By Frida Carrera

 

On December 3, 2021, Startup Exchange presented the Fall 2021 Fellowship Pitch Competition sponsored by the Georgia Tech Student Innovation Program, Office of Undergraduate Education. The event took place at ATL Social Club in Tech Square, a major startup hub situated on Georgia Tech’s campus and perfect for those eager for innovation at GT. The event also welcomed partner companies and recruiters such as NCR and Stord. 

At this pitch-style event, six founder teams presented their innovative pitches and competed for first, second, and third place, each with a cash prize to aid in the advancement of their ideas. The first and second place winners of the competition were determined by three guest judges: Kathryn Petralia, co-founder of Kabbage and Drum; Thomas Suarez, co-founder of Teleport and Thiel Fellow; and Evan Jarecki, serial entrepreneur and BM at Startup Atlanta. The event commenced with a brief introduction by Startup Exchange executive board members, followed by presentations from the 6 teams including Fino, InSite, Jargon, and Tokenstack. After hearing each team’s pitch, the judges had time to deliberate and select the top two winners while the audience voted for the People’s Choice winner. Meanwhile, attendees were also able to hear from the partner companies and network while enjoying free perks such as food and beverages. 

“There are students everywhere across campus really starting on their start-ups and pursuing their dreams. Atlanta is a growing city and Georgia Tech is the perfect hub for that. These teams, we’re introducing them to entrepreneurship and giving those resources and intro-connections. By doing so, we’re inspiring them in a way. It’s just a great learning experience for them,” explained Startup Exchange’s Director of Fellowship Revanth Tiruveedhi.

Following the intermission, the judges presented the first-place award of $750 to Jargon, a browser extension that points out red flags in user contract agreements, as pitched by team members Kaleb Rasmussen and Devansh Khunteta. Second place of $500 was awarded to Eartheal by team members Colin Burnett, Philip Colt, Neal Austensen, and Brandon Sherrard. People's Choice of $250 was awarded to Tokenstack by team members Nitin Paul, Samrat Sahoo, Yatharth Bhargava, and Mohit Sahoo. The event then closed with remarks by Startup Exchange’s board members and photos with the participants.

To learn more about student innovation at Georgia Tech visit https://innovation.gatech.edu/  

 

 

Supply chain disruptions are not new, but the current disruptions have not only been persistent but have also impacted several industries – and consumers – at the same time. The result has ranged from empty shelves at retail stores to prolonged lead times for consumer products and automobiles.

We sat down with three Georgia Tech Scheller College of Business faculty experts in operations management: Vinod Singhal, Charles W. Brady Chair; Manpreet Hora, associate professor; and Ravi Subramanian, professor. The discussion centered around overarching causes, financial ramifications, and multi-pronged approaches to mitigate the impact of supply chain disruptions in the coming months and year. 

1. What caused the supply chain and logistical issues to arise? What effect did Covid-19 play in all of this? Did the influx of stimulus checks and the extension of additional aid to U.S. citizens (rent deferment, etc.) affect the purchase of goods enough to cause the current situation?

All three experts agree there are several factors on both the supply side and the demand side of the supply chain, and logistical challenges that companies and customers are currently facing.

On the supply side, there are issues in global supply chains that are beyond the control of individual companies. A significant one is the congestion at the ports of Los Angeles and Long Beach in the U.S. Nearly 40 percent of imports into the U.S. flow through these two ports. There are stranded containers that have not been unloaded due to labor shortages, limited unloading capacity, and warehouse space constraints.

For example, a CBS news report on November 11, 2021, indicated that at the ports of Los Angeles and Long Beach, about 80 ships carrying more than half a million containers were waiting to unload. Clearing this backlog will take some time. Another related issue that has added to the congestion is the growing number of empty containers that are sitting on ports to be returned back to exporters.

The congestion at ports is being further exacerbated by trucker shortages that could pose a more persistent and long-term challenge for supply chains.

“Moving products from ports to distribution centers, manufacturing plants, and further downstream to retailers was already a concern for many companies even before the pandemic. Now the combination of port congestion and trucker shortage is further delaying the process of bringing products to the right place at the right time,” said Hora.

