preparing their funding proposal. Thanks to a grant from the EDA Economic Adjustment Assistance program, eligible companies can also apply to receive free counseling to assist with SBIR/STTR funding applications.

This is not the first time Oxalo Therapeutics has received funding for their biotechnology startup. In December 2017, Oxalo received $250,000 from the UC Innovation Fund and $25,000 from Booth’s New Venture Challenge in May. Most recently, Oxalo Therapeutics was awarded $75,000 and named a Platinum Winner of MassChallenge, the global nonprofit startup accelerator and competition which helps startups to grow their businesses. Oxalo was one of 26 Finalists from the 2018 MassChallenge Boston cohort of 128 companies, which were selected from a pool of 1,600 applicants.

Sources: The Oxalo Therapeutics STTR award was originally reported by Crain’s Chicago Business. For more information about Oxalo Therapeutics, visit their website at https://www.oxalotherapeutics.com/.

While Champaign-Urbana has been an epicenter for AgTech startups to flourish, the Illinois University Incubator Network was able to leverage that expertise to help a Peoria-area startup take the next step from dream to reality.

Based in Tremont, Ill., Digital Dipstick founders, Travis Cage and Allan Dikeman, are addressing some problems facing farmers who use large engine equipment: How do you efficiently monitor engine fluid levels to prevent costly damage resultant from leaks or otherwise low fluid? Digital Dipstick developed a sensor, the Digital Oil Level Indicator (DOLI), which monitors lubricated components like diesel engines and hydraulic pumps. This tool provides machine operators real-time information that can avoid catastrophic engine failure.

Cage and Dikeman had know-how and a solution to a problem they knew large engine owners were experiencing but they did not have the funds to deliver the solution.

The team was advised to contact the University of Illinois Research Park’s incubator, EnterpriseWorks, which hosts the Illinois University Incubator Network. There Digital Dipstick received assistance through two programs designed to help entrepreneurs from communities in downstate Illinois.

First, Digital Dipstick tapped into Shared Services through EnterpriseWorks. This program puts together interdisciplinary teams of University of Illinois students to do short-term projects for qualifying entrepreneurs. Cage and Dikeman received business strategy advice on customer discovery using phone surveys and product market fit which they then used in their SBIR grant application.

The EnterpriseWorks SBIR Technical Assistance program provides experienced consultants to help clients prepare and submit SBIR grant applications. With a tight 4-week timeline to complete a proposal for the intensely competitive award, they tapped into the SBIR Technical Assistance Program to help. Dikeman, himself, recalls “it was a long shot” and that their SBIR Consultant, Anna Lisa Somera, was essential to their success. The $224,000 they’ve been awarded provides funding for a six-month feasibility study. They can later apply for Phase 2 additional fund, which can amount to more than $750,000.

The Digital Dipstick team approached EnterpriseWorks after benefiting from two local programs in Peoria, including the 5-week Keystart program sponsored by the Greater Peoria Economic Council and Bradley University’s Brave Launch business accelerator.

The Brave Launch business accelerator program focuses on customer research, which helped Digital Dipstick learn that their customers were looking for something a little different. With that knowledge, they adapted and won the Brave Launch pitch competition’s Best Pivot award. The program, Dikeman stated in our interview, “set us up really well for the NSF seed fund through SBIR” which they applied for with University of Illinois Research Park support.

Allan and his partner were very happy to have found in the Greater Peoria area “a stellar startup community” with mentors and resources that helped them adapt. The services Dipstick Guy utilized took the company from a “zero-business-experience” situation to an “all-star-business-know-how” scenario.

Digital Dipstick is continuing to grow. They announced a new product in development which will monitor wells. Allan Dikeman shared advice for future entrepreneurs:

Find the people in your area who are already business experts, who have already been through the trials and tribulations. If you are young, I suggest moving to where ever that hub is.

For more information about:

Illinois University Incubator Network (IUIN): http://www.illinoisincubators.org/about/

IUIN SBIR Technical Assistance Program:
http://www.illinoisincubators.org/resources/funding-support/

IUIN Small Business Assistance Program:
http://www.illinoisincubators.org/resources/small-business-assistance/

For more information about EnterpriseWorks:
http://www.researchpark.illinois.edu/enterpriseworks

BLOOMINGTON, Ill. — United by their civic-minded entrepreneurial talents and empowered by Illinois Wesleyan University’s $5,000 bi-annual Entrepreneurial Fellowship grant, Liam Keffer ’20 (Evergreen Park, Illinois), Benjamin Sestak ’19 (Springfield, Illinois) and Zachary Walsh ’20 (Lombard, Illinois) are developing an online specialty clothing store – Unity Threads – which caters to the needs of children with disabilities.

