Magnetic gear technology company, FluxWorks from Texas A&M University, has won the grand prize at the 2023 Rice Business Plan Competition (RBPC), hosted annually by the Rice Alliance for Technology and Entrepreneurship and Rice University’s Jones Graduate School of Business. The RBPC is the world’s largest and richest student startup competition, with 42 startups competing for $3.4 million in prizes this year. Judges hailed the quality of this year’s startups as the best ever, with one judge stating that every startup was worthy of investment.
FluxWorks’ magnetic gears are four times quieter than standard, with 99% efficiency, unparalleled reliability, and applications from outer space to under the sea and even inside the human body. Other award-winning innovations included scalable solutions for eliminating harmful chemicals in water, embedding the shopping experience within customers’ email, a marketplace for selling verified carbon offsets, plant-based leather developed from banana stems, a full-stack sustainability platform for the construction industry, and enterprise quantum computing software disrupting the financial industry.
Related Facts:
– The RBPC’s more than 350 judges act as early-stage investors evaluating the startups’ potential.
– Teams pitch their businesses to investors, entrepreneurs, corporate executives, and ecosystem partners during the event, then network and receive real-time feedback, advice, and mentorship.
– The 42 startups represented 35 universities from five countries, selected from over 450 applicants.
Key Takeaway:
The Rice Business Plan Competition is a prestigious platform for showcasing innovative student startups from around the world and attracting investor attention. FluxWorks’ magnetic gear technology winning the grand prize demonstrates the potential for groundbreaking technologies in various fields, from space exploration to health care.
Conclusion:
The 2023 Rice Business Plan Competition was a resounding success, with a record number of prizes awarded to a diverse range of innovative student startups. FluxWorks’ magnetic gear technology was a standout winner, showcasing the potential for quieter, more efficient, and reliable gears for use in various industries. The future looks bright for these and other student startups, which are likely to transform their respective fields with their groundbreaking innovations.