Shortages of critical components, such as semiconductor chips, have created additional delays for a range of industries. Shutdowns in chip production during the early stages of the pandemic, coupled with increased demand for products such as computers, smartphones, and automobiles has resulted in fierce competition for acquiring chips across industries. For example, the professors noted that during the initial period of the Covid-19 pandemic, semiconductor companies prioritized chip manufacturing to meet the increasing demand for consumer electronics. This, in turn, diverted supply away from automotive production, resulting in substantial delays in cars rolling off assembly lines

The pandemic either amplified the above-mentioned supply chain and logistical issues or brought in unexpected new ones. It necessitated the closure of borders at the national level, and of plants and warehouses at the company level. These closures, in the initial months of the pandemic, followed by new requirements such as social distancing during the opening of facilities affected and slowed down production, warehousing, distribution, and transportation of products.

On the demand side, explained Subramanian, two phenomena occurred that have led to a surge in demand for goods that were already in short supply.

First, during the pandemic, many people were working from home. This curtailed spending on travel, vacations, and demand for experiential goods and services. People had more disposable income, which they diverted to consumer products that were already in short supply.

Second, the global economy and the US, in particular have been turbocharged by trillions of dollars in stimulus during the pandemic. This stimulus, while necessary to deal with the hardships during the pandemic, enhanced the surge in demand for products.

2. Why are some retailers able to deliver goods without an issue?

“Many large retailers, including Walmart Inc., Home Depot Inc., and Target Corp., do not seem to have supply chain and product shortage issues like their counterparts, because they ordered and took delivery of goods earlier than usual this year. They have not only built-up inventories but have enhanced their inventory management practices. Some retailers have also chartered their own ships to counteract delays in transportation,” said Singhal.

They have also moved the unloading of their goods from the ports on the west coast to other ports in the U.S. that are less congested. These retailers have used their clout and deep pockets to get suppliers and logistics companies to prioritize their orders. Their far-flung supply chain networks can identify and work with several suppliers to find options to source items that are out of stock.

3. What are the financial ramifications to the U.S. and to the world for this supply chain issue?

The professors note that large companies have used their clout to deal with the current supply chain issues. Although their costs of procuring supplies have increased, they may be able to pass on some of the cost increase to customers. Some of these companies may see an increase in total sales and total profits in nominal terms although they may experience thinner profit margins. The stock market seems to have incorporated these factors in the valuations and the rising stock market suggests that large companies are expected to do fine financially. For example, the Dow Jones Index has jumped 18 percent this year, S&P 500 is up 25 percent, and Nasdaq has risen 24 percent.

The financial ramifications to smaller retailers and manufacturing firms may be quite negative. As Subramanian explained, these firms do not have the clout and financial resources to work around the supply issues.  Often their sales during the holiday season are critically dependent on receiving a container or two of goods from overseas suppliers. Given the long and uncertain transportation and delivery times, and the high cost of transportation, many small firms may not be able to receive supplies in time for the holiday season and may be left holding unsold inventory or unfinished products. Overall, small firms may take a big hit from the current supply chain issues.

4. Are there any additional issues that consumers may face that they may not be aware of? How will the shortage of goods to retailers affect consumers shopping during the holidays? Is there anything individual consumers can do to help solve the problem?

Consumers can do certain things so that they are not disappointed, said the panel. They should start shopping earlier, expect to pay closer to full price on many products, and not wait for promotions or discounts to make their purchases. They will need to be flexible in their shopping habits and look for substitute products if their desired products are not available. Consumers may also want to prioritize their shopping decisions – for example, ensuring they have the gifts for young children who expect Santa to deliver irrespective of supply chain issues! Likewise, for older parents and relatives, for whom the holiday season is a very special time.  For others, they may want to consider giving gift cards.

5. When do you think this issue will be resolved and how?

“Supply chains getting back to normal will be contingent upon the nature of the underlying supply chain issues. Shipping and retail executives indicate that they expect the West Coast port backlogs to clear in early 2022, when the Lunar New Year shuts many factories for a week in February, thus slowing output and shipments from Asia,” said Singhal.  However, chip shortages may last until 2022 or even extend into 2023. Many chip manufacturers have announced plans to significantly increase their level of capital expenditure but bringing new capacity online can take several years.

This storm of collective issues has brought the importance of supply chain resilience to the forefront. Companies emerging from the pandemic are revisiting or will have to revisit their past approaches to managing supply chains.

