The judges, all of whom are successful venture capital investors, entrepreneurs, and business leaders themselves, reviewed 42 teams from around the world over a three-day period. More than $1 million in cash and prizes were awarded—a record for the RBP Competition.
Competing in six categories, the teams included the areas of life sciences, information technology, energy, green tech, social ventures and other technologies. Each team was given 15 minutes to present their business plans.
Fulbright presented a $3,000 check for the Rice Business Plan Competition Overall 6th Place to Reveal Design Automation from the University of Michigan. Reveal Design Automation designs and sells an automated software solution for performing scalable and comprehensive verification of digital logic designs to key customers in the IC design industry.
The grand prize, given to BiologicsMD, LLC, is valued at over $385,000, included a $285,000 equity investment, $20,000 cash and over $80,000 of business services including office space, marketing support, and business mentoring.
BiologicsMD, LLC, from the University of Arkansas, also won the Best Life Science Award, the $15,000 Heinlein Prize Trust for Space Commercialization, the $10,000 Courageous Women Entrepreneur Award and Best Elevator Pitch Life Sciences, and second place in the overall elevator pitch for a total of $419,250.
BiologicMD, LLC created OsteoFlor™, a new medication for building stronger bones. Their product binds to bone, causing bone growth to nearly triple. With less frequent dosing, it is expected to have few, if any, side effects.
The competition was broadcast over social media this year, including a TwitPitch Competition along with live tweets during the awards ceremony.
Co-sponsored by FORTUNE, the winners, teams and competition will be featured in the May 24, 2010 issue and on CNNMoney.com as well as New York Times, Financial Times, Fortune.com.