The trio of business administration majors will utilize their monetary award, presented during the spring of 2018, to open a small business bank account, trademark the company name, purchase materials, create and then market prototypes on their website, and accomplish what seems like hundreds of other small details needed to launch Unity Threads.

“Our goal is to make any child or teen that wears Unity Threads feel no different than the kid sitting next to them,” the Unity Threads entrepreneurs explained in their business plan.

Unity Threads is designed to be a “one stop shop” for families who have children with Down syndrome and other disabilities, rather than resorting to expensive tailors or subpar retailers. The entrepreneurs will have the clothing designed to comfortably fit specific body dimensions, while also making the aesthetic appeal of the clothes a top priority. They feel that by offering a hassle-free way for parents to purchase stylish, quality clothes for their children, the children will experience a confidence boost in their everyday lives.

“If nothing else, we hope that our clothes can give these children and their families a sense of confidence and comfort,” Sestak said. “We want to make it easier on the families to find clothing that is comfortable, convenient, cost-friendly, and of good quality to last their children for years.”

The idea for Unity Threads grew from a conversation between Keffer – who serves as CEO – and a family member who has a child diagnosed with Down syndrome regarding the difficulty of finding suitable clothing for her child. A variety of mentors through Coordinator of Entrepreneurial Activities and Adjunct Instructor of Business Administration Tara Gerstner’s entrepreneurship course – such as Dave Breen, CEO of Special Olympics Illinois – have met with the three entrepreneurs and said they see firsthand the need for such a company.

In addition to business planning, project management and other business-related skills that were necessary to bring Unity Threads to where it is today, Sestak – who serves as Chief Operating Officer (COO) – believes that his involvement in the project could not have been possible without an Illinois Wesleyan education.

“Most importantly, the wide variety of knowledge I have gained through my liberal arts education has allowed me to widen my scope on the business,” Sestak said. “Whether it is marketing, economics, writing, finance, or organization of the business, the knowledge I have gained from professors and mentors at IWU has helped me in ways that I could have never imagined.”

Although the group’s initial focus was toward children with Down syndrome, the sensory-friendly and easy-to-maneuver clothes can also be comfortably worn by children with other disabilities as the company develops, including Asperger syndrome, autism, cerebral palsy, and Rett syndrome.

To further their mission to improve the lives of disabled children, the entrepreneurs also plan to give customers the option to donate a fraction of their purchase to a charity of their choosing which supports children with certain developmental disabilities.

“It is of utmost importance to put a smile on the kids’ faces, to let them know that we are here thinking of them, and that they deserve to be confident and stylish just as much as anyone else,” Sestak said.

Keffer, Sestak and Walsh collaborated to earn the fifth Entrepreneurial Fellowship award, which was established with funding support from Illinois Wesleyan alum Marc Talluto ’94. Previous winners include David “Nico” Lopez ’21 for developing a mobile meme game app, Claudia Richman ’19 for her lacrosse-themed apparel, Cameron Loyet ’18 for launching a company marketing honey-based gourmet chocolate bars, and Tim Leiser ’16 for developing an app to help nonprofits track volunteer hours.

Applications for the next round of funding for the Entrepreneurial Fellowship will be available online beginning in the fall: www.iwu.edu/business/entrepreneurial-fellowship.html.

Entrepreneurs across the country are constantly testing their food and beverage offerings, but where they test them matters. Just because something works on either coast doesn’t mean it’ll take off nationwide, says Alan Reed, executive director of Chicagoland Food and Beverage Network. “But if things work in Chicago, you probably have a nationwide success on your hands ,” Reed says.

Chicago is unique in that not only does it already have a massive food and beverage infrastructure — more than 4,500 food and beverage companies are based in the greater Chicagoland area alone, including large global companies like Mars Wrigley, PepsiCo, and KraftHeinz — but it supports start-ups like SimpleMills, Tiesta Tea, and RXBar because the city is loaded with a wealth of resources here, food and beverage industry talent, and expertise that’s hard to find elsewhere.