Having flexibility and slack in supply chains has been a persistent strategy for several companies but this strategy will now need to be more holistic. For example, companies will need to re-think where to source their critical and irreplaceable components. Companies are already deliberating to not only near-shore suppliers of their critical components but also expand this supply base. This may also entail carrying more inventory of such components to meet demand variability and hedge against supply chain disruptions. Another development is manufacturers vertically integrating to design and produce critical components in-house.

Even before the pandemic, companies were investing in technology to digitize their supply chains. This long-term imperative will be prioritized even more as companies aspire for more transparency and traceability of products in their supply chains. Moreover, advanced automation in manufacturing plants and warehousing could ease some of the pain of labor shortages.

“Despite the current supply chain issues, we believe that supply chains will remain global and complex, but there will be renewed thinking in companies to recognize that Black Swan events such as the Covid-19 pandemic can create a multitude of interrelated and cascading supply chain issues that have serious financial implications. And companies will need to blend flexibility, adaptability, and efficiency to develop capabilities to mitigate impacts and remain resilient during such supply chain disruptions,” stated Hora.

With holiday shopping deadlines looming, consumers cannot escape the impact of the global microelectronic chip shortage. From daily news reports about manufacturers unable to complete orders due to the lack of chips, to “out of stock” messages across websites on popular electronics items, one of the impacts of COVID was to lay bare the massive importance of the microelectronic chip in daily modern life, and how a single-location centered manufacturing nexus can upend the consumer market on a massive scale. The combination of these real-world impacts on supply chains, as well as the need to localize semiconductor and chip manufacturing gave Congress the impetus to pass the “Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS)”. CHIPS seeks to increase investments and incentives to support U.S. semiconductor manufacturing, research and development, and supply chain security.

The Georgia Institute of Technology was the first university to offer a comprehensive curriculum on microelectronics and microsystems design and packaging and, currently, numerous faculty at Georgia Tech are widely known for their work in semiconductor and microelectronics technologies. In December of 2021 Georgia Tech researchers will again showcase how their pushes the boundaries of microelectronics technologies at the IEEE International Electron Devices Meeting (IEDM).

The School of Electrical and Computer Engineering research teams of Assistant Professor Asif Khan, partnering with Dan Fielder Professor Muhannad Bakir, and Associate Professor Shimeng Yu, partnering with Professor Sung-Kyu Lim and Assistant Professor Shaolan Li, have dominated the 2021 IEDM presentation line-up with a total of 8 accepted papers. With topics ranging from ferroelectric materials for memory, new advances in ALD process, and in-memory computing and 3D reconfigurable architectures, the research presented by these teams is at the cutting-edge of advancing computing power and consumer electronics. In addition to the research presentations, Electrical and Computing Engineering Faculty & Director of the 3D Systems Packaging Research Center at GT will be presenting a short course session on devoted to “Heterogenous Integration Using Chiplets & Advanced Packaging”

Noting the timely nature of these research advancements, Arijit Raychowdhory; Professor and Steve W. Chaddick School Chair in Electrical and Computer Engineering noted, “IEDM is a premier conference in the area of semiconductor devices. Such a strong performance by GT ECE exemplifies the strength of our program, the ingenuity of our students and the innovation driven by our world-class faculty. Sincere congratulations to Professors Khan, Yu Bakir, Lim and Li for their pioneering research in semiconductor logic and memory technologies, that are critical for our nation and our industries.” 

Asif Khan is an assistant professor in the School of Electrical and Computer Engineering at the Georgia Tech. He received his Ph.D. in electrical engineering and computer sciences from the University of California, Berkeley in 2015. His work led to the first experimental proof-of-concept demonstration of the negative capacitance effect in ferroelectric oxides. His group at Georgia Tech conceptualizes and fabricates electronic devices that leverage interesting physics and novel phenomena in emerging materials (such as ferroelectrics, antiferroelectrics and strongly correlated systems) to overcome the “fundamental” limits in computation and to address the most pressing challenges in electronics and the semiconductor industry.

Shimeng Yu is currently an associate professor in the School of Electrical and Computer Engineering at the Georgia Tech. He received the B.S. degree in microelectronics from Peking University in 2009, and the M.S. degree and Ph.D. degree in electrical engineering from Stanford University in 2011 and 2013, respectively. From 2013 to 2018, he was an assistant professor at Arizona State University. Prof. Yu’s research interests are the semiconductor devices and integrated circuits for energy-efficient computing systems. His research expertise is on the emerging non-volatile memories for applications such as deep learning accelerator, in-memory computing, 3D integration, and hardware security.

