The National Science Foundation (NSF) awarded a syndicate of eight Southeast universities — with Georgia Tech as the lead — a $15 million grant to support the development of a regional innovation ecosystem that addresses underrepresentation and increases entrepreneurship and technology-oriented workforce development. 

The NSF Innovation Corps (I-Corps) Southeast Hub is a five-year project based on the I-Corps model, which assists academics in moving their research from the lab to the market. 

Led by Georgia Tech’s Office of Commercialization and Enterprise Innovation Institute, the NSF I-Corps Southeast Hub encompasses four states — Georgia, Florida, South Carolina, and Alabama. 

Its member schools include:

• Clemson University 
• Morehouse College 
• University of Alabama 
• University of Central Florida 
• University of Florida 
• University of Miami 
• University of South Florida 

In January 2025, when the NSF I-Corps Southeast Hub officially launches, the consortium of schools will expand to include the University of Puerto Rico. Additionally, through Morehouse College’s activation, Spelman College and the Morehouse School of Medicine will also participate in supporting the project. 

With a combined economic output of more than $3.2 trillion, the NSF I-Corps Southeast Hub region represents more than 11% of the entire U.S. economy. As a region, those states and Puerto Rico have a larger economic output than France, Italy, or Canada. 

“This is a great opportunity for us to engage in regional collaboration to drive innovation across the Southeast to strengthen our regional economy and that of Puerto Rico,” said the Enterprise Innovation Institute’s Nakia Melecio, director of the NSF I-Corps Southeast Hub. As director, Melecio will oversee strategic management, data collection, and overall operations​. 

Additionally, Melecio serves as a national faculty instructor for the NSF I-Corps program. 

“This also allows us to collectively tackle some of the common challenges all four of our states face, especially when it comes to being intentionally inclusive in reaching out to communities that historically haven’t always been invited to participate,” he said. 

That means bringing solutions to market that not only solve problems but are intentional about including researchers from Black and Hispanic-serving institutions, Melecio said. 

Keith McGreggor, director of Georgia Tech’s VentureLab, is the faculty lead charged with designing the curriculum and instruction for the NSF I-Corps Southeast Hub’s partners. 

McGreggor has extensive I-Corps experience. In 2012, Georgia Tech was among the first institutions in the country selected to teach the I-Corps curriculum, which aims to further research commercialization. McGreggor served as the lead instructor for I-Corps-related efforts and led training efforts across the Southeast, as well as for teams in Puerto Rico, Mexico, and the Republic of Ireland. 

Raghupathy “Siva” Sivakumar, Georgia Tech’s vice president of Commercialization and chief commercialization officer, is the project’s principal investigator. 

The NSF I-Corps Southeast Hub is one of three announced by the NSF. The others are in the Northwest and New England regions, led by the University of California, Berkeley, and the Massachusetts Institute of Technology, respectively. The three I-Corps Hubs are part of the NSF’s planned expansion of its National Innovation Network, which now includes 128 colleges and universities across 48 states. 

As designed, the NSF I-Corps Southeast Hub will leverage its partner institutions’ strengths to break down barriers to researchers’ pace of lab-to-market commercialization. 

"Our Hub member institutions have successfully commercialized transformative technologies across critical sectors, including advanced manufacturing, renewable energy, cybersecurity, and biomedical fields,” said Sivakumar. “We aim to achieve two key objectives: first, to establish and expand a scalable model that effectively translates research into viable commercial ventures; and second, to address pressing societal needs.

"This includes not only delivering innovative solutions but also cultivating a diverse pipeline of researchers and innovators, thereby enhancing interest in STEM fields — science, technology, engineering, and mathematics.”

U.S. Rep. Nikema Williams, D-Atlanta, is a proponent of the Hub’s STEM component. 

“As a biology major-turned-congresswoman, I know firsthand that STEM education and research open doors far beyond the lab or classroom.,” Williams said. “This National Science Foundation grant means Georgia Tech will be leading the way in equipping researchers and grad students to turn their discoveries into real-world impact — as innovators, entrepreneurs, and business leaders. 

“I’m especially excited about the partnership with Morehouse College and other minority-serving institutions through this Hub, expanding pathways to innovation and entrepreneurship for historically marginalized communities and creating one more tool to close the racial wealth gap.” 

That STEM aspect, coupled with supporting the growth of a regional ecosystem, will speed commercialization, increase higher education-industry collaborations, and boost the network of diverse entrepreneurs and startup founders, said David Bridges, vice president of the Enterprise Innovation Institute. 

