Fourteen听university innovators pitched their technologies at听Lab Venture Challenge (LVC), a funding competition hosted by Venture Partners at CU Boulder that helps commercially-promising technologies accelerate into impactful business ventures. Judges from the local entrepreneurial ecosystem awarded a record total of 12听grants鈥攗p to $125,000 each鈥攆or the top physical science, engineering and bioscience innovations demonstrating high commercial potential, a clear path to a compelling market and strong scientific support.
Adapting to a virtual format this year, LVC听was split into听two categories over two days: Biosciences on Nov. 18听and Physical Sciences & Engineering on听Nov. 19.听Finalists delivered 8-minute听pitches and navigated four听minutes of Q&A from听a panel of business leaders, entrepreneurs, investors and intellectual property experts.
鈥淲ith听$1.35 million allocated, this was the largest Lab Venture Challenge to date,"听said Brynmor Rees,听assistant vice chancellor for Research & Innovation and managing director of Venture Partners.听"More importantly, we saw incredibly strong pitches, more diversity among the finalists听and ventures with high impact potential."听听
Zoya Popovic, distinguished professor of听electrical, computer听& energy听and chief science officer of LumenAstra also took home an LVC prize. Alongside CEO Jim Pollock, Popovic听explained how her company is听developing a听wearable sensor capable of measuring temperature deep below the skin, such as in cancerous tumors and in the brain post injury or stroke. Current methods like catheters and needles听are invasive, uncomfortable, and inaccurate, but LumenAstra's solution offers the听opposite. It's small and non-invasive while providing听constant, accurate measurements and detects critical, early-warning signs听before additional damage can take place.听
"If it were not for the personalized attention and advice from Venture Partners, I would have never met Jim or been encouraged to join him in commercializing the ideas developed in my lab," said Popovic. "The LVC funding means that the company and product we set out to develop is not only a fun adventure, but听also听an obligation to provide a useful product to future users."听
LVC winner Scott Palo, endowed professor of aerospace engineering and CEO of , and his team听are looking to bring their technology鈥攁 small, hybrid modular broadband satellite communication system鈥攖o market. Current satellites use radio frequency听(or RF) systems for communications, but RFs听are听a fixed resource and bandwidth can be an issue.听Optical, or laser communications, have nearly unlimited bandwidth and can听address this scarcity problem, but听weather can sometimes affect connectivity.听Palo's solution combines both RF & optical systems, which provide听guaranteed communication听links in all-weather conditions while enabling faster rates using its patented cobalt-optical transceiver.
To prepare for the showcase, finalists were encouraged to participate in Venture Partners'听Commercialization Academy听customer discovery programs, such as Starting Blocks and Research-to-Market. Many also attended "Elements of Entrepreneurship" workshops, a monthly听series that听teaches the basics of building a high-tech, university-based听startup. In addition, CU Boulder Entrepreneurs in Residence (EIRs), commercialization mentors and Venture Partners staff provided critical feedback so finalists could refine their presentations and practice engaging different business audiences in order to attract funding.
In the spring and summer听of 2021, all of the LVC awardees will complete听the Research-to-Market program. In addition, toward the end of the funding period, awardees will present their progress from the LVC and collaborate with EIRs, mentors and Venture Partners听staff to set the commercialization path forward.
LVC funding comes from the Colorado Office of Economic Development & International Trade鈥檚 (OEDIT) AIA program, Venture Partners at CU Boulder听and the Chancellor鈥檚 Innovation Fund.