Muhannad S. Bakir is the Dan Fielder Professor in the School of Electrical and Computer Engineering at Georgia Tech.  Dr. Bakir and his research group have received more than thirty paper and presentation awards including six from the IEEE Electronic Components and Technology Conference (ECTC), four from the IEEE International Interconnect Technology Conference (IITC), one from the IEEE Custom Integrated Circuits Conference (CICC), and two from the IEEE Transactions on Components Packaging and Manufacturing Technology (TCPMT). Muhannad S. Bakir received the B.E.E. degree from Auburn University, Auburn, AL, in 1999 and the M.S. and Ph.D. degrees in electrical and computer engineering from the Georgia Tech in 2000 and 2003, respectively. His research interests include, heterogeneous microsystem design and integration, including 2.5D and 3D ICs and packaging, electrical and photonic interconnects, and embedded cooling technologies.

Sung Kyu Lim received B.S. (1994), M.S. (1997), and Ph.D. (2000) degrees all from the Computer Science Department at UCLA. During 2000-2001, he was a post-doctoral scholar at UCLA, and a senior engineer at Aplus Design Technologies, Inc. Lim joined the School of Electrical and Computer Engineering at Georgia Institute of Technology an assistant professor. He is currently the director of the GTCAD (Georgia Tech Computer Aided Design) Laboratory and focuses on VLSI and 3D circuit architecture and packaging.

Shaolan Li received his B.Eng. degree with highest honor from the Hong Kong University of Science and Technology (HKUST) in 2012, and his Ph.D. from UT Austin in 2018, all in electrical engineering. Prior joining Georgia Tech as an assistant professor in 2019, he was a post-doctoral fellow in the Department of Electrical and Computer Engineering at UT Austin from 2018-2019. He also held intern positions in Broadcom Ltd. in Sunnyvale, California, and NXP in Tempe, Arizona during 2013-2014. His research interests are broadly in analog, mixed-signal, and RF integrated circuits. His expertise is in high-performance data converters, ultra-low-power low-cost sensor interface, and novel analog mixed-signal architectures for design automation.

The IEEE International Electron Devices Meeting (IEDM) is the world’s preeminent forum for reporting technological breakthroughs in the areas of semiconductor and electronic device technology, design, manufacturing, physics, and modeling. IEDM is the flagship conference for nanometer-scale CMOS transistor technology, advanced memory, displays, sensors, MEMS devices, novel quantum and nano-scale devices and phenomenology, optoelectronics, devices for power and energy harvesting, high-speed devices, as well as process technology and device modeling and simulation. Georgia Tech research teams have a strong track of record in IEDM publications in the recent years, including 8, 4, 9 and 7 papers presented in IEDM 2018, 2019, 2020 and 2021, respectively.

 

- Christa M. Ernst

By Frida Carrera 

 

Several months after the completion of the 2021 InVenture Prize Competition, we caught up with John Wooten to see what he’s been up to! In 2021’s competition, John’s innovation Block Transfer, a decentralized stock transfer agent protocol for global financial markets, placed as a finalist.  

Today, John Wooten has been actively working to grow Block Transfer by securing final SEC approval, acquiring funding by US Bank, and submitting utility patents. He believes that by combining blockchain tech with traditional financial markets, we can fundamentally change the world. John describes his experience as a finalist in the competition as being invaluable and advises, “We didn't know we could partake given prior admission to CX. Biggest advice is to just TRY!” 

You can learn more about Block Transfer here: https://www.blocktransfer.io/consult 

To learn more about the upcoming InVenture Prize Competition visit https://inventureprize.gatech.edu/  . Registration closes on Jan. 19. 

By Frida Carrera

 

After almost a year since the completion of the 2021 InVenture Prize Competition, we caught up with finalist Sammie Hasen to see what she’s been up to over the past couple of months! For 2021’s competition, Sammie’s invention, BCase, placed as a finalist for its accessible, discreet, and secure birth control storage that attaches directly to the back of your phone. 

Today, Sammie successfully launched BCase in New York City on World Contraception Day as one of five brands featured by Medsur Inc, the consumer goods company founded by Sammie. On September 26th, Medsur was even invited by The Pill Club, a leading contraceptive company, to participate in the launch of their uterus-shaped vending machines in New York. Medsur now continues to garner the attention from many leading health companies in the birth control space and this is just the beginning for Sammie. 