“This multi-university, regional approach is a successful model because it has been proven that bringing a diversity of stakeholders together leads to unique solutions to very difficult problems,” he said. “And while the Southeast faces different challenges that vary from state to state and Puerto Rico has its own needs, they call for a more comprehensive approach to solving them. Adopting a region-oriented focus allows us to understand what these needs are, customize tailored solutions, and keep not just our hub but our nation economically competitive.” 

In today's increasingly volatile world, the frequency of disruptions—whether due to natural disasters, geopolitical events, or supply chain interruptions—has grown. Recent challenges such as hurricanes, port strikes, wildfires, and global disruptions like the Suez Canal blockage, Panama Canal delays, and Red Sea freight issues have proven that the risk of major interruptions to business and personal life is no longer hypothetical. With the probability of a disruption higher than ever, the key question becomes: What prudent, no-regrets steps can individuals, families, and businesses take to assess and mitigate risk?

Assessing Risk: The First Step

A critical starting point for risk management is assessing the risks specific to you or your business. For individuals and small businesses, this process doesn’t have to be exhaustive. Rapid risk assessments can identify the most significant vulnerabilities with minimal effort, like assessing how a hurricane or supply chain disruption might impact access to essentials such as power or food. Larger businesses or municipalities might benefit from more systematic assessments, which can be conducted as part of an annual review.

Appetite for Risk vs. Potential Impact

Once risks are identified, it's important to balance your appetite for risk with the potential impact. An individual might be able to weather a short-term power outage, but a logistics provider or hospital must maintain continuous operations. For businesses, supply chain vulnerabilities—especially single-source suppliers—present a significant risk. By understanding where dependencies lie and preparing contingency plans, businesses can significantly reduce potential disruptions.

Low or No-Regrets Actions

The next logical step is to focus on low or no-regrets actions. These are relatively simple actions that provide immediate benefits with little downside. For individuals and families, this can be as straightforward as ensuring access to working flashlights, batteries, and emergency staples like water, rice, and beans to last at least a week.  Developing communication plans with family or neighbors is another critical preparedness step that costs very little but can be lifesaving.

For businesses, conducting an annual risk review is a no-regrets action that can identify critical risks and supply chain weaknesses. For single source suppliers, it may not be easy or practical to find a second supplier.  If not, go deep on that supplier and understand their upstream risks and ensure they are focused on risk mitigation. Small businesses can often a risk review in just a few hours, while larger organizations may need a more comprehensive review. Understanding infrastructure risks—such as power, water, and data reliability—is essential for businesses of all sizes. With each major disruption, such as wildfires or hurricanes, we see large companies caught off guard, often due to inadequate preparation for these well-known risks.

Tools and Resources for Deeper Risk Management

1. Failure Modes and Effects Analysis (FMEA)

FMEA is a widely used tool that helps businesses identify where and how processes might fail. It evaluates the severity, likelihood, and detectability of different failure points, allowing businesses to prioritize actions. In supply chains, FMEA is invaluable for identifying single-source suppliers or fragile logistical routes that could break down under pressure.

2. Business Impact Analysis (BIA)

BIA assesses the potential effects of a disruption on business processes. By identifying critical functions that must continue during an emergency, BIA helps businesses prioritize resources and plan for worst-case scenarios. This is especially useful for small businesses with limited resources, as it pinpoints where to focus recovery efforts during a crisis.

3. Risk Heat Maps

A risk heat map offers a visual way to assess risk by plotting the likelihood and potential impact of various disruptions. By color-coding risks, businesses can quickly see which areas require immediate attention. These maps are especially useful when making quick decisions in the face of a crisis, such as prioritizing responses to supply chain issues or extreme weather events.

4. Scenario Planning

For businesses with complex supply chains or operations, scenario planning helps explore different risk scenarios and develop flexible response strategies. This approach allows businesses to stay agile, with contingency plans ready for natural disasters, industrial actions, or global supply chain disruptions.

Structured Actions: Resources and Support

For those looking to dive deeper into risk management, there are several resources and programs available:

Executive Education Programs: For supply chain professionals, attending executive education programs such as those offered by Georgia Tech’s Supply Chain & Logistics Institute can provide in-depth knowledge and strategies for managing risk. These programs often cover real-world case studies and actionable risk management strategies.