Chicago’s deep food and beverage history is among the reasons Dan Klein, CEO of Tiesta Tea, decided to launch their new business in Chicago rather than California, which was a contender. He and his partner, Patrick Tannous, grew up in the suburbs of Chicago, went to school at the University of Illinois at Urbana-Champaign and the University of Illinois at Chicago, respectively, and all of their connections were in Chicago.

“The Chicago food market is extremely innovative yet entrenched in history as there are so many iconic food brands and companies based in the Chicagoland area, such as Kraft, McDonald’s, Vienna Beef, and there is a great support network in Chicago for young food entrepreneurs looking to get a product off the ground,” says Klein.

What really helped their business take off was the ability to test new things in a market that wasn’t too small or too large and receive feedback they could apply immediately.

“Chicagoans are open to trying just about anything, but are usually not trendsetters when it comes to food innovation,” admits Klein, who feels he sees more of that on the West Coast. What’s surprised him, though, about launching their company in Chicago is that testing a product in the Midwest is a great way to understand its scalability.

It doesn’t surprise Reed who feels Chicagoland is made up of a great cross-section of U.S. consumers. “It is a place where hip, urban Millennials live, as well as savvy suburban shoppers,” he notes. “Chicago is a real bellwether of success in the U.S.”

Groups like the Chicagoland Food and Beverage Network, FamilyFarmed, 1871 Chicago, and The Hatchery, among other incubators and networking organizations, are only helping budding food and drink entrepreneurs like Tiesta Tea.

“Chicagoland being a ‘test market’ for food and beverage is already happening,” adds Reed.

Still, Reed says, the food and beverage industry is changing quickly so a siloed approach just isn’t an option any longer for companies. “By building a network and a food and beverage community here in Chicagoland, we are creating ‘The Silicon Valley of Food & Beverage’ by helping foster the kind of community and collaboration that will help to create the next iteration of the food & beverage industry in the U.S. and globally.”

The size, scale, and unique makeup of the industry here, with big, small, and everything in between, put into an eco-system of highly talented and creative companies and individuals, make Chicagoland a unique and gigantic petrie dish, according to Reed.

“What works here, will work in the rest of the U.S.” he says. “And driving industry to lead and create the future is both exciting and worthwhile. The future of food and beverage is getting created here in Chicagoland.”

CARBONDALE, Ill. — Do you have a great idea for something that would enhance agriculture, rural health care, rural communities or the environment?

Government funding is available for innovative research and development focusing on those topics. Learn more about a program that helps people convert a concept into a proven, commercialized product at a June 28 informational workshop at Southern Illinois University Carbondale.

The Small Business Innovation Research (SBIR) Program workshop is set for 9 a.m. to noon at the Dunn Richmond Economic Development Center, located at 1740 Innovation Drive in Carbondale.

SBIR Program created to stimulate innovation with seed capital

The goal of the SBIR program is to stimulate technological innovation and it works by providing seed capital for early stage research and development of products or processes that could have commercial potential. The program is designed to increase commercialization of private sector innovations.

Entrepreneurs and businesses seeking the funding will participate in a highly competitive proposal process.

Provides grant to cover cost of R&D

The program provides recipients with numerous benefits, including funding to cover the costs of research and development so entrepreneurs don’t have to give up equity in their company or sacrifice the rights to their intellectual property.

The funding isn’t a loan, though; no repayment is required. Successful applicants can even apply for additional funding to continue development of their technology.

The workshop will provide details about the program, how to apply and what is entailed.

Wide range of beneficiaries

Innovators, entrepreneurs, small businesses and people with novel ideas for business startups will all likely find the workshop worthwhile. Organizers say that anyone with good ideas and solid research for a commercial product which could benefit the country is welcome to attend the free event.

Register now

Although there is no cost to attend, pre-registration is required. Sign up for the SBIR Program workshop online by June 25.

For more information, email Susan Odum at sodum@illinois.edu.

Event co-sponsors include SIU, the Illinois Small Business Development Center at SIU, SBIR: America’s Seed Fund, the University of Illinois Extension – College of Agricultural, Consumer and Environmental Sciences and the United States Department of Agriculture.

EDWARDSVILLE – Southern Illinois University Edwardsville is offering a new summer camp experience for high school-aged students interested in entrepreneurship. The SIUE Summer Entrepreneurship Academy, a five-day camp, will give ninth through 12th grade students an opportunity to work on the technical and interpersonal skills necessary to be a successful entrepreneur. The camp will end with the students pitching a business idea to a panel of local entrepreneurs.

