A prodigious invention by a professor combined with the business acumen of three MBA year-one students has made HKUST the champion at the US Wake Forest Elevator Competition. The successful team of HKUST MBA students pitched and presented their business ideas for a rapid viral detection device to a group of venture capitalists who served as judges at the competition.
The device, developed by a professor of chemistry at HKUST, is an easy-to-use diagnostic test that can distinguish between acute bacterial and viral infections upfront through a finger-prick blood sample, within a testing period of 15 minutes. The product can even detect potential unknown bacterial and viral strains. It is a portable device and has possible uses in physician offices, hospitals, blood banks and ambulances. One of the more effective day-to-day applications of the product is to reduce unnecessary antibiotic prescriptions.
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The competition attracted 70 submissions worldwide but only 20 teams were selected to compete. The HKUST team, comprised of Birgit Vagani, Carl Li and Neha Bhatia, was the only non-US contestant. 19 other teams were from the US's top MBA schools including Harvard, Chicago, Duke, Carnegie Mellon, Georgia, Georgia Tech, Michigan, New York University, Pittsburgh, Temple, Utah, Vanderbilt, Wake Forest and Wisconsin.
The Hong Kong team members impressed venture capitalists during their two-minute elevator pitch. The team was one of five to make the final round during which additional face time was granted so the teams could make formal boardroom presentations of their proposals. "The competition simulated the real situation of entrepreneurs pitching to venture capitalists inside an elevator. The two-minute pitch was really short but we did our best to bring out all the important points and capture the VC's interests," said the MBA team.
HKUST team advisor Professor Mark Cannice said: "The team worked long and hard and I am very proud of what they have achieved." Professor Ted Clark, who accompanied the team to Wake Forest, added: "Their thorough research, market knowledge and innovative ideas impressed the judging venture capitalists, some of them are very interested in their product and business ideas."
Professor Steven DeKrey, Associate Dean and Director of MBA Program, HKUST Business School, is pleased with the team's outstanding performance. "Winning this competition was no small feat. We were in competition with some of the very best in the world. Their success has once again affirmed the excellence of our students, faculty and program."
The Elevator Competition, completing its seventh year, is the premier elevator pitch competition. The event is organized by Wake Forest University in the US. The winner receives cash and professional services, including legal and marketing services, totaling US$45,000. More importantly, the winner gets the undivided attention of potential investors. Venture capitalists from three firms representing more than US$500 million in early-stage funds serve as judges. The winning team enters discussions with one or more venture capital firms, with the possibility of getting its business plan funded. Some past winners of the competition are taking flight as full-fledged businesses.
Website: www.mba.wfu.edu/elevator.