Federal and State Resources: Agencies like the CDC provide accessible resources for disaster preparedness, such as the Zombie Survival Guide, a lighthearted yet effective framework for emergency planning. FEMA also offers guides for Business Continuity Planning (BCP), helping organizations design robust continuity strategies.

State Economic Development Agencies: Many state agencies, chambers of commerce, or small business associations provide business continuity support tailored to specific regions. For example, states prone to hurricanes or wildfires often provide detailed guides on how to prepare for natural disasters and mitigate infrastructure risks.

Building a Resilient Future

The key takeaway for both individuals and businesses is that resilience starts with proactive action. For individuals, preparedness may be as simple as having an emergency kit and communication plan in place. For businesses, risk management should be part of a structured, ongoing process. Annual reviews, risk assessments, and low-regrets actions can protect against significant disruptions, ensuring continuity even in the face of unpredictable events. By incorporating readily available tools and resources, we can all build a more resilient future, whether in supply chain operations, daily life, or community preparedness.

 

CREATE-X Capstone Design offers students a unique opportunity to blend their technical skills with entrepreneurial ambitions. In this interdisciplinary program, teams of students identify real-world problems and develop innovative solutions through customer discovery and hands-on experience. Below we spotlight Team Sustain, a group of students who participated in the Spring 2024 Capstone Expo. Their project focused on bringing convenience to home-cooked meals, showcasing the practical application of their engineering and entrepreneurial skills. Read on to learn about their journey, their challenges, and how you can get involved in CREATE-X Capstone Design.

Team Sustain

Sustain offers a way to crowdsource meals and provide home cooks with a cash incentive. The system includes software for ordering, reviewing, and collecting data and hardware for meal exchange.

Nirmal Karthik, electrical and computer engineering

Soughtout Olasupo-Ojo, computer science

Nathan Kashani, mechanical engineering

Meghan Janicki, electrical and computer engineering

Joseph Nehme-Haily, mechanical engineering

John Mark Page, electrical engineering

Why did you all choose this project?

“One of the main things CREATE-X Capstone encourages us to do is customer discovery. Through our discussions, we realized that many people enjoy home-cooked meals but find them inconvenient to prepare. While most things in life are just a click away, home-cooked meals still require a personal touch. CREATE-X challenged us to find a problem and create a solution, so we focused on making home-cooked meals more convenient,” Page said.

Why CREATE-X Capstone?

“After graduation, I wanted to try my hand at entrepreneurship later. I thought CREATE-X was a good way for me to try and learn entrepreneurship skills: how to run a business, what it looks like, the timeline, and so on. Either way, if it went well or badly, I could say with my heart that I have an idea of how to do entrepreneurship,” Olasupo-Ojo said.

“You can go into a big city like Atlanta and actually feel like you can do something to help people. It is a great benefit, as opposed to being in the technical weeds of an engineering project. Mixing them together has been a great experience,” Janicki said.

“CREATE-X empowers students to think independently and explore projects they’re passionate about. We get to drive our projects and businesses, learning skills firsthand rather than just in theory,” Kashani said.

What was your biggest struggle?

“As engineers, we’re classically, especially in school, already given the problem. So, the challenge was figuring out what the problem was, and if our solution really solves the root cause of the problem. We figured out how to find the problem,” Page said.

“Figuring out the idea was our biggest struggle. We delved into markets to find opportunities and ways to help people,” Kashani said.

What has been your favorite part of this experience?

“The team. Make sure you surround yourself with good people, and I think each of us has done that. That’s what I’m proudest about — our team,” Page said.

What advice would you give to someone considering entrepreneurship?

“Develop the skill sets to see problems and be able to think about them. At the beginning of the semester, we were thinking about solar design and building solar design for farms, and now we are in a completely different space. But we’re still applying the same skills and building something up from it that matters. The most important skill is adaptability,” Janicki said.

“Be ready to make mistakes. You won’t get it right the first, second, or even third time. Customer discovery is a continuous process — don’t let setbacks discourage you,” Olasupo-Ojo said.

“Don’t be afraid to get started. If you’re feeling nervous or unsure, there’s only one way to find out, so I’d say go full force into it,” Kashani said.

CREATE-X Capstone Design is open to senior undergraduate students in mechanical engineering, electrical and computer engineering, industrial and systems engineering, and computer science. Course registration is available for the fall and spring semesters, and the current sections are ME4723-X/X01, CS4723-X/X01, ECE4853 X/LX, BME4723-X/X01, and ISYE4106. 

