- University News Archive - ��Vlog��ý Little Rock

��Vlog��ý Little Rock celebrates Global Entrepreneurship Week with talks on financial independence, technology startups

Ajani Oyindamola — Tue, 12 Nov 2019 14:29:24 +0000

In celebration of Global Entrepreneurship Week, the University of Arkansas at Little Rock will host two talks to teach the community about achieving financial independence at any stage in life and how to start a successful technology business.�� Global Entrepreneurship Week began in 2008 with an emphasis on inspiring young people to make their mark in business. The project has quickly grown to become a comprehensive effort that engages entrepreneurs, investors, policymakers, researchers, support organizations and others collaborating to advance economic growth and innovation in more than 170 countries around the world.�� The talks on Tuesday, Nov. 19, and Thursday, Nov. 21, are hosted by the ��Vlog��ý Little Rock College of Business and the Arkansas Small Business Technology and Development Center.�� “Money Milestones” will begin at 6 p.m. Nov. 19 in Reynolds Business Center Room 103 on the ��Vlog��ý Little Rock campus. The talk, featuring GenWealth financial advisors John Shrewsbury and Janet Walker, is for those who are interested in becoming financially independent and want to learn about the financial opportunities available at each stage of life, regardless of financial status.�� Noah Asher, a May 2019 Summa Cum Laude graduate of ��Vlog��ý Little Rock with bachelor’s degrees in finance and administration, will host a talk on how to start and manage a technology-related startup business from 6-8 p.m. Thursday, Nov. 21, at ��Vlog��ý Little Rock Downtown, 333 President Clinton Ave.�� Asher is a serial entrepreneur and CEO of Vascugenix, a medical technology startup business formed during his senior year of college, when Asher competed on a team of ��Vlog��ý Little Rock students who won the Arkansas Governor’s Cup.�� In this dynamic discussion of his journey to success, Asher will share his personal story, the story of Vascugenix, how to find success in failure, and the importance of a pivot.�� Both events are free and open to the public, but registration is required by visiting the.�� For more information, contact Pamela Reed at pmreed@ualr.edu or 501-683-7700.

��Vlog��ý Little Rock student entrepreneurs win $40,000 at e-Fest

Ajani Oyindamola — Thu, 18 Apr 2019 13:51:29 +0000

After winning the undergraduate and innovation divisions at the Arkansas Governor’s Cup last week, a dream team of student entrepreneurs from the University of Arkansas at Little Rock has continued their winning streak by taking home $40,000 at e-Fest 2019.�� Team Vascugenix earned third place and $20,000 April 11-13 at e-Fest 2019, a venture pitch competition that is part of the, in Minneapolis, Minnesota. The students also placed first in the innovation division, earning them an additional $20,000. The main goal of this elite entrepreneurship event, open to undergraduate students in North America and with $250,000 in cash prizes available, includes recognizing compelling student ideas for products, services, and ventures but also aims to encourage student learning and networking around using entrepreneurial thinking and methods to create, validate, and communicate about solutions to problems. Vascugenix team members include ��Vlog��ý Little Rock students Noah Asher, senior finance and economics major and Donaghey Scholar; Abigail Resendiz, senior international business and management major and Donaghey Scholar; and Zach Cochran, senior economics major. Martial Trigeaud, a ��Vlog��ý Little Rock adjunct professor and business consultant at the Arkansas Small Business and Technology Development Center, serves as the team’s mentor. The group collaborated with, a 1993 graduate of ��Vlog��ý Little Rock, and Baptist Health Cardiovascular Intensive Care Unit Nurse Anna Helm to commercialize a medical device invented by Chrisman. The device, the Speed-Torque, is a medical torque device used by surgeons in minimally invasive heart surgery. A cardiovascular surgeon uses a torque to maneuver a surgical guidewire and catheter through a patient’s femoral artery to get to the heart. Currently, surgeons must use both hands to perform the procedure. However, Chrisman’s design is for a device that clicks into place and can be operated with only one hand, making surgery faster and safer. So far, Vascugenix has won more than $75,000 in prize money from business plan and entrepreneurial competitions. In January, Vascugenix won second place and $3,000 at the Ivey Business Plan Competition at Western University in Ontario, Canada.

