The University of Tennessee, Knoxville, spring 2016 Boyd Venture Challenge awarded a total of $35,000 to three student startup companies to advance their businesses.
Grow Bioplastics, T&T Scientific, and Treatment Devices were selected from a group of seven finalists. Judges listened to live pitches and decided which companies were most deserving of funding and how much each should receive.
The Boyd Venture Challenge is administered through the Anderson Center for Entrepreneurship and Innovation in UT’s Haslam College of Business.
“We had some top-notch companies competing this semester,” said Tom Graves, operations director of the Anderson Center. “I think the high-tech nature of the winning companies really illustrates how elevated the level of competition was this semester. The judges were extremely impressed with the pitches they heard.”
Grow Bioplastics was awarded $15,000.
The company improves food sustainability by offering farmers and gardeners renewable, biodegradable products that keep oil-based plastics out landfills.
Founded by Tony Bova and Jeff Beegle, both doctoral candidates with UT’s Bredesen Center for Interdisciplinary Research and Graduate Education, the company has developed a low-cost renewable biopolymer that naturally degrades in soil and can be used to produce mulch films and planting containers. This allows plants to be sown in their containers and films to be plowed into the ground after harvest, saving growers time and money associated with plastic disposal.
The company plans to use the funding from the Boyd Venture Challenge to build a degradation testing incubator and produce its first round of prototypes.
T&T Scientific was awarded $12,000.
The company, founded by Nima Tamaddoni and Graham Taylor, both recent UT doctoral graduates, has developed the LipX Extruder, the world’s first single-use disposable liposome extruder. Liposome extruders currently on the market require thorough cleaning after each use, costing doctors and researchers valuable time. The LipX Extruder saves users time and money while providing clean and precise results.
T&T Scientific received $20,000 in funding from the Boyd Venture Challenge in fall 2015, which they used to test their final prototypes and begin production of the LipX Extruder. With that product now available for purchase, they plan to use the bulk of the $12,000 they received this semester to develop automated quality control and assembly lines for keeping up with demand. A portion will also be used for marketing.
Treatment Devices was awarded $8,000.
The company, founded by Mark Artz, a Ph.D. candidate in nuclear engineering, specializes in patient setup for radiation therapy and diagnostic imaging.
The company has developed software and a mechanical installation system, called the No Dose Setup, that simplifies patient positioning during radiation therapy. The setup is already available at Provision Center for Proton Therapy in Knoxville.
Artz will use the funds to develop a quick installation kit for the system and add additional features to its software.
Since the fund’s inception in 2011, 26 student-owned companies have been awarded a total of $242,000 in seed capital to advance their businesses.
The Boyd Venture Challenge is made possible by the generosity of Randy Boyd, founder and executive chairman of Radio Systems Corporation, makers of PetSafe, Invisible Fence and SportDog brands.