CREATE-X also offers other programs like Startup Lab and Idea to Prototype, providing students with a foundational entrepreneurial education. For those interested in launching their own ventures, CREATE-X’s 12-week summer accelerator, Startup Launch, offers mentorship, $5,000 in seed funding, and $150,000 of in-kind services. The priority deadline for the accelerator is Nov. 17. Apply for Startup Launch to maximize your chances of acceptance and receive early feedback.

Making Sustain: The Gallery

Kicking off a new decade of startup production at Georgia Tech, CREATE-X hosted its 11th Demo Day, showcasing 100 startups created by Georgia Tech students, faculty, researchers, and alumni over 12 weeks this summer. More than 1,500 attendees, including Georgia government and business leaders, viewed new solutions ranging from fashion to healthcare in a bustling Exhibition Hall on Aug. 29.

The event traditionally begins shortly after the semester starts, giving the entrepreneurially curious a preview of what’s to come if they join the program’s accelerator during the next application cycle.

Demo Day is the culmination of the 12-week summer accelerator, Startup Launch, where founders receive mentorship, $5,000 in optional funding, and $150,000 in services to help build their businesses. Teams can be interdisciplinary, made up of co-founders even outside of Georgia Tech, and solopreneurs, ready to solve real-world problems.

Each year, Startup Launch has grown, from an initial cohort of eight startups to over 100 this year. The Office of Commercialization, the home of CREATE-X, plans to keep expanding opportunities for the Georgia Tech community to grow their entrepreneurial skills.

Counting courses, events, programming, and partnerships, CREATE-X has had more than 32,000 participants. The ultimate goal and mission of the program is to instill entrepreneurial confidence in all Tech students. Rahul Saxena, director of the program, spoke about how far the Institute has come in the last decade. 

“I’ve been plugged into Georgia Tech for over 10 years. In the past, when you said Georgia Tech and entrepreneurship in the same sentence, they’d laugh, believe it or not,” he said. “Fast-forward, we’re one of the top entrepreneurial schools in the country. Our first four cohorts value over $100 million, with one of them being a unicorn, and our last four cohorts are well on their way. We want our students to have as many shots at gold as possible before they graduate. And even if they decide on a traditional career pathway, we believe they’ll be ahead with this entrepreneurial mindset, which is something lacking in corporate.”

This year, CREATE-X reached over 560 startup teams launched. Founders represented 38 academic majors, and their total startup portfolio valuation exceeds $2 billion. 

CREATE-X opened its Startup Launch application for its next cohort on Aug. 30. For those interested, the priority deadline is Nov. 17. Early applicants have a higher chance at acceptance and the opportunity for more feedback. So, send in your applications to Startup Launch and become the next founder at Georgia Tech.

Missed out on Demo Day? Check out the CREATE-X Flickr page to see photos from the event and the Demo Day page to see other teams. For more opportunities to engage, visit the CREATE-X Engage page for upcoming events. 

Spotlight on Startups

Some of the standout startups from this year’s Demo Day include:

In a rapidly evolving global landscape, predicting the future of supply chains is akin to trying to catch lightning in a bottle. By examining past trends and disruptions, we can glean invaluable insights into what the future might hold and how to navigate it effectively. This article, drawing from Chris Gaffney's extensive experience in the beverage industry, explores the inherent challenges of forecasting supply chain trends, reflects on past predictions that didn't pan out, and suggests proactive strategies to stay ahead of the curve.

Introduction

Predicting the future of supply chains has always been a challenging endeavor. As someone who has spent more than 25 years in the beverage industry, I’ve witnessed firsthand how even the most well thought out predictions can miss the mark. Yet, understanding where we went wrong in the past can equip us with the tools to better anticipate and adapt to future challenges.

In this article, I want to explore the complexities of forecasting in the supply chain realm, reflect on some past predictions that didn’t quite hit the target, and suggest actionable strategies that can help us navigate the uncertainties ahead.

The Challenge of Predicting Supply Chain Trends

The supply chain, particularly in the beverage industry, is a complex web of interdependencies. As we push for innovation—from new ingredients to advanced packaging—our supply chains often struggle to keep pace. Historically, the challenges of maintaining quality, managing costs, and ensuring timely delivery have been compounded by global disruptions, technological advancements, and evolving consumer expectations.