Team Vascugenix earned third place and $20,000 at e-Fest 2019, a venture pitch competition that is part of the Schulze Entrepreneurship Challenge.

During the first weekend in April, the students won $2,000 after being named a semifinalist at the prestigious Rice Business Plan Competition in Houston. Vascugenix was one of 42 teams from more than 400 applications accepted into the competition, dubbed the world’s richest and largest student startup competition. ��Vlog��ý Little Rock was the only university from Arkansas to make it into the competition, while Vascugenix is only the second team in ��Vlog��ý Little Rock’s history to be accepted. At the Arkansas Governor’s Cup, the students won first place in the Winrock Automotive Undergraduate Division and a $25,000 prize as well as $5,000 and first��place in the undergraduate Innovate Arkansas Innovation Division for a total of��$30,000. Vascugenix is now in talks with investors to raise $1.4 million in investment capital to launch the Speed-Torque, which they plan to manufacture and sell out of Little Rock. “We’ll look for the investors who fit the best with our company culture and vision for the future,” said Asher. “We want investors with the right networks of contacts who can help us succeed.” In the upper right photo, a team of business students (Zach Cochran, bottom left,��Noah��Asher, center, and Abigail Resendiz, bottom right) from ��Vlog��ý Little Rock have won third place at e-Fest 2019. The students collaborated with Arkansas Cardiology Interventional Cardiologist Dr. Dwight Christman, back left, Baptist Health Cardiovascular Nurse Anna Helm, center left, and Martial Tregeaud, back right, to commercialize a medical device invented by Chrisman to help cardiologists perform heart surgery with greater safety and efficiency. Photo by Ben Krain.

��Vlog��ý Little Rock student entrepreneurs come out on top at Arkansas Governor’s Cup

Ajani Oyindamola — Thu, 11 Apr 2019 20:44:12 +0000

A dream team of student entrepreneurs from the University of Arkansas at Little Rock has won two of the top honors at the Arkansas Governor’s Cup Collegiate Business Plan Competition, a statewide business plan competition for college and graduate students sponsored by Arkansas Capital Corporation. �� The Vascugenix team won first place in the Winrock Automotive Undergraduate Division and a $25,000 prize.��The team also captured first place and a prize of $5,000 in the undergraduate Innovate Arkansas Innovation Division for a total of $30,000 in prize money. Team members include ��Vlog��ý Little Rock students Noah Asher, senior finance and economics major and Donaghey Scholar; Abigail Resendiz, senior international business and management major and Donaghey Scholar; and Zach Cochran, senior economics major. Martial Trigeaud, a ��Vlog��ý Little Rock adjunct professor and business consultant at the Arkansas Small Business and Technology Development Center, serves as the team’s mentor. “I am very proud of the team,” Trigeaud said. “The Arkansas Governor’s Cup is an amazing event with amazing judges, and we are very proud to be the winners of the 2019 undergraduate division and innovation division competitions.” The group collaborated with and Baptist Health Cardiovascular Intensive Care Unit Nurse Anna Helm to commercialize a medical device invented by Chrisman. The device, the Speed-Torque, is a medical torque device used by surgeons in minimally invasive heart surgery. In addition to the Arkansas Governor’s Cup awards, the team was named a semifinalist in the Rice Business Plan Competition Aug. 4-6 and plans to launch its medical startup company after raising a significant amount in funding from investors. MBA student Gabriella De Lima also joined Vascugenix for the Rice competition. When Trigeaud first suggested the students enter the prestigious Rice Business Plan Competition, Asher thought it was a waste of time.

��Vlog��ý Little Rock’s Team Vascugenix won first place in the Winrock Automotive Undergraduate Division and first place in the undergraduate Innovate Arkansas Innovation Division at the Arkansas Governor’s Cup.