“I plan to keep growing Medsur and follow our vision of creating a suite of innovative products for uterus owners. I am slowly growing the team, and I have now added the incredible Alexa Graham as COO. She is a rockstar, and she will help me grow Medsur to be all that we envision it to be!”, she explained. 

Sammie adds that Medsur is always looking for new ambassadors to join the team and encourages anyone passionate about the femtech space and building innovative products to consider signing up!

You can learn more about Medsur and BCase on their website here: https://www.medsurinc.com/

To learn more about the upcoming InVenture Prize Competition visit https://inventureprize.gatech.edu/ . Registration closes on Jan. 19.

The Goldia Mae Burchfield Memorial Scholarship is open for contributions again this year. It was established last year to support students in pursuit of their undergraduate degree. Ms. Burchfield, mother to Brook Byers Institute for Sustainable Systems Financial Manager, Gay Burchfield, died of COVID-19 on June 8th, 2020, at the age of 80, in Starkville, Mississippi. She lived a life of service to those in her community, with a particular emphasis on education. 

The Burchfield family selected sophomore Catherine Shamanski in the College of Psychology to receive a $200 scholarship. Shamanski will serve as a Team Leader in a section of the GT-1000 class, helping incoming first year students to find their footing on campus.

Ms. Goldia was years ahead of her time. During the segregation era, her family moved from rural Mississippi to a larger town where she could pursue her high school education, which she completed in 1958. She wanted to join the military only to discover that women of color were not eligible to serve. She worked as a part-time custodian in a local bank for 35 years, as well as numerous odd jobs to care for her family and her community. She and her husband had several small businesses in their hometown, one of which was “Burchfield Recreation,” aka “The Pool Hall.” The pool hall also served as an ad-hoc after-school care for many families with working parents. Ms. Goldia provided meals, advice, and discipline, sometimes working extra odd jobs to finance those additional expenses. She would also put together care packages with stipends for the young people of her community who were college bound.  If asked what her greatest achievements were, she would say that she was a great mom, provided free meals to many, greeted everyone with a heartfelt smile, and genuinely cared for everyone she encountered.

Donations by check should be made payable to the Georgia Tech Foundation, Inc., with "Goldia Mae Burchfield Memorial Scholarship" noted on the check or in a separate note, and should be mailed to: Georgia Tech Foundation, Inc., 760 Spring Street, NW, Suite 400, Atlanta, GA 30308. 

On-line gifts can be made at https://development.gatech.edu, using the ‘GIVE NOW’ button and following directions provided. In the ‘Other Designation’ box, enter “Goldia Mae Burchfield Memorial Scholarship.” Each donor will be acknowledged by the Georgia Tech Foundation, and a list of all donors will be shared with the Burchfield family.

By Jessica Barber

On April 21, 2021, biomedical engineering student Michael Pullen will serve as Georgia Tech’s representative in the fifth annual ACC InVenture Prize. Here he will compete with teams from twelve other universities for the chance to take home $30,000 in prizes.

Pullen’s invention first took root when he experienced the struggle of getting turf burn while playing football. While most players seek protection through regular compression sleeves, this often leads to decreased grip, more fumbles, and difficulty in maneuvering plays.

While working in sports medicine with the Atlanta Falcons, Pullen found a way to directly avoid this problem. LZRD Sleeve is a compressive sleeve that integrates gripping and moisture-wicking technology to deliver protection and control without sacrificing mobility nor comfort. 

Since then, LZRD Sleeve has secured its place in non-athletic arenas. A year ago, the world of sports halted due to COVID-19 shutdowns. It was then that Pullen sought other applications for his innovative sleeve — LZRD Sleeve has expanded its market to delivery drivers, gardeners, and maintenance workers seeking better performance and protection from harm. 

LZRD Sleeve is now being used by the largest U.S. courier service, and it has also been featured in Neil DeGrasse Tyson’s podcast StarTalk. On the same hand, Pullen has been in contact with a whopping five Fortune 500 companies. He ultimately hopes that InVenture Prize will show that with hard work, nothing is impossible.

 “Never in a million years would I have thought I would be representing Georgia Tech in the ACC InVenture Prize. Getting out of your comfort zone and trying new things is important, and by winning, I hope to set an example so that others might do the same,” Pullen stated.

