HBS New Venture Competition Features World Changing Ideas
 BOSTON—Harvard Business School’s Klarman Hall was brimming with excitement yesterday evening as 12 student and alumni finalist teams competed in the Finale of the 22nd annual HBS New Venture Competition (NVC). At stake was $315,000 in cash prizes as well as in-kind prizes. The top prize in the student business, student social enterprise, and alumni tracks was $75,000 each. The new venture pitches were vetted by more than 200 judges, including many HBS graduates, from fields such as venture capital, private equity, law, accounting, philanthropy, impact investing, and social entrepreneurship. The Harvard Business School New Venture Competition is open to all students and alumni interested in launching new business and social impact ventures. The School’s Arthur Rock Center for Entrepreneurship and its Social Enterprise Initiative, in partnership with HBS Alumni Clubs & Associations, host the annual competition. This year, 266 teams entered the competition—66 in the Student Business Track, 48 in the Student Social Enterprise Track, and 152 Alumni Track teams in seven regional competitions around the world. Since its inception in 1997, there have been 5,704 participants, and $2,655,000 has been awarded to the students and alumni who are creating groundbreaking new businesses and social impact ventures. “The bold and innovative ideas that these teams have developed are going to change the way we do business and how we impact the world,” noted Jodi Gernon (MBA 1991), Director of the Arthur Rock Center. “2019 was a banner year, with more than 40% of our student teams entering the Social Enterprise Track,” said Matt Segneri (MBA 2010), Director of the School’s Social Enterprise Initiative. “They put forward a staggering array of ideas to create better markets and correct market failures. Our social entrepreneurs are solving problems that cut across the private, public, and non-profit sectors, because the entrepreneur of the 21st century is a tri-sector athlete, capable of creating value in all three.” HBS Professor Shikhar Ghosh, Faculty Co-chair of the Arthur Rock Center, asked attendees to think about a single commonality between Google, Facebook, Apple, Intel, FedEx, Ebay, Intuit, PayPal, and Pandora. “I’m reasonably sure that none of you got the answer right,” he said after a pause. “They were all refused investment by one single major firm. For all of you in the audience who didn’t quite make it here, that’s part of being an entrepreneur—learning to hear ‘no’ and still moving ahead.” Prior to presenting the awards, HBS Dean Nitin Nohria added, “For an entrepreneur, every challenge that seems insurmountable is actually an opportunity. The heart of HBS, our mission, is to educate leaders who make a difference in the world. I think there is no better way to make that difference than through an entrepreneurial venture. I’m truly grateful to every one of you who participated.” In addition to the $315,000 in cash prizes, sponsors have donated in-kind tools and services that will help the startups launch and grow. In-kind sponsors are Amazon Web Services (AWS), Case Smart Impact Capital, Echoing Green, Foley Hoag LLP, Harvard i-labs, HBS Baker Library/Bloomberg Center, and HubSpot. This year’s winners are: Student Business Track The Dubilier $75,000 Grand Prize: MyToolbox Technologies, Inc. (DESCRIPTIONS BELOW) The Dubilier prize was established by New York and London-based private investment firm Clayton, Dubilier & Rice in 1998 in honor of their founder, Martin Dubilier (MBA 1952), to support entrepreneurship. Satchu-Burgstone $25,000 Runner-Up Prize: Nom Pot The Satchu-Burgstone Prize honors Jon Burgstone (MBA 1999), Asif Satchu (MBA 1999), and Reza Satchu (MBA 1996), all recipients of the runner-up prize in the 1999 Competition with their plan for SupplierMarket.com. $5,000 Crowd Favorite Prize: MyToolbox Technologies, Inc. Student Social Enterprise Track Peter M. Sacerdote $75,000 Grand Prize: Hikma Health The Sacerdote Prizes were initially established in 2003 by Peter M. Sacerdote (MBA 1964) to encourage more HBS graduates to become involved in social enterprises and to support their efforts. Peter M. Sacerdote $25,000 Runner-Up Prize: Gramhal $5,000 Crowd Favorite Prize: Hikma Health Alumni Track $75,000 Grand Prize: Blueland $25,000 Runner-Up: X-Cor Therapeutics $5,000 Crowd Favorite Prize: Blueland The finalist teams presenting at the Finale were: Student Business Track AlmaPact Inc.
Offers flexible ways for students to finance their education and sustainable ways for investors to capitalize on human potential. LeverEdge MyToolbox Technologies, Inc. Nom Pot Student Social Enterprise Track Gramhal Hikma Health New Teachers Thriving Vincere Health Alumni Track Blueland: Taking the weight and waste out of your everyday products. Totodi Technologies: A regulatory technology company improving China's private asset and wealth management industry through technology and expert IT outsourcing services. X-Cor Therapeutics: The first commercially available extracorporeal CO2 removal device that uses ultra-low-blood flow to treat patients with hypercarbic respiratory failure. Zubale: A platform enabling companies to crowdsource insights directly from consumers on their smartphones. |
Cullen Schmitt
cschmitt+hbs.edu
617-495-6155
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Harvard Business School, located on a 40-acre campus in Boston, was founded in 1908 as part of Harvard University. It is among the world's most trusted sources of management education and thought leadership. For more than a century, the School's faculty has combined a passion for teaching with rigorous research conducted alongside practitioners at world-leading organizations to educate leaders who make a difference in the world. Through a dynamic ecosystem of research, learning, and entrepreneurship that includes MBA, Doctoral, Executive Education, and Online programs, as well as numerous initiatives, centers, institutes, and labs, Harvard Business School fosters bold new ideas and collaborative learning networks that shape the future of business.