In the 1990s, for example, the advent of RFID technology was hailed as a gamechanger, promising unparalleled visibility and efficiency. While RFID has undoubtedly transformed many aspects of supply chain management, its adoption has been slower and less impactful than originally anticipated. Similarly, the introduction of Enterprise Resource Planning (ERP) systems was expected to revolutionize the way businesses managed their operations. Yet, the promised seamless integration and real time data accuracy have often fallen short, leading to frustrations and costly implementations.

These examples highlight a critical lesson: while technological advancements hold great promise, their real-world application can be fraught with challenges that delay or dilute their impact.

Lessons from Past Predictions

One of the most striking examples of a prediction that didn’t pan out as expected is the Just in Time (JIT) manufacturing model. Initially, JIT was celebrated for its potential to minimize waste and reduce inventory costs. However, the COVID-19 pandemic exposed the vulnerabilities of this approach. As supply chains were disrupted worldwide, many companies found themselves unable to meet demand due to the lack of buffer stock. This has led to a reevaluation of the JIT model, with many businesses now looking to build more resilience into their supply chains by maintaining higher levels of inventory.

Another lesson comes from the early 2000s, when global sourcing was predicted to be the ultimate cost saving strategy. While it did lead to significant cost reductions, it also introduced new risks—ranging from quality control issues to geopolitical tensions—that have since prompted companies to reconsider the balance between cost savings and supply chain security.

The Inherent Risks of Relying on Predictions

One of the inherent risks in predicting supply chain trends is that it often leads to an overreliance on certain strategies or technologies. For instance, the push towards automation and robotics, while offering substantial benefits in terms of efficiency and cost savings, has also led to significant challenges. The initial costs, integration difficulties, and the need for upskilling workers have often been underestimated, leading to delays and unfulfilled promises.

Moreover, as we’ve seen with technologies like blockchain and AI, the hype often outpaces the reality. While these technologies have immense potential to transform supply chain management, their implementation has been slower and more complex than initially expected. This lag can create a false sense of security, leading companies to delay the adoption of alternative strategies or to underinvest in more immediately impactful areas.

Strategies for Navigating the Uncertainty

Given the inherent challenges of predicting the future, how can companies better prepare for what lies ahead? Here are a few strategies that can help:

1. Embrace Flexibility and Resilience: Instead of betting on a single prediction or technology, companies should build flexibility into their supply chains. This might involve diversifying suppliers, maintaining higher inventory levels, or investing in modular production systems that can be quickly adapted to changing circumstances.
2. Invest in Predictive Analytics: While past predictions have often fallen short, advances in AI and machine learning are making it possible to better anticipate supply chain disruptions and demand fluctuations. By investing in predictive analytics, companies can gain more accurate insights into future trends and make more informed decisions.
3. Foster Stronger Relationships with Partners: As supply chains become more complex and globalized, the importance of strong relationships with suppliers and partners cannot be overstated. By working closely with partners, companies can ensure better alignment of goals, improved quality control, and more effective collaboration in the face of disruptions.
4. Prioritize Sustainability: As consumer expectations shift towards more sustainable products, companies that prioritize sustainability in their supply chains will be better positioned to meet future demand. This might involve investing in sustainable sourcing practices, reducing waste, or adopting circular economy principles.
5. Continual Learning and Adaptation: Finally, companies should foster a culture of continual learning and adaptation. By staying informed about the latest trends, technologies, and best practices, businesses can more effectively navigate the uncertainties of the future and seize new opportunities as they arise.

Conclusion

Predicting the future of supply chains is a daunting task, but it’s one that we must continually strive to master. By learning from past mistakes and adopting a proactive, flexible approach, we can better navigate the challenges ahead and turn potential disruptions into opportunities for growth and innovation. As we look to the future, let’s remember that while predictions can guide us, it’s our ability to adapt and respond to the unexpected that will ultimately determine our success.

FAQ

What are the biggest challenges in predicting supply chain trends?

The biggest challenges include the complexity of global supply chains, the rapid pace of technological change, and the unpredictable nature of global disruptions. These factors make it difficult to accurately forecast future trends and adapt to new developments.

How can companies build more resilient supply chains?

Companies can build more resilient supply chains by diversifying their suppliers, maintaining higher inventory levels, investing in flexible production systems, and fostering strong relationships with partners. Additionally, leveraging predictive analytics can help companies anticipate disruptions and respond more effectively.

What role does technology play in modern supply chains?

Technology plays a critical role in modern supply chains, offering tools for real-time tracking, predictive analytics, and automation. However, the implementation of new technologies often comes with challenges, such as high costs and integration difficulties, which must be carefully managed.