“This is the largest and richest student startup venture competition in the world,” Asher said. “Only 42 teams from 400 applications from the top universities are chosen. It would take an act of God for an undergraduate team to get selected.” “The hard work in Martial Trigeaud’s business boot camps paid off, and we made it,” Resendiz added. As one of 15 teams to make it to the semifinalist round, the students took home a $2,000 prize. One of the allures of competing in the Rice Business Plan Competition is the ability to pitch and network with hundreds of judges consisting of investors, venture capitalists, CEOs, entrepreneurs, and corporations who are looking to invest in the next big idea. “You’re sitting in a room with a sea of millionaires who are looking to invest in your company,” Cochran said. “That is just from people who came up to us at the competition and saw our pitch. We have a significant amount of people who are interested in investing in our company.” Asher believes their company is appealing to investors because they already have a mature business plan with a viable product that can be launched relatively quickly. “One of the reasons I think we did so well raising money is that we are a mature startup company,” he said. “We have a very simple but needed product that fits in a niche market that we can dominate. It can give investors a quick return on their investment.” The students say the experience they have gained pitching in front of investors is invaluable. “I can now say that I’ve successfully pitched in front of ventures capitalists, and that is a cool thing to say in front of potential employers,” Resendiz said. “Competing at the same level of master’s and Ph.D. students and people who have 15 plus years of experience in their fields and still being able to surpass them is an excellent feeling.” After an eventful week of competitions, Team Vascugenix isn’t resting on its laurels. The students left the Arkansas Governor’s Cup and immediately headed to the airport to compete in the Schulze School of Entrepreneurship at the University of St. Thomas in Minnesota April 11-13. Funded by the , the challenge is the largest undergraduate-only venture pitch competition in North America in terms of cash prizes with a top prize of $75,000 and $250,000 in total prizes awarded.

Team Vascugenix competes at the Rice Business Plan Competition at Rice University on April 4. Team members include, from left to right, Abigail Resendiz, Zach Cochran, Martial Trigeaud, Noah Asher, and Gabriella De Lima.

“We wouldn’t have made it into this competition without the help of the university’s photographer, Ben Krain, who shot a seven-minute video we needed to enter this competition,” Resendiz said. ��Vlog��ý Little Rock’s team is one of 25 finalists selected from more than 100 entries representing 61 colleges and universities across America. Students will participate in a “pitch slam” elevator pitch event and an innovation challenge. Teams also will be awarded for outstanding potential to have social and global impact. Student teams also will be networking with top entrepreneurs from around the country, including Richard M. Schulze, founder of Best Buy. The students would like to thank Trigeaud; Dr. Jane Wayland, Stephen Harrow Smith Dean of Business; Laura Fine, director of the Arkansas Small Business and Technology Development Center; and Dr. Mark Funk, chair of the Department of Economics and Finance, for their assistance in developing their startup company and participating in competitions. Once the competition season is over, Vascugenix will move forward with plans to develop the Speed-Torque for a commercial release. “We’ll look for the investors who fit the best with our company culture and vision for the future,” said Asher. “We want investors with the right networks of contacts who can help us succeed.” They are also in talks with health technology accelerators to conduct pre-market clinical trials through Baptist Health and possibly the University of Arkansas for Medical Sciences. “After our clinical trial, we will be ready to begin selling in the market. We will target the South and Midwest based out of Little Rock,” Asher said. In the upper right photo,��a team of business students (Zach Cochran, bottom left,��Noah��Asher, center, and Abigail Resendiz, bottom right) from ��Vlog��ý Little Rock have won first place in the Winrock Automotive Undergraduate Division and first place in the undergraduate Innovate Arkansas Innovation Division at the Arkansas Governor’s Cup. The students collaborated with Arkansas Cardiology Interventional Cardiologist Dr. Dwight Christman, back left, Baptist Health Cardiovascular Nurse Anna Helm, center left, and Martial Trigeaud, back right, to commercialize a medical device invented by Chrisman to help cardiologists perform heart surgery with greater safety and efficiency. Photo by Ben Krain.

Business students take third place in financial competition analyzing Dillard’s, Inc.

