Collage banner of the 2017 NVC teams

New Venture Championship 2017: Bigger Than Ever

After three days of competition, the Lundquist College of Business is pleased to announce the winners of the 2017 New Venture Championship (NVC).

First place: Intelligent Flying Machines, Northwestern University
Second place: MITO Material Solutions, Oklahoma State University
Finalist runners up: Integrated Extraction, University of Michigan
Surface Mod, University of Arkansas

The 2017 New Venture Champion is Intelligent Flying Machines from Northwestern University. In addition to winning the coveted Reinmuth Cup, they will receive $20,000 to launch their venture. Intelligent Flying Machines (IFM) is a data analytics company that uses machine learning, computer vision, and robotics to automate indoor data capture. With partners in industry and customers across automotive manufacturing and logistics, IFM uses technology to improve the operational efficiency of enterprises and unleash productivity in the workforce.

MITO Material Solutions from Oklahoma State University placed second and will receive $10,000 for their endeavor. MITO Material Solutions sells adhesive epoxy additives, which allow manufacturers to double the durability or significantly decrease the weight of composite materials used in the aerospace, recreation, and automotive industries.

In addition to the grand prizes, Integrated Extraction from the University of Michigan and Surface Mod from the University of Arkansas each received $2,500 as finalist runners up. NVC judges also awarded prizes to the following groups:

  • Best Elevator Pitch ($1,500): Surface Mod, University of Arkansas
  • Best at Trade Show ($1,500): BlueGreen, Hong Kong University of Science and Technology
  • Best Written Plan ($1,500): Surface Mod, University of Arkansas
  • Palo Alto Software Best One Page Pitch ($1,000): MITO Material Solutions, Oklahoma State University
  • Sustainability Challenge Award ($1000): BlueGreen, Hong Kong University of Science and Technology

Teams that did not qualify for the final round participated in the Oregon Entrepreneurs Network Lightning Round. Four teams won their Lightning Round track and $1,500 each. These winners include Universal Prosthetics from the University of Iowa, acion from the University of Louisville, Tri-D Dynamics from Purdue University, and Pdvice from the Sasin Graduate Institute of Business Administration. The remaining teams were awarded $750 each as Lightning Round runners-up.

Previously for graduate students only, this year the weekend-long competition included undergraduate and high school students for the first time in its history. After taking part in a similar statewide competition, GobTech from Oregon State University took home the Undergraduate Business Concept Award and $1,500. University of Oregon team LittMitt—whose LED “Throw Your O" gloves debuted at the 2016 QuackCon and were selected for the Duck Store's Oregon Incubator Program—came in second.

Also joining NVC for the first time were the finalists from the Young Entrepreneurs Business Week (YEBW) competition. Taking place at three Oregon universities—University of Oregon, Oregon State University, and University of Portland—YEBW is a summer program for high school entrepreneurs that culminates in a pitchfest. Of the three finalists, Kaheawai Kaonohi‏ won the High School All-Stars Scholarship Award and was awarded $1,500 towards a University of Oregon or Oregon State University scholarship. Kaonohi, who conceived and debuted his business plan during the summer between his senior year of high school and freshman year of college, is now a Lundquist College pre-business student and vice president of the University of Oregon Entrepreneurship Club.

On behalf of the participants, faculty advisors, and staff of the 2017 New Venture Championship, we would like to express a heartfelt thank you to all of our judges. Their involvement enables NVC to consistently attract high-caliber ventures from around the globe, provide the finest engagement found anywhere, and supply teams with unparalleled advice and resources that will advance their skill sets and ventures.


The following teams competed in the 2017 New Venture Championship


Georgia Institute of Technology
WEAV3D offers a machine that combines two batch processes, weaving and composite consolidation, into a single continuous process, resulting in high throughput and low process costs. This technology will reduce the cost of manufacturing to provide automotive OEMS with a cost effective method to meet federal fuel economy targets. This venture will derive revenue from the sale of composite forming machines and composite materials to automotive OEMs.

EBV Hydrogen Solutions

Hong Kong University of Science and Technology
EBV Hydrogen Solutions is a Thailand based company specializing in the design, manufacturing, implementation, and servicing of fully integrated hydrogen energy storage systems, consisting of electrolysers, storage, and fuel cells. The company aims to solve the problem of intermittency by providing backup power solutions for telecommunication towers. EBV’s mission is to become the most-respected energy storage company providing clean, uninterruptible energy to remote locations in southeast Asia.

Intelligent Flying Machines, Inc.

Northwestern University
IFM is a data analytics company which uses machine learning, computer vision, and robotics to automate indoor data capture. With partners in industry and customers across automotive manufacturing and logistics, we use our technology to improve the operational efficiency of enterprises and unleash productivity in the workforce.