Katherine Robberson, an instructor with the SIUE Department of Management and Marketing, explained that there are other programs similar to the SIUE Summer Entrepreneurship Academy offered across the nation. “The one closest to us is at SLU,” she said.

Robberson also explained how the SIUE camp would operate.

“Students participating would be placed in teams and challenged to find an innovative idea to build a business plan and pitch,” she noted. “It’s going to focus a lot on how you take this idea and turn it into a business. Whether it’s a service project, a product, something that is a non-profit, or something related to a cause. It doesn’t really matter what the idea is. It’s more about the process of turning it into something viable.”

She also emphasized that the students need not come with a business idea in mind but just with an entrepreneurial spirit.

The camp takes place from 9 a.m. to 4 p.m. on the SIUE campus from June 18 to June 22. During the week, the campers will spend the morning with current SIUE faculty learning about marketing, and financial planning for a business.

“We’ll also look at how you research your customer, how you research your marketplace, and we’ll teach them business planning strategies,” Robberson said.

“Then in the afternoon they’ll do a lot more hands on application and team building,” she added. “We will be working in teams to making these ideas flourish.”

The students will take two field trips during the camp. One will be to Code 3 Spices, based out of Collinsville.

“It’s a local startup that has grown wildly. So the students will get to see kind of the production side of entrepreneurship, and they are actually going to serve students lunch,” Robberson pointed out. “They are going to barbecue and show the students the process of these dry rub spices that they make and manufacturer in Collinsville.”

Robberson said that the second filed trip will be to T-Rex, an entrepreneurial think tank in St. Louis.

“So they’ll get to see what it looks like when entrepreneurs sit down, strategize and brainstorm and also what that creative side of entrepreneurship looks like,” she noted.

The week-long experience will end with a pitch competition to a panel of local business owners and entrepreneurship experts. “If they watch ‘Shark Tank,’ it’s less brutal but similar in nature that by the end of the week, they will have a practice pitch and they will deliver that pitch to a panel of local entrepreneurs who will give them feedback in a much more kind way. But they will also walk away with a business plan and some understanding of what it really takes to get something like this off the ground,” Robberson said.

The camp is working with the Small Business Development Center which is also housed at SIUE. “We are partnering with them so they will come in and do some of the guided business planning with the students too,” Robberson added. “So the students will really get to work with current local experts in the area with starting a business.”

The SIUE Summer Entrepreneurship Academy costs $350 for the week-long camp. Some scholarships are available via an application. Information about the scholarship application process as well as registration for the Summer Entrepreneurship Academy is online at http://www.siue.edu/summer/camps/summer-entrepreneurship-academy.shtml

The Polsky Center for Entrepreneurship and Innovation at the University of Chicago on May 30 announced the winners of the 22nd annual Edward L. Kaplan, ’71, New Venture Challenge, a top-ranked accelerator program in the nation.

Eleven finalists shared in a $700,000 cash prize pool—the highest ever given at the New Venture Challenge, greatly surpassing last year’s prize pool of $400,000. Thanks to a recent gift from Chicago Booth alum Rattan L. Khosa, an additional $150,000 for the new Rattan L. Khosa First-Place Prize was included, as well as $240,000 that was added from various prize sponsors and distinguished judges during today’s deliberations.

“Every team that presented in today’s finals is a real and operational company that can grow beyond this program,” said Starr Marcello, executive director of the Polsky Center and adjunct professor. “We are proud of all the teams that presented to our investors today, and those that took part in the 22nd year of the NVC. We are excited to see them grow.”

Finalists presented to 27 distinguished judges—including Dan Caruso, MBA’90, founder and CEO of Zayo Group; Immanuel Thangaraj, MBA’93, managing director of Essex Woodlands Health Ventures; and Penny Pritzker, founder and chairman of PSP Capital and U.S. Secretary of Commerce under President Barack Obama, among others.

Winners of the 2018 NVC include:

Manifest, a distributed ledger solution that will standardize 401(k) transfers, won first place and $315,000, including $150,000 from the Rattan L. Khosa First-Place Prize, $120,000 from individual distinguished judges, $25,000 from The Caruso Foundation and $20,000 for their acceptance into the Pritzker Group Venture Fellows Program this summer. Manifest, which is a member of the Polsky Incubator, is creating a network between 401(k) providers and streamlining the process to help eliminate the estimated $2.5B that providers lose each year due to these inefficiencies.