Ajani Oyindamola — Tue, 02 Apr 2019 13:04:00 +0000

A team of students from the University of Arkansas at Little Rock College of Business have placed third in the Chartered Financial Analyst (CFA) Research Challenge on Feb. 23 at Rhodes College in Memphis, Tennessee. The students include Noah Asher, senior finance and economics major; Rita Chowdhury, Master of Business Administration student; and Alex Howell, senior finance major. Dr. Ashvin Vibhakar, Joe T. Ford Chair of Finance, served as the team’s faculty advisor while Ben Bienvenu of Stephens, Inc. was their mentor. “The competition is sponsored by the CFA Institute with the goal of teaching students the practical side of equity research as well as understanding ethical principles,” Vibhakar said. “The students learn institutional equities research. In the challenge, the students do exactly what a research analyst at Stephens would do.” The CFA Research Challenge is an annual global competition for finance students pursuing the CFA certification, which provides hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyze a publicly traded company and then write a research report on their assigned company with a buy, sell, or hold recommendation. All teams researched Dillard’s. They produced a 30-page report with financial models, revenue forecasts, and various financial schedules.

Business students, Alex Howell, left, Noah Asher, center, and Rita Chowdhury, right, say team work is the key to their success in the Chartered Financial Analyst Research Challenge. Photo by Benjamin Krain.

Asher, Chowdhury, and Howell met during the fall 2018 semester while taking Vibhakar’s Applied Equity class in which the students manage an investment fund with a little over $400,000 for the Joe Ford Investment Portfolio. Each student in the highly-competitive class performs a sector economic analysis and screens a company within their assigned sector for inclusion in the Ford Trust. Students present their analysis of a company to prominent finance professionals on the Finance Advisory Board. The class then determines the composition of the portfolio by buying and selling equities consistent with the investment policy statement and the specific constraints of the fund. “We enjoyed the Applied Equity class so much that we we decided to kept it going with this competition,” Asher said. “Our diversity of backgrounds and viewpoints is our strength.” The team has been working on the materials for this competition since October on top of their classes, work, and home lives. “We still share market reports once a week with each other,” Chowdhury said. “A testament to the fact that we are highly motivated individuals ��and share the same passion for the industry. Even though we might not always see eye to eye, we value each other’s point of view and continue to remain good friends.” “My favorite part of this competition was finishing it,” Howell said. “It was nice to see all of our hard work pay off. Dillard’s released their fourth quarter results, and our earnings per share estimate was incredibly close to the actual figure. We were cautiously optimistic with our valuation. I don’t think any of this would have been possible without faculty mentorship and support. They provided a wealth of knowledge that we didn’t otherwise think to incorporate.” Asher, Chowdhury, and Howell said the skills they learned during the CFA Research Challenge coupled with the Applied Equity class have helped all of them secure internship and job offers. “In the end, the knowledge and understanding they gained is what’s important,” Vibhakar said. “A lot of industry experts wish they had this competition when they were college students because the competitors have such an expert level of knowledge when they enter the job field.” In the upper right photo,��Professor Ashvin Vibhakar, second from left, and three of his students, Alex Howell, left, Rita Chowdhury, center right, and Noah Asher, right, won third place in a Chartered Financial Analyst Research Challenge. Photo by Benjamin Krain.

��Vlog��ý Little Rock business students selected to participate in Rice Business Plan Competition