MITO Material Solutions

Oklahoma State University
MITO Material Solutions sells adhesive epoxy additives which allow manufacturers to double the durability or significantly decreases the weight of composite materials utilized in the aerospace, recreation, and automotive industries.

Tri-D Dynamics

Purdue University
Through patent-pending innovations in process and design, Tri-D Dynamics aims to be a joint design manufacturer of affordable and efficient rocket engines for rapid SmallSat launch vehicle operations. Rocket engines are often the most critical, yet costliest components of launch vehicles. Tri-D Dynamics utilizes innovative, proprietary processes to manufacture rocket engines that are more cost-efficient and are quicker to produce than any others out in the market.


Sasin Graduate Institute of Business Administration of Chulalongkorn University
PDvice is a healthcare startup with a vision to offer the world a technology for the global population suffering from abnormal tremors. Our mission is to become a leader in Parkinson’s technology as we offer innovative product solutions for Parkinson’s disease.

GrowMaxx Global

Thammasat University
GrowMaxx Global is an agritech company that aims to provide the livestock production industry with a superior choice of growth promoter with a 100% natural, non-GMO product made from essential oil with nanoencapsulated SEDDS technology. Our mission is to replace antibiotics used in livestock production and transform the global livestock industry to provide a better and safer food choice to global citizens.

BioGram, LLC

University of Alabama
BioGram is a student-run LLC that was created after a NASA-sponsored technology transfer competition. As sophomores in the STEM MBA program, Ginger Morgan and Cory Efird used a patented panoramic lens to reinvent minimally invasive heart surgery. The company strives today to build a prototype that appeals to cardiologists and investors.

Surface Mod

University of Arkansas
Surface Mod has developed generic scaffolds that are easily customized to recruit any type of cells, allowing researchers to purchase reliable scaffolds that don’t require additional processing after purchase. Our technology has been shown to adhere 300% more cells, decreasing the time to develop bone and tissue and cutting the materials acquisition and preparation process by 61%.


University of California, Santa Barbara
OrganicMatters manufactures certified organic fertilizer out of poultry waste from the egg industry. Our process brings a food system byproduct into the mainstream organic fertilizer market by lowering farmer’s production costs and environmental risks. Our fertilizer is foodsafe, nutrient-rich, and affordable.

Universal Prosthetics, LLC

University of Iowa
Universal Prosthetics’ Shoe Box Leg is the first low-cost, custom-fit-by-user prosthetic leg. Because of Universal’s several-sizes-fits-all technology, they can treat the millions of amputees in developing nations who don’t have access to a prosthetic. Instead of amputees saving up for months to journey to a skilled prosthetist, we bring the solution directly to the patient.

acion, LLC

University of Louisville
acion’s mission is to protect residential and commercial properties from water damage due to clogged air-conditioning (HVAC) system drainlines by introducing a patent-protected device that connects to, and automatically delivers an environmentally-friendly biocide treatment into, an air-conditioners drain-line to kill algae before it clogs. Last year, homeowners in the U.S. reported insurance claims totaling $1.6 billion for this problem alone, while our target market size in Florida and Texas alone is over $4.9 billion.


University of Manitoba
Paramergent provides the first all-in-one mobile software application paramedics can use to track and report a patient’s prehospital journey, and transmit the relevant information directly into a hospital’s electronic medical records (EMR). Paramergent transforms standard patient care protocols into easy-to-view cards that can be clicked on or swiped through. Paramergent can provide hospitals better incoming patient details before arrival, improving patient handoff. Lastly, Paramergent will provide enhanced business analytics for EMS and hospitals.

Integrated Extraction

University of Michigan, Ann Arbor
Integrated Extraction designs and sells butane extraction machines to companies involved in the legal production of marijuana concentrate. The company’s machine offers a marked improvement in safety without any decrease in performance.

Core 4 Biologix

University of Oregon
Core 4 Biologix is a virtual pharmaceutical company that focuses on licensing early stage biologic technologies from universities. We will the partner with clinical research organizations (CROs) to bring these technologies through preclinical trials. After preclinical trials, we will license these technologies out to larger pharmaceutical companies for further development through trial phases and eventual manufacturing and distribution. Our first technology, a bioconjugate, is in development at the Oregon Health and Sciences University as a treatment for bladder cancer.

Smart Bandage

University of Waterloo
Around 40 billion dollars is spent annually in U.S. on the treatment of chronic wounds and every hour 12 people die due to these wounds. We have developed a remote wound monitoring system that is used like any other conventional bandage outside the body. It’s disposable and its production cost is almost equal to the cost of a conventional bandage. Our product is scalable, flexible, acquires long term wound healing progress data and sends vital signs wirelessly to remote medical staff and patients. We have filed a patent in the U.S., successfully developed a lab prototype and are planning clinical trials.