Why is sustainability important in supply chain management?

Sustainability is increasingly important as consumers demand more environmentally friendly products. Companies that prioritize sustainability in their supply chains can reduce waste, improve efficiency, and better meet the expectations of consumers and regulators.

How can companies stay ahead of future supply chain challenges?

To stay ahead, companies should embrace flexibility, invest in new technologies, foster strong partnerships, prioritize sustainability, and continually adapt to new developments. Staying informed about industry trends and best practices is also crucial.

What lessons can be learned from past supply chain disruptions?

Past disruptions, such as the COVID-19 pandemic, have highlighted the importance of resilience, flexibility, and strong partnerships. Companies that learn from these events and adapt their strategies accordingly will be better positioned to navigate future challenges.

Chris Gaffney, SCL Managing Director
 

CREATE-X is built to help students integrate entrepreneurship into their academic journey through courses, workshops, and a startup accelerator. This spring, a new set of students displayed their solutions to real-world problems at the I2P Showcase. It’s our privilege to shine a light on and celebrate those journeys. Today’s spotlight focuses on the spring I2P Showcase third-place winners. 

Electrosuit 

Aubrey Hall, a first-year biomedical student, and Sherya Chakraborty, a first-year computer science major, founded a startup to produce a garment that eases the use of at-home, prescribed electrical stimulation for people with chronic pain, stroke, and motor impairments.

What made you interested in building this solution?

“I did research at Northwestern for a couple of years before this, and some of the patients I worked with had severe stroke and spasticity in their arms,” Chakraborty said. “I found out that when they tried using at-home prescribed electrical stimulation, they had trouble setting it off themselves. So, we created a garment to ease pressure on that.”

What part of the course was most helpful to you?

“One of our mentors, Sun Mi Park, was the first person to patent printable wires on fabric, and that gave us some inspiration to make our garment even more compact, easier to use, and integrate some interesting ideas that we wouldn’t have been able to without our mentors. So, our mentors are honestly the best part of the program,” Chakraborty said.

“For me, you don’t get a lot of chances to apply these engineering courses outside of the classroom,” said Hall. “This course is a really interesting way to get firsthand experience building a prototype and really understand the engineering process.”

What’s so special about CREATE-X?

“I think these student projects are the future, and a lot of these projects make it out of college and become actual companies. Giving students that possibility to make a change just from a simple idea and fueling that with funding so we don’t have to take risks out of our own pockets is a, really big deal,” Chakraborty said.

“It’s helpful to have that safety net, knowing that you have your mentors to back you, and also the people of the program to back you. It brings a lot of security and opportunity to try different things out and not have to be so fearful of failure. Even if you fail a million times, you can get back up and try again,” Hall said.

What’s the best insight you’ve gained from doing this?

“I think one big misconception is that entrepreneurship has a lot to do with finance and business and just lucrative ideas, but it’s pretty important to understand that you can solve a seemingly everyday problem,” said Chakraborty. “If it affects you or your friends, it’s still worth trying to find a way to solve it, especially backed up with money and mentors from CREATE-X. What’s the harm in trying something out?” 

“Don’t try to make it feel like it’s an all-or-nothing project,” Hall said. “You’re allowed to live your life as a college student but also pursue these interesting ideas and figure out if you enjoy entrepreneurship. It shouldn’t be this daunting task where if you don’t put everything in, you’re going to fail.”

“It’s also important to keep an open mind. We might come in with an idea and a very specific way of executing that idea, but we found out through talking with mentors, and with other students and people who gave us advice, that sometimes the idea you come in with is not going to be the same thing you end up with,” Chakraborty said. 

Next Steps

“We’ve only done four or five prototypes so far,” she noted. “We want to do at least 12 of those prototypes and keep working with our mentors, keep making connections at Emory, and just constantly getting more and more feedback about our prototypes until we get to a state where we’re satisfied, and we can demo our product and work with physical therapists across Atlanta.”

If you’re a student interested in building your own product for college credit, apply for I2P. And join us for Demo Day, Aug. 29, at 5 p.m., in the Georgia Tech Exhibition Hall to see new CREATE-X founders launch products in a variety of industries. Tickets are free but limited. Register today to secure your spot.

