First-year MBA student Alycia Crandall stood outside the back doors of the Cocanougher Center with her unofficial fifth teammate in the MBA Venture Challenge: a full-grown horse. Her mission: to deliver a compelling elevator pitch convincing each of the 75 judges in attendance to come listen to her team’s analysis of RevaTis, a new veterinary medicine research company commercializing stem cell services for thoroughbred horses.
The elevator pitch competition was the first round of the MBA Venture Challenge, a seven-day experiential competition held annually in collaboration between the MBA Program and the Center for New Ventures and Entrepreneurship (CNVE), both at Mays Business School.
In this year’s challenge, 63 first-year MBA students formed into 15 teams and selected from a pool of 25 early-stage companies seeking advice and analysis on their market opportunity and growth strategies. Each year the MBA Venture Challenge creates high-stakes competition between the teams, for both sponsored cash awards and course credit, as well as high-value effort and insights for the participating firms.
The MBA teams are allowed only one week of direct contact with company representatives, but are provided feedback and guidance from industry and university mentors, including the MBA Program Faculty. MBA Program Director Shannon Deer explains: “Venture Challenge is so beneficial to both our students and to the companies participating. The MBA Program has completely integrated the Challenge into our students’ course work, evaluating their analysis and recommendations for course credit.”
After seven days (and long nights) of preparation, evaluation and analysis, the MBA Venture Challenge culminates in a full-day competition that starts with an elevator pitch round, two full rounds of preliminary presentations, then a finals round of presentations from the top six teams. Throughout the presentation rounds, teams are scored by an audience of invited judges from CNVE’s network of business, academic and entrepreneurial community leaders. Each round requires the teams to present a concise but in-depth analysis of the venture and provide meaningful recommendations to the venture’s leadership on how to best address their shortcomings.
CNVE Director Blake Petty describes the MBA Venture Challenge as a unique and valuable experience for all participants – students, ventures and judges. “It has always been aimed at offering the MBA students an impactful experience introducing many of them to the unique aspects of leading and launching a new business,” he said. “As a meaningful – and powerful – side effect, the participating companies and judges receive valuable insights, critique, analysis and recommendations toward pivots and improvements their new ventures can make to enhance their likelihood of success.”
The winning MBA teams were announced at a networking and awards reception immediately following the Challenge on Feb. 19:
- First Place ($5,000, sponsored by Aggie Angel Network) – James Hammond, Tien Le, Brian Newbury and Jordan Nielson (Block Party Suites)
- Second Place ($3,000, sponsored by Research Valley Innovation Center) – Jonathan Macrae, Eva Martinez-Salinas, John Dexter and Saurabh Kulkarni (ADVENTURE GURU)
- Third Place ($2,000, sponsored by JBKnowledge) – Jason Morgan, Lillian Niakan, Raj Sridharan and Sneha Das (Scepter Medical Devices)