Ajani Oyindamola — Tue, 12 Mar 2019 13:07:13 +0000

A team of business students from the University of Arkansas at Little Rock has been selected as one of 42 teams from some of the world’s top universities who will compete for more than $1.5 million in prizes at the April 4-6.�� The competition has been dubbed as the world’s richest and largest student startup competition with a top prize of a $300,000 investment from the GOOSE Society. ��Vlog��ý Little Rock was the only team from Arkansas selected to compete. The “�ղ��ܲ��Ծ��” team is comprised of ��Vlog��ý Little Rock students Noah Asher, senior finance and economics major; Abigail Resendiz, senior international business and management major; and Zach Cochran, senior economics major. Martial Trigeaud, a ��Vlog��ý Little Rock adjunct professor and business consultant at the Arkansas Small Business and Technology Development Center, is mentoring the team. “We are very excited to be competing in this prestigious new venture competition and to be recognized as one of the top startup teams in the world,” Asher said. The group collaborated with and Baptist Health Cardiovascular Intensive Care Unit Nurse Anna Helm to commercialize a medical device invented by Chrisman. The device, the “Speed-Torque,” is a medical torque device used by surgeons in minimally invasive heart surgery, also known as interventional cardiology procedures. The teams for this year’s competition were chosen from more than 300 applicants to compete in four categories: life sciences/medical devices/digital health; digital/information technology/mobile; energy/clean technology/sustainability; and other innovations/investment opportunity. More than 210 former competitors have successfully launched their ventures and are still in business today, including 25 startups that have been acquired. Past competitors have raised more than $2.2 billion in capital and created more than 3,000 new jobs. “The true measure of success for the Rice Business Plan Competition is the number of teams that launch, raise funding, and go on to succeed in their business,” said Brad Burke, managing director of the Rice Alliance for Technology and Entrepreneurship at Rice University, host of the event. “The competition has served as the launch pad for a great number of successful entrepreneurial ventures, and the success rate far exceeds the national average.” Community members can show their support for the team by casting their vote in the People’s Choice Competition via Facebook. ��Vlog��ý Little Rock’s team has already seen success promoting the speed-torque. They won second place and a $3,000 prize during the Ivey Business Plan Competition in January and will also enter the upcoming Arkansas Governor’s Cup competition. Asher was part of a team of ��Vlog��ý Little Rock students who won the undergraduate division of the Arkansas Governor’s Cup and a $25,000 prize last year for their business plan for Spiritum Solutions, a mouth guard designed so that patients undergoing surgery or bronchoscope procedures do not damage their mouths by biting down on the tubes. Additionally, Asher received a $2,000 cash prize for winning the undergraduate elevator pitch competition. He believes that his previous experience, combined with the team’s compelling business strategy, gives them a unique advantage in both competitions and in the marketplace. “While we do have an exciting technology that will greatly benefit both surgeons and patients, we are not trying to change the way minimally invasive heart surgery is done or disrupt the marketplace,” Asher said. “We are instead focused on providing incremental, yet innovative changes that fit within existing surgical techniques, but also drastically improve surgical precision and safety. We believe that this strategy will help to drive our clinical adoption rate and to achieve long-term, sustainable growth that will generate substantial returns for investors. Our acceptance into Rice is a strong validation that investors see value in this strategy and that we are poised for success.” In the upper right photo,��a team of business students (Zach Cochran, bottom left,��Noah��Asher, center, and Abigail Resendiz, bottom right) from ��Vlog��ý Little Rock have been accepted into the Rice Business Plan Competition. The students collaborated with Arkansas Cardiology Interventional Cardiologist Dr. Dwight Christman, back left, Baptist Health Cardiovascular Nurse Anna Helm, center left, and Martial Tregeaud, back right, to commercialize a medical device invented by Chrisman to help cardiologists perform heart surgery with greater safety and efficiency. Photo by Ben Krain.

��Vlog��ý Little Rock business students take second place at international entrepreneurship competition