During the school year and the summer, Georgia Tech students can incorporate entrepreneurship into their college experience through courses, workshops, special events, and even a startup accelerator. CREATE-X invites you to delve into the journeys of our top achievers, this time focusing on the Spring 2024 I2P Showcase first-place winners: 

Dolfin Solutions

Marianna Cao, James Gao, and Jaeheon Shim, first-year computer science majors, are the founders of Dolfin Solutions, a personal financial management platform that promises a unified solution to budgeting, transaction management, and expense tracking, among other personal finance tasks. 

What challenges did you have in I2P, and how did you work through them?

 “We were really lucky to get an excellent mentor, Aaron Hillegass. He has a lot of experience in the industry as a startup founder himself, and he gave us a lot of help, both technical as well as business, throughout the process. That helped us make better decisions,” Gao said.

“I think the biggest challenge was, I had done projects in the past by myself, writing the full stack, but working together, communicating the requirements, and integrating everyone's different code at the end was a little bit of a logistical struggle,” Shim said. “But we managed to figure it out.”

What advice do you have for students interested in I2P or entrepreneurship in general?

“Go for it. It's a three-credit course, so it counts toward your junior capstone as well. You get $500. Now is the perfect time to start because you don't have much to lose. If you're doing I2P and your company fails, you still have four years of college; you can still pursue a traditional path. It's a little risk but a lot to gain,” Shim said.

“Even if you pivot or change your idea, it's important to believe in what you started,” said Cao. “If you don't believe in your app, then nobody else does. Right now, you have all of the friends, mentors, professors, and the right resources, and money is not an issue. It's a good opportunity for you to work on it on the side, and maybe it could turn into something.”

What’s Next?

“We’re going to build for the iOS and Android platforms, and then we're going to deploy hopefully by the end of summer,” Shim said. 

If you’re a student interested in building your own product for college credit, apply for I2P. And join us for Demo Day, Aug. 29, at 5 p.m., in the Georgia Tech Exhibition Hall to see new CREATE-X founders launch products in a variety of industries. Tickets are free but limited. Register today to secure your spot.

Parth Arora is the founder of Third Dimension Fitness, a platform for gamified cardio through mixed reality, which was recently acquired by Elbo, an education-focused company based in Singapore. He began his company as a project in the summer of 2022. Since then, it has gained thousands of users and made thousands in revenue each month. Arora is a senior in computer science. He participated in the Spring 2024 Startup Launch, the first cohort to be held outside of the summer program. Below is a Q&A with Arora. 

Did you always want to be an entrepreneur?

I always did. I had my first company, an educational technology app, when I was 16, which ran for about two years. I ended it in my first year of college. I'm from India originally and the vision was to provide resources to the larger mass market of India for extracurricular activities. But, we realized there wasn't a business model. When we tried to make money, we started serving the rich kids. When we tried to serve the market, we didn't make money, which doesn't make investors happy, though we did end up making enough money to repay them.

That didn't stop me; it just gave me more lessons. 

What other experience in entrepreneurship have you had?

I've been involved in entrepreneurship communities at Georgia Tech forever. I was co-director of Startup Exchange, which is where I met a lot of really driven people. I got a chance to build their fellowship program and initiate their first pitch competition, which is now called Summit. I've collaborated with CREATE-X for different events, and I try to attend any event hosted by CREATE-X, Startup Exchange, or ATDC.

Why did you choose to join the spring cohort of Startup Launch this year?

CREATE-X provides everything you need, like legal support, financial support, sales support, mentors, and an introduction to VCs, which is why I decided to join the Launch program. I think all of that boosted our startup’s growth.

Why did you feel like acquisition was the way to go for your company?

I think because I always knew this wasn’t “the” thing I was going to do. This summer I'll be starting to work for Apple on their VisionPro team, and it has a direct conflict-of-interest. They wanted me to stop working on this for a while. So, I felt like this might be a good time to explore the acquisition.  We had really rich content, which had proven to work. We had curated that content after hundreds of customer interviews, and we had advisors from Nike, Disney, and Netflix. I knew that was a strong point, so that's why I knew that acquisition would be a good exit. 

What support have you had in taking the acquisition path?

Seth [Radman, who has had multiple exits himself and is a Startup Launch alumnus] has been guiding me professionally for a while. I met him at previous events through Startup Exchange, but then he recently came to a CREATE-X event. Rahul [Saxena, CREATE-X director], has also been a great support for me since day one. He was the one who suggested Startup Launch to me.

In December of last year, we started monetizing. We were testing different things. It was helpful to share the numbers and the data points with Rahul, mentors, and other people in my cohort so that I was not blindsided, and I could take actions based on the educated analysis of a database. It helped me drive down our customer acquisition cost, increase our customer lifetime value, and didn't keep me in my own bubble.