Mindful Urgent Care, a company offering same-day, non-emergent mental health and substance abuse psychiatric services to insured and cash-paying clients, took home second place and $125,000, including $75,000 from individual distinguished judges, $25,000 from The Caruso Foundation, $12,500 from the Polsky Center and $12,500 from the UChicago Innovation Fund. Mindful Urgent Care was the winner of the 2018 Global New Venture Challenge and will be opening its first location in New York in the next month.

Coeus.ai, a company that empowers video game streamers and gamers by utilizing proprietary machine-learning algorithms to automatically create hundreds of highlights out of any video game stream and gameplay, won third place and $90,000, which includes $40,000 from OCA Ventures, $25,000 from The Caruso Foundation, $12,500 from the Polsky Center and $12,500 from the UChicago Innovation Fund.

There was a tie between MUU and BrewBike, each taking home $45,000. Muu, a Brazilian ice cream that has less calories, more protein and less fat than traditional brands, took home $22,500 from the Polsky Center and $22,500 from the UChicago Innovation Fund. BrewBike, a company that provides coffee to college communities, took home $20,000 for their acceptance into the Pritzker Group Venture Fellows Program this summer, $12,500 from the Polsky Center and $12,500 from the UChicago Innovation Fund.

Oxalo Therapeutics, a biopharmaceutical company based on University of Chicago research and committed to ending the epidemic of kidney stones, took home $25,000, including $12,500 from the Polsky Center and $12,500 from the UChicago Innovation Fund.

nuBorn Medical, a company creating a smart baby bottle system to diagnose and treat feeding problems in preterm infants, took home $15,000 including $7,500 from the Polsky Center and $7,500 from the UChicago Innovation Fund.

Four finalists: Seurat Therapeutics, FORESEEaBill, Sweet Karma and Haystack ABI each took home $10,000, including $5,000 from the Polsky Center and $5,000 from the UChicago Innovation Fund. Seurat Therapeutics is a biotech startup developing a new medication that can stop migraines before they start. FORSEEaBill is an innovative platform technology that provides life sciences organizations with decision support in identifying the appropriate payer for every test, procedure and service performed during a clinical trial. Sweet Karma is a dessert company focusing on innovative dessert for health and fitness conscious people. Haystack ABI is a data-driven management platform for restaurants.

The New Venture Challenge finals is one of the marquee events of UChicago Innovation Fest. Now in its third year, UChicago Innovation Fest celebrates pioneering discovery and entrepreneurial endeavors at the University of Chicago. Led by the Polsky Center for Entrepreneurship and Innovation, the month of events, workshops and accelerator programs highlights the breadth and impact of innovation at UChicago in the areas of entrepreneurship and research commercialization, scientific advancements and social impact.

Northwestern’s annual student startup competition, VentureCat, brought together 29 of the best and brightest teams from across the University in a battle for $100,000 in non-dilutive prize money.

The semifinalist teams represented almost every school at Northwestern and featured graduate and undergraduate students. After a long day of pitching May 23 at the Kellogg Global Hub — and in front of an audience of hundreds and a panel of judges — three teams stood out.

Winners

Third place: Rhaeos, a life sciences and medical innovations startup, has developed a noninvasive, wearable biosensor capable of diagnosing ventricular shunt malfunction.

Second place: Food and beverage competitor BrewBike fuels college students with cold brew coffee.

First place: NUMiX Materials leverages Northwestern-patented ion exchange technology from the lab of Mercouri Kanatzidis to remove toxic metals from water more efficiently than current technology.

NUMiX Materials

“It’s exciting to be working with passionate, smart people committed to doing something that can have a quantitative environmental and social impact, and that can also have a tangible impact on customers’ bottom lines,” said Katie Kollhoff, CEO of NUMiX and a graduate student in the McCormick School of Engineering.

“Among many highlights of the VentureCat competition, the other companies’ compelling pitches, passion for and dedication to their work, and support of each other were so impressive to see. The entrepreneurial ecosystem at Northwestern is truly an amazing asset to any startup.”

NUMiX launched earlier this year during a NUvention course in the Farley Center for Entrepreneurship and Innovation. It will use its $35,000 VentureCat prize to scale up production of its platform.