Magnetic Gear Tech Firm Wins 2023 Rice Business Plan Contest

The Rice Business Plan Competition is known for being the world’s largest and richest student startup competition, and this year’s edition did not disappoint. The competition awarded a whopping $3.4 million in prizes, the highest in its 23-year history. The ultimate winner of the grand prize was FluxWorks from Texas A&M University, a magnetic gear technology company.

The Competitors

The RBPC saw 42 startups from 35 universities in five countries competing for the top spot. The teams were evaluated by more than 350 judges who were mostly early-stage investors. They evaluated the startups’ potential by hearing the teams pitch their businesses. The startups were divided into five categories: energy, clean tech and sustainability; life sciences and healthcare solutions; consumer products and services; hard tech; and digital enterprise.

The Winners and Prizes

The top seven finalists based on the judges’ overall scores were:

• FluxWorks, Texas A&M University – $350,000 GOOSE Capital Investment Grand Prize
• Sygne Solutions, Rice University – second place and the $100,000 Investment Prize
• Zaymo, Brigham Young University – third place and the $50,000 Investment Prize
• TierraClimate, Rice University – fourth place and the Norton Rose Fulbright $5,000 Prize
• Atma Leather, Yale University – $5,000 EY Fifth-Place Cash Prize
• Boston Quantum, Massachusetts Institute of Technology – $5,000 Chevron Technology Ventures Sixth-Place Cash Prize
• Pathways, Harvard University – $5,000 Shell Ventures Seventh-Place Cash Prize

Other prizes were awarded to the teams in various categories:

• $300,000 OWL Investment Prize – Boston Quantum, Massachusetts Institute of Technology
• $200,000 OWL Investment Prize – Zaymo, Brigham Young University
• $75,000 OWL Investment Prizes – Atma Leather, Yale University; Tierra Climate, Rice University
• $100,000 TiE Houston Angels Investment Prize – Sygne Solutions, Rice University
• $100,000 Houston Angel Network Investment Prize – Zaymo, Brigham Young University
• $500,000 Softeq Venture Fund Prize – Zaymo, Brigham Young University
• $300,000 Softeq Venture Fund Prize – Skali, Northwestern University
• $200,000 Softeq Venture Fund Prize – TierraClimate, Rice University
• $125,000 Softeq Venture Fund Prizes (2 prizes) – Boston Quantum, Massachusetts Institute of Technology; BlueVerse, Texas Tech University
• $250,000 TMC Innovation Healthcare Investment Prize – AirSeal, Washington University in St. Louis
• $25,000 Urban Capital Network Diversity Investment Prize in partnership with South Loop Ventures – Boston Quantum, Massachusetts Institute of Technology
• $25,000 New Climate Ventures Sustainability Investment Prize – Active Surfaces, Massachusetts Institute of Technology
• $50,000 nCourage Investment Group’s Courageous Women Entrepreneurs Investment Prize – Atma Leather, Yale University
• $10,000 nCourage Investment Group’s Courageous…

Related Facts

• The Rice Business Plan Competition is hosted annually by the Rice Alliance for Technology and Entrepreneurship and Rice University’s Jones Graduate School of Business.
• The competition is known for being one of the most prestigious student-startup competitions in the world.
• The competing startups pitched their businesses to investors, entrepreneurs, corporate executives, and ecosystem partners.
• The event included an elevator pitch competition, practice round, semifinals, wildcard, and final round.
• The startups were chosen from more than 450 applicants.
• Every team took home cash prizes.

Key Takeaway

The Rice Business Plan Competition has become a platform for innovative startups to showcase their potential and secure funding as well as recognition. The competition is not just about winning, as all the participants take home valuable feedback, mentorship, and connections with investors, executives, and ecosystem partners. The success of the competition is a testament to the power of networking and the belief in the potential of young entrepreneurs.

Conclusion

FluxWorks from Texas A&M University emerged as the grand prize winner of the 2023 Rice Business Plan Competition, the world’s largest and richest student startup competition. The competition awarded $3.4 million in prizes, the highest in its 23-year history. The startups presented innovative solutions for various categories, and all the participants took home cash prizes. The Rice Business Plan Competition has become a platform for innovative startups to showcase their potential and secure funding and recognition. The success of the competition is a testament to the power of networking and belief in the potential of young entrepreneurs.