Overall, winning the ACC InVenture Prize would allow LZRD Sleeve to expand even further through capital investments, uptakes in production, and coverage of associated legal fees.

The Georgia Tech community is encouraged to show Pullen its support through voting for the People’s Choice Award of $5,000. Voting is open from 8 a.m. on Monday, April 5 until midnight on Tuesday, April 6.

To vote, please text GATech to win the ACC InVenture Prize People’s Choice Award to 415-965-7445.

Winners will be announced on Wednesday, April 21 at 7 p.m. on PBS stations throughout the ACC region. 

More information about LZRD Sleeve can be found at lzrdtech.com.

The President's Undergraduate Research Award pays selected students $1500 to conduct undergraduate research. Applications for summer 2021 funding are due on February 26, 2021. 

Apply online at urop.gatech.edu

California, September 14, 2020: TiE Global hosted the 2nd edition of the TiE University Pitch Competition over the weekend. Cash prizes of close to $14,000 and almost $35,000 worth of in-kind prizes were given out to the 13 participants. TiE Atlanta’s Aerodyme Technologies from Georgia Institute of Technology came in first, winning $5000. TiE Silicon Valley’s team Ambii from San Jose State University bagged the second prize, winning $3000; while TiE Toronto’s LSK Technologies, a MedTech startup from the University of Toronto emerged as the third winner, winning $2000.

The winning team, Aerodyme Technologies has created a novel device that saves fuel costs for tractor-trailers by minimizing aerodynamic drag. Ambii, which came in second, provides an in-store music streaming platform for retail outlets, cafes and restaurants without the hassles of licensing. Third prize winner, LSK Technologies, created a diagnostic device for testing infectious diseases such as Covid19 at the point of need. 

Congratulating the winning team, Mahavir Pratap Sharma, Chairman of the TiE Global Board of Trustees said, "We are proud of these young talented entrepreneurs. Their growth story from pitches at their local TiE Chapters till the Global Finals has seen a massive expansion and iteration of thought and structure. This is a complete team effort put forward by the program co-chairs and charter member mentors who helped them grow their idea, giving them thorough guidance and mentoring the students over the last few months to compete on a global stage.”

Aerodyme Technologies participated in Georgia Tech’s CREATE-X Startup Launch program during summer 2019. During the startup accelerator program, the Aerodyme team was able to conduct customer discovery and receive mentorship and funding to take their product to market. The team also won 2nd place in the 12th annual InVenture Prize competition in March 2020. As part of the competition, Aerodyme received $10,000 in cash and patent filing assistance funded by the Georgia Tech Research Corporations. 

The second edition of the TiE University jointly organized by TiE Atlanta & TiE Hyderabad had 13 teams representing TiE chapters from India, Israel, UAE, Israel, USA, and Canada. These teams were previously the chapter winners and were then mentored to participate in the Global finals. After the Semi-final round on Saturday, seven teams were selected for the finals. Teams had a 10-minute pitch to an eminent Jury panel and a 5-minute live Q&A. 

Speaking at the Presentation Ceremony the TiE University program co-chairs Dr. Paul Lopez, SubbaRaju Pericherlaand Viiveck Verma, said they are looking to expand the program participation to 40 chapters and 400+ universities worldwide by 2022.

The worldwide jury panel for the finals, consisting of VCs and investors, included Bodhi Capital’s  Dharti Desai, Silicon Valley Bank’s Priya Rajan, Elevate Capital’s Kumar Sripadam, and Inflexor Ventures’ Venkat Vallabhaneni.  Semi-finals judges from across the globe included Craig Abbott, Rakesh Bhatia, Radhika Iyengar, Rama Devi Kanneganti, Doc Parghi, and Sonia Weymuller.

Apart from the top three winners, prizes were announced in various other categories. Silicon Valley’s Ambii and New Jersey’s Volant from New Jersey Institute of Technology jointly received a $1,500 Best Elevator Pitch award. Similarly, Teams Clean Electric from IIT/BHU, Varanasi representing TiE Mumbai, and Aruga Technologies from Carnegie Mellon University representing TiE Pittsburgh jointly received $1,500 Best Technology prize. Frinks, from IIT Hyderabad, representing TiE Hyderabad took the $500 People's Choice Award. Apart from this, all participating teams walked away with technology and service prizes worth $2500 per team.