How were you okay with letting that product go?

It was a tough decision; it was my baby. I'd been working on it 10 to 15 hours a day, at least for the last few months. Rahul and Seth convinced me that if this is not the thing you want to do long-term and you know the market isn't big enough, you should move on to the next thing and put your time and energy there. 

I had to use my brain, and not my heart.

What's the biggest piece of advice that you've received as you developed your company?

Try to never lie to yourself, which is harder than it seems. I've built two companies and worked with several others, and I still lie to myself. When you love your product so much, it's very easy to lie to yourself about how there is a market for it, or people are using it. I think even in the future, I’ll probably be caught doing that, but the best way I've found to overcome that is to surround yourself with people who can tell you when you are doing it and help you see your company the way it is instead of the way you want it to be.

How has this decision affected you so far?

My lifestyle has completely changed, from looking at a dashboard every 10 to 15 minutes, seeing how the product is doing, and burning so many fires every 30 minutes, to being pretty chill. Like, what am I supposed to think about before I go to bed? What am I supposed to do now? Who are the customers I am supposed to be thinking about? It's been interesting, but I think this gives me space to now work on that next venture and have more time to think about what I want to do next.

Do you think you'll want to return to entrepreneurship in the future?

Yes, for sure. All the money I received from the acquisition will also fuel my next venture. My main goal is to grow in this industry. I'm an entrepreneur at heart, so I will be returning to the space soon or building products that people like. 

How are you celebrating this win?

I did celebrate it on our last day with Rahul, my amazing mentor, Margaret [Weniger, who founded Rising Tide], and the other cohort members. I will be celebrating it with a few of my friends because my 21st birthday is coming around, so I'll be celebrating these occasions together. 

But I don't want to take the money out from the company or for anything else, because it’s for my next venture. It shouldn't change my lifestyle at all, so I've kept all that money in a separate place.

What encouragement would you give to students interested in pursuing a startup?

Relative to other colleges, we have a cushion, a sense of security that we will get good jobs. Entrepreneurship is a riskier and more unpredictable path, which I've seen, and I'm personally experiencing right now having to choose between Big Tech versus entrepreneurship. But once you start building it and when you hear from your first customer how you affected the way they live, then there's no going back. Statistically, you'll probably fail, but you won't know until you start building; and if you do fail, it’ll teach you so many valuable lessons that are applicable in whatever career path you choose.

CREATE-X will launch its 12th cohort of Startup Launch on Aug. 29 at 5 p.m. in the Georgia Tech Exhibition Hall. Register today to secure your spot.

Interested in becoming a CREATE-X supporter? Startup Launch is made possible by contributions to Transforming Tomorrow, a $2 billion comprehensive campaign designed to secure resources that will advance the Institute and its impact, and by the continued engagement of our entrepreneurial ecosystem. Learn more about philanthropy at Georgia Tech and donate by visiting transformingtomorrow.gatech.edu.

To become a mentor in CREATE-X, visit the CREATE-X mentorship page. Any other inquiry may be sent to create-x@groups.gatech.edu. We appreciate your help and commitment to supporting our students in research and innovation.

Artificial intelligence is starting to have the capability to improve both financial reporting and auditing. However, both companies and audit firms will only realize the benefits of AI if their people are open to the information generated by the technology. A new study forthcoming in Review of Accounting Studies attempts to understand how financial executives perceive and respond to the use of AI in both financial reporting and auditing.

In “How do Financial Executives Respond to the Use of Artificial Intelligence in Financial Reporting and Auditing?,” researchers surveyed financial executives (e.g., CFOs, controllers) to assess their perceptions of AI use in their companies’ financial reporting process, as well as the use of AI by their financial statement auditor. The study is authored by Nikki MacKenzie of the Georgia Tech Scheller College of Business, Cassandra Estep from Emory University, and Emily Griffith of the University of Wisconsin.

“We were curious about how financial executives would respond to AI-generated information as we often hear how the financial statements are a joint product of the company and their auditors. While we find that financial executives are rightfully cautious about the use of AI, we do not find that they are averse to its use as has been previously reported. In fact, a number of our survey respondents were excited about AI and see the significant benefits for their companies’ financial reporting process,” says MacKenzie.

Continue reading: The Use of AI by Financial Executives and Their Auditors

Reprinted from Forbes