Ajani Oyindamola — Tue, 19 Feb 2019 14:46:42 +0000

A team of business students from the University of Arkansas at Little Rock have won second place and a $3,000 prize at the international held Jan. 25-27 in Ontario, Canada, for their business plan for a device designed to help interventional cardiologists perform minimally invasive heart surgery with greater safety and efficiency.�� The team is comprised of ��Vlog��ý Little Rock students Noah Asher, senior finance and economics major, Abigail Resendiz, senior international business and management major, and Zach Cochran, senior economics major. The group collaborated with��and Baptist Health Cardiovascular Intensive Care Unit Nurse Anna Helm to commercialize a medical device invented by Chrisman. The device, the “Speed-Torque,” is a medical torque device used by surgeons in minimally invasive heart surgery, also known as interventional cardiology procedures. The Ivey Business Plan Competition, sponsored by CIBC World Markets and IBK Capital Corp, allows student teams from across North America to compete for $40,000 in prizes as well as test their venture ideas with experienced entrepreneurs, meet potential investors, and raise funds. “It was an extremely close competition with a lot of fantastic companies and entrepreneurs,” said Asher. “We are of course disappointed with coming in second, but we are very happy with our performance and are excited to see how we do in competitions to come.” Asher is no stranger to success in business and entrepreneurship competitions. He was part of a team of ��Vlog��ý Little Rock students who won the undergraduate division of the Arkansas Governor’s Cup and a $25,000 prize last year for their business plan for Spritum Solutions, a mouth guard designed so that patients undergoing surgery or bronchoscope procedures do not damage their mouths by biting down on the tubes. Additionally, Asher received a $2,000 cash prize for winning the undergraduate elevator pitch competition. He is confident that he a great team that will see many successes this year as the students are planning to compete in several more competitions, including the Arkansas Governor’s Cup, Texas Christian University’s Values and Ventures Competition, and the RICE Business Plan Competition in Texas. “Between the clinical expertise Dr. Chrisman and Anna provide and the business skills and background of Abby and Zach, this is one of the strongest and most experienced teams I have ever had the privilege of working on,” Asher said. “I’m very excited to see what the future holds for us.” The team’s mentor, Martial Trigeaud, a ��Vlog��ý Little Rock adjunct professor and business consultant at the Arkansas Small Business and Technology Development Center, said he was extremely proud of the team’s performance. “These are incredibly challenging competitions, so to even be invited to travel to Ivey to compete is a success,” Trigeaud said. “I am very proud of what the team has accomplished, and I am waiting for the next business plan competition.” In the upper right photo, a team of business students (Zach Cochran, bottom left,��Noah��Asher, center, and Abigail Resendiz, bottom right) from ��Vlog��ý Little Rock have won second place at the international Ivey Business Plan Competition. The students collaborated with Arkansas Cardiology Interventional Cardiologist Dr. Dwight Christman, back left, Baptist Health Cardiovascular Nurse Anna Helm, center left, and Martial Tregeaud, back right, to commercialize a medical device invented by Chrisman to help cardiologists perform heart surgery with greater safety and efficiency. Photo by Ben Krain.

Get Started with the Arkansas Governor’s Cup

Ajani Oyindamola — Tue, 04 Sep 2018 16:36:36 +0000

The Collegiate Business Plan Competition brings an opportunity for teams of college students to win a grand prize of $25,000 while exploring their flare for entrepreneurship.�� The, based at the University of Arkansas at Little Rock, will host a free “Get Started with Governor’s Cup” workshop from 10-11 a.m. on Thursday, Sept. 20, in Ottenheimer Library Room 535 for ��Vlog��ý Little Rock students interested in joining the Governor’s Cup competition. Who better to give advice on how to prepare for the 2019 Governor’s Cup than this year’s winners of the undergraduate division who brought home $25,000? Noah Asher, a senior finance and economics major, was a member of Spiritum Solutions, along with team members Nicholas Lester, Kiauna Rome, and Ingrid Helgestad. Stuart McLendon, ��Vlog��ý Little Rock adjunct professor, served as team sponsor of Spiritum Solutions. In addition to the team’s grand prize, McLendon received $2,000 as team sponsor, and Asher received a $2,000 cash prize for winning the undergraduate elevator pitch competition. At the workshop, Asher, McLendon, and ASBTDC will share advice on how to form a strong Governor’s Cup team, how to write a robust business plan, and how to pitch successfully in front of judges. For more information, contact Martial Trigeaud at mxtrigeaud@ualr.edu.

