The 6th Annual KPMG Fraud Case Competition was held on April 21-23 at Mays Business School via Zoom.
Seven teams presented case solutions culminating the semester-long fraud case competition. Final judging of the competition was facilitated by Kelsey Wright, KPMG Advisor, with the help of several of her colleagues, representing KPMG’s US Forensic Advisory Practice.
Young (right) and Armstrong (left) pitching at Aggie PITCH 2019
In 2017 Stephanie Young competed at her High School science fair with SKYPaws,a “spaghetti monster of wires” that would allow veterinarians to wirelessly monitor their patients post-operatively. Now,SKYPaws is led by Stephanie Young and her co-founder Brianna Armstrong.“When we started this we weren’t sure if it was something people really wanted. With each competition that we won it was another step of validation” stated Armstrong, “What is exciting, has built our confidence, and is still humbling is that the people we pitch to in the veterinary space really see this as a thing that needs to happen” she concluded. “And even people who aren’t in the vet space” added Young. “We need to make this change and shape our standard of care in this direction,” said Armstrong.
Animal patients will chew through wires attached to them, which requires veterinarians and their staff to visually monitor patients in order to assess their recovery and health. If there is a problem with a patient, such as a sudden drop in blood pressure due to internal bleeding, they often aren’t aware of the issue until it’s too late. SKYPaws accurately monitors veterinary patient vitals such as heart rate and blood pressurewithout the need for wires. Their devices saves lives and provides the means for unprecedented levels of patient care within veterinary medicine.
Armstrong pitching SKYPaws during the 2019 Raymond Ideas Challenge, at which they won 1st place and $3,000
THE RIGHT CO-FOUNDER
It should be noted that in addition to launching a tech startup, Young and Armstrong both have part-time jobs and are full-time students at Texas A&M University. Young is a junior Animal Sciences major and Armstrong is a fourth-year veterinary medicine student.When asked how they manage such hectic lives, Armstrong resolutely stated: “We have each other.”
Young and Armstrong met in the Fall of 2018 after being introduced by a faculty member within the College of Veterinary Medicine.The two have developed a level of trust that allows them to lean on one another when life is particularly daunting. “If I were gone, I could fully trust her with the company. She can handle this and much more. Our co-founder relationship is very much like a marriage. If you don’t have the communication and trust and overall shared values that you’re both set on then it’s not going to happen.” commented Armstrong.“We met to become founders, but we’ve grown to become friends before founders,” said Young.
Being entrepreneurs has also taught Armstrong and Young how to prioritize the myriad of responsibilities in their lives. “It all boils down to time management,” said Armstrong. “My schedule is planned to the minute every day” Young stated, “Now when I study I have to be productive because it’s the only time I have to study. And, honestly, it’s made my test grades a little higher.”Both founders also commented that they schedule down-time to avoid burnout and to still enjoy life as students. Young commented, “I have my entire life to be an adult. I’ve learned a lot about don’t wish your life away too quickly”
Young (right) and Armstrong (left) giving a presentation on SKYPaws during Season Premiere at Startup Aggieland
MORE THAN ENTREPRENEURSHIP
Armstrong and Young’s experience as founders have challenged them to grow as entrepreneurs, but also as professionals and individuals.SKYPaws has madeArmstrong more prepared for her career as aveterinarian and has even elevated her experience at school. “I wouldn’t have gotten the same thing out of veterinary school here without having taken these opportunities. It’s shaped how I view the profession,” she commented. Because of the positive impact that entrepreneurship has had on her life, Armstrongfirmly believes more veterinary students should be involvedin the world of innovation and entrepreneurship. “[When you’re a student] you’re learning medicine, learning how to be a doctor, and learning how to think critically. But you aren’t getting any exposure to what is happening in this industry that you’re going to be a part of.” From legislature to novel pharmaceuticals Armstrong explains how during vet school you’re isolated from the working field and solely focused on school. “If I hadn’t gone to the Veterinary Innovation Summit and the Veterinary Entrepreneurship Academy I would not have this new-found appreciation for the industry. I now understand how a veterinary hospital is run and the business behind it,” said Armstrong. Because vet school is so rigorous many students don’t have the time to attend conferences and trade shows where one would typically learn more about industry trends. And so, Armstrongcreated the executive position of Innovation Ambassadorwithin the Veterinary Businesses Management Association at Texas A&M. The Innovation Ambassador explores and learns about new trends and technology in veterinary medicine and share them with other students.“There is an issue within the profession with inflexibility. My hope is that with some of these new efforts students will see that there’s more to the DVM than they ever could have imagined. The only way we’re going to change the profession’s thought process as a whole is to impact the upcoming veterinarians. Texas A&M is one of the few schools that is implementing programs that allow for this growth mindset.” saidArmstrong.