The competition also hosted a keynote address by serial entrepreneur Thejo Kote. Thejo sold his connectivity startup, Automatic for $115 million to SiriusXm. He inspired the university startup teams and online audience alike by saying, “The biggest lesson I’ve learned along the way is to make sure you enjoy the journey (of building a startup) and it’s something that you learn from and grow from. Else it will be a lot more challenging.”

 

About TiE University:

TiE University program focuses on enhancing the learning objectives of university students globally through the creation and presentation of business pitches for startups and new small business ventures so that they aspire to become entrepreneurs. TiE University is looking to expand its reach to 40 chapters and 400+ universities worldwide. If you’re interested, reach out to the below-mentioned media contact. For more information, visit - https://tie.org/tie-university/

 

About TiE Global:

TiE Global, is a non-profit organization dedicated to fostering entrepreneurship around the World. TiE strives to inspire entrepreneurs through mentoring, networking, education, incubating and funding programs and activities. With nearly 2000+ events held each year, TiE brings together the entrepreneurial community to learn from local leaders, as well as each other. Few of the annual flagship events conducted by TiE are TYE, TiE Women, TiE University, TiECons and TGS. For more information, please visit our website at https://tie.org/

 

Media Contact:

Aparna Mishra Aparna@tie.org

By Jessica Barber

           On Wednesday, September 16, the Office of Undergraduate Education (OUE) hosted the kick-off session for the 13th Annual InVenture Prize. With over $35,000 in prizes, the competition is the holy grail of college entrepreneurship. Although the InVenture Prize officially starts in January 2021, students have already begun their preparations and idea declarations.

Unlike previous years, the kick-off was hosted online through Gatherly, a virtual event platform recently built by none other than Georgia Tech students. Despite this, attendees did not miss a beat. The kick-off marked a return to normalcy for the Georgia Tech innovation community from learning key information about the competition to directly speaking with past winners.

           After a welcome from interim Assistant Director of Student Innovation, Recha Reid, students were given an overview of some upcoming InVenture Prize events, including the ongoing Pitch Your Idea and IdeaBuzz sessions. Students were given an overview of OUE’s customer discovery, financial forecasting, marketing, and patent/copyright workshops. From there, the floor was turned over to Dr. Chris Reaves, executive director of the office for Academic Enrichment Programs.

           “At its core, the InVenture Prize is an invention startup competition, but we work together — even the teams work with each other — to help one another. We achieve more, grow more, and develop our companies better when we’re helping each other, and that’s a big part of what we’re doing,” Reaves explained.

           Later, students were given the opportunity to speak with representatives from Queues and Aerodyme, the respective first- and second-place winners of the 2020 InVenture Prize. Students learned firsthand what it takes to succeed on the InVenture Prize stage; the teams later offered advice on the invention process, their lessons learned, and the visibility benefits of participating in the competition.

           “If you’re on the edge right now about doing InVenture Prize, definitely do it. We actually had that same thought before we did it, and we’re just so glad that we did. It’s a lot of work, and you’re going to step outside of your comfort zone, but it’s so worth it”, said Joy Bullington of team Aerodyme Technologies. 

           Queues team member Sam Porta similarly had some words of encouragement for those looking into the 2021 InVenture Prize. 

           “The difference between an entrepreneur and someone who’s just engineering something is persistence, and the InVenture Prize is a great opportunity to test this. If you think you’ve come up with something great that has a lot of value, then, by all means, do it,” Porta emphasized.

           Towards the end of the session, students were invited to visit virtual “booths” dedicated to areas of health, retail, fintech, transportation, education tools, gaming, and networking.

           “InVenture is honestly one of the reasons I chose to come to Tech, and I’m just so excited to come into with something that I’m really confident about,” an attendee said.

           “The most interesting thing about tonight was hearing from the past winners and having them talk about their experiences. Definitely super excited to apply, and hopefully we do really well,” another stated.

           Registration for the 2021 InVenture Prize will remain open until January. Student innovators are invited to check out OUE’s information and development sessions to be held throughout the Fall semester. All dates and related topics can be found at innovation.gatech.edu and inventureprize.gatech.edu.

 

FIND OUT MORE ABOUT THE 2021 INVENTURE PRIZE BY CLICKING HERE

 

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