After winning Governor’s Cup, ��Vlog��ý Little Rock student startup has eyes on bigger prize

Ajani Oyindamola — Thu, 02 Aug 2018 14:44:11 +0000

��Vlog��ý Little Rock students Nick Lester and Noah Asher are putting their prize-winning business plan into action.�� Their company,��Spiritum Solutions, along with team members Kiauna Rome and��Ingrid Helgestad, won the undergraduate division of��the��2018 Arkansas Governor’s Cup. Now they want to bring their innovative medical device – a mouth guard to keep patients undergoing surgery or other procedures from injuring themselves – to market.

The young entrepreneurs are getting help with their startup from the Arkansas Small Business and Technology Development Center.

��On-campus assistance

The center’s��met Lester in 2016 when Trigeaud was a ��Vlog��ý Little Rock graduate student. They competed in the Governor’s Cup together. Lester reached out to his former teammate, now an ASBTDC business consultant, to help the Spiritum Solutions team prepare for this year’s competition. “I helped them prioritize all their great ideas into something they can manage and deliver,” said Trigeaud. Spiritum has also benefited from the center’s��in-depth customer and competitor research. “Martial has worked with us since we just were an idea, to help us secure funding, and now looking into SBIR grants. He continues to check up on our progress to help address our ever-changing needs,” said Lester.

“The market research is extensive and allows us to look into areas that we might not have considered before,” Lester said. “We use these reports as a guide for who we might need to make customer discovery with next.”

��Entrepreneur mindset

While the Governor’s Cup prize was $25,000, commercializing a medical device will require a much larger sum of money and��“moving from a student mindset to an entrepreneur mindset,”��said Trigeaud. “You raise a little through competitions, but you need millions to launch.” Lester and Asher understand the challenge before them and appreciate having Trigeaud and the center in their corner. “As our company grows, our��needs change��with the growth,” said Lester. “We will consult with experts at the ASBTDC in helping us address our ever-changing��needs.” This article was written by Gwen Green, communications coordinator at the Arkansas Small Business and Technology Development Center.��

��Vlog��ý Little Rock students win big in 2018 Arkansas Governor’s Cup

Jenny Lambert — Thu, 19 Apr 2018 15:20:39 +0000

Last year, a group of students from the University of Arkansas at Little Rock merged their talents and developed a business venture that has now received a substantial amount of recognition both in and outside of Arkansas. On Wednesday, April 18, the students were awarded top honors – and $25,000 – in the undergraduate division of the Arkansas Governor’s Cup, a statewide business plan competition for college and graduate students sponsored by Arkansas Capital Corporation. �� Team members include Nick Lester, Noah Asher, Kiauna Rome, and Ingrid Helgestad. Their device, Spiritum Solutions, is a mouth guard designed so that patients undergoing surgery or bronchoscope procedures do not damage their mouths by biting down on the tubes. “It wasn’t just an undergraduate exercise for them. They are going to move forward with the business,” said Stuart McLendon, an adjunct professor and team sponsor for the College of Business team. “As a ��Vlog��ý Little Rock alumnus, former judge for the competition, and now team sponsor, I can say that this is by far the best and most useful experience that any college student can obtain during the course of their education. It provides extremely valuable real-world expertise building a team, building a product, selling yourself and your ideas, and doing it in a collaborative way.” In addition to the team’s win, McLendon received $2,000 as team sponsor, and Noah Asher received a $2,000 cash prize for winning the undergraduate elevator pitch competition. The elevator pitch is a highlight activity of the awards luncheon during which one representative from each of the finalist teams has 90 seconds to pitch his or her team’s business plan to the audience members, who vote via text to determine the winner. “He knocked it out of the park,” McLendon said of Asher’s pitch. Recently, this group of students have been no strangers to winning. After pitching Spiritum Solutions during Texas Christian University’s Values and Ventures competition, the students received honorable mention and were awarded $2,500. They were selected as one of six finalists among 55 competing teams. “This team was truly stellar,” said Elaine Cole, public relations manager at Texas Christian University. “I enjoyed meeting them and watching their presentation.” Last fall, the students also participated in the Arkansas Regional Innovation Hub’s Delta I-Fund program, an early stage proof-of-concept fund created to capitalize and train up-and-coming entrepreneurs. The 12-week program provided mentorship to the young business minds and helped them to develop and validate their ideas. After going through three stages of pitching for investment funding, the students raised $50,000 from the I-Fund program. They also received a $25,000 Small Business Innovation Research grant from the National Science Foundation. Thanks to the numerous financial awards, the students can now move forward with prototype and design iterations, FDA consulting, paying legal and patenting fees, and continuing research. The team will continue this momentum, competing May 7 in Memphis in an accelerator competition focused on healthcare technology. For more information, contact McLendon at SMcLendon@cfonet.biz.