Being an entrepreneur has taught Young to never doubt her skills or allow others to tell her she can’t achieve something. “Entrepreneurship is a lot of learning on the fly and then doing it. If you fail, fine! Do it again.” said Young. In order to succeed at competitions such as The Idea, Raymond Ideas Challenge, and Aggie PITCH Young had to streamlineSKYPaw’s circuitry and programming to create a minimal viable product. As an animal science major, she had a limited background in programming and had no access to soldering equipment. So, Young did what any clever student would do. She changed her minor to computer science for a semester. She used her access to the Fischer Engineering Design Center and her programmingclasses to help fill the gaps in her skill set. Her new knowledge even helped her develop facial recognition software during an internship with Mars. “I’m the type of person who if you tell me I can’t do something, or won’t do something, I 100% will.” said Young,“I had people tell me you can’t fix this code because you’re not an engineering major. But I did and I can fix it.”
Young (right) and Armstrong (left) giving a presentation on SKYPaws during Season Premiere at Startup Aggieland
BEING A YOUNG FEMALE FOUNDER
Recent data shows that in Q1 of 2019 15% of United States venture capital investments went to companies with at least one female founder with only 2% invested in startups with all-female founders. In addition to being female founders, Young and Armstrong are young students. Because of this, they’ve faced a lot of push-back in the investment and entrepreneurial world.“There’s nothing that anybody ever does where someone doesn’t doubt them. It’s just something where you say I’m still going to do my best to make this happen. I don’t feel it from the veterinary side as much as the investment and business side” said Armstrong. “If I were [older] and a male and doing this it would be a completely different story” commented Young. Even when the two are faced with challenges they persevere and do their best to learn from their experiences. Young attended the first-everMars Leap Ventures Academy in 2019, exclusively for women founders. After pitching SKYPaws to a panel of mock investors she was picked apart with personal questions about her age and experience. “I came out of there and I was angry. I started talking with several of the other ladies and they told me that a lot of these investors aren’t saying this just to tick you off. They want you to step back and reframe what they said, and they want you to prove them wrong so that you can move on to the next step.” stated Young. Rather than view her age as a handicap, she uses the flexibility of a student schedule to capitalize on as many opportunities available to SKYPaws as possible. She pours her youthful energy into her company and the payoff is evident. In less than two years the duo has won over $30,000 in competition prize money, participated in the Leap Ventures Academy, are members of the current LaunchPad Lift cohort, and just signed with a manufacturing firm in Houston, TX to begin production of the beta series of SKYPaws devices. The team has also attended multiple entrepreneurship academies and have been keynote speakers at veterinary conferences.
Their experiences as young female foundershave caused Armstrong and Young to be even more dedicated toSKYPaws success. They hope that if theirefforts will help the next generation of young, female founders find their confidence to follow their passion. “We’re creating a device that’s going to impact the industry in a positive way.” said Armstrong,“If we do this, all the way and are successful people will know us. They’ll know these two women created this disruption in the veterinary space. And we’re doing it at such a young age. These two ordinary people did it so I can do it.”
Armstrong (left) and Young (right) at the 2019 Raymond Ideas Challenge where they won 1st place and $3,000
Throughout our interview, Young and Armstrong repeatedly said “if SKYPaws is successful” rather than “when SKYPaws is successful”. When asked why their answers only further illustrated the maturity and sense of responsibility that Young and Armstrong bring to their venture. “There’s always a thought in the back of my head that 3 out of 4 startups fail. And it’s again, from a place of feeling humble. I’m so grateful for everything that we’ve learned thus far and how much opportunity has come from this and how far we’ve actually gone. It’s just been incredible experience after incredible experience. Now that we’re getting into the investor phase, I’m even more conscious of the fact that we could take money from people. And still not make it. That is really difficult for me. We could do everything right, take this as far as we can get it, but at the same time that’s someone else’s money that’s in our hands. We could do everything right and still not make it. It’s a reality check for myself.” said Armstrong. Young too is humbled by the immense opportunities they have been given.She refuses to allow their current success to inflate her ego.“Every startup wants to be the one that makes it. There’s is that chance we could be one of the 3 out of 4. But we’re going to take [SKYPaws] as far as we can. We’re going to do our best to bring our gifts and attention to this company and try our hardest. A lot of my “if” comes from not being too cocky.” stated Young,“There’s a difference between speaking something into existence and manifesting it. Just like there’s a difference between being positive and being cocky and thinking you deserve it. All of this stuff, I still feel undeserving and humbled to be a part of it.” With such inspiring and dedicatedfounders at the helm of SKYPaws, it’s hard not to believe that they will beat the odds.
About The McFerrin Center for Entrepreneurship
The Texas A&M McFerrin Center for Entrepreneurship provides encouragement, education, networking and assistance to entrepreneurially-minded students, faculty and staff. Founded in 1999, The McFerrin Center is part of Mays Business School’s Department of Management. The McFerrin Center provides experiential learning opportunities through workshops, competitions, guest speakers, and other events and programs such as Aggie 100. Texas A&M faculty and students benefit from the center’s educational programs, extensive business community network, and entrepreneurial support services.