��Vlog��ý Little Rock students participate in 2017 Delta I-Fund program

Jenny Lambert — Tue, 14 Nov 2017 16:00:17 +0000

Three University of Arkansas at Little Rock students have exceeded the halfway point of the 2017 Arkansas Regional Innovation Hub Delta I-Fund program, and are hoping to take their newly established business, Spiritum Solutions, to the next level. The Delta I-Fund is an early stage proof-of-concept fund created to capitalize and train up-and-coming entrepreneurs. The purpose of the 12-week program is to mentor young business minds while helping them to develop and validate their ideas. Representing ��Vlog��ý Little Rock in the program is Noah Asher and Nick Lester, both accounting and finance majors, and Ingrid Helgestad, a biology major. The trio teamed up with the University of Arkansas for Medical Sciences Bioventures to commercialize a medical mouth guard that could reduce problems in surgeries involving endotracheal tubes.

Creating the solution

It is common for patients having surgery or bronchoscope procedures to bite the endotracheal tubes used for ventilation. To prevent patients from damaging their tongue, teeth, or gums, surgical technicians use plastic syringes, rolls of gauze, or wooden sticks with foam attached to the top to try to prevent them from biting the equipment. With the medical mouth guard, the chance of oral trauma can be reduced. The soft polymer bite block prevents patients from using their teeth to bite down on the equipment and safeguards them from dental distress. “We chose something that had a good chance of market success and something that’s also solving an issue that we all care about and impacts the world for the better,” Asher said. Each team accepted into the program has access to up to $50,000 in investment funding, and so far, Spiritum Solutions has gone through the first stage of pitching and has received $5,000. The students are using the funds to conduct research and interviews and attend conferences. “Our goal right now is to get as much clinical backing and validation for the problem we’re trying to solve,” Asher said. “Once we have that backing, that really empowers us to go to the next level.”

Onward and upward

The next step for the team would be getting their product through FDA trials. This process could take up two to four years, so patience for this group is paramount. Helping to stir the team in the right direction is Spencer Jones, CEO of Lineus Medical and the team’s mentor. According to Asher, Jones’ technological development, the SafeBreak IV, was similar in nature to the team’s mouthguard, so his path to market mirrors that of Spiritum Solutions. Because Jones was successful in his endeavors, Asher believes his input adds much value to the team. “We have a great working relationship with Spencer,” Lester said. “We get insight into the real world, not just in planning, but actually executing the plans and doing the business.” The further along the team gets into the developmental process, the more they get excited about the future of Spiritum Solutions. Understanding that they are only in the beginning stages of the startup makes them that much more eager to address the challenges and opportunities that lie ahead. “I think we’re in a very unique position at this point in our lives where we’re much more freer to take risks like this and kind of put ourselves out there,” Asher said. “If we get knocked down, it’s not that hard to get up at this point.” Because work and school are also priorities for the students, pursuing their business comes at a major price, but it’s one that they’re willing to pay. “We have no free time,” Hegelstad laughingly said, “but it’ll all be worth it.” Fortunately, the students are receiving college credit for completing the program. Their professors are just as excited as they are about their participation in Delta I-Fund. “I think that our professors are glad to see us taking so much initiative,” Asher said. “The real world experience that we’ve gained really solidifies the teaching that we’ve received at ��Vlog��ý Little Rock.” The Spiritum Solutions team is thankful for the networking opportunities they’ve received and the doors that have already opened due to being a part of this program. They hope to one day return to the university and help other students excel in the program and bring innovative jobs to Arkansas as well.

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