After a year of preparation and competition, six student-run startup companies will move on to the finals of the New Venture Competition. The contest will be held 3-7 p.m Wednesday at Corwin Pavilion and is open to the public.
The annual event is hosted by UCSB’s Technology Management Program (TMP), with the goal of encouraging startups. In the past, winners have been awarded cash prizes ranging from $7,500 to $15,000. This year, the six teams will be competing for a pot of $40,000 in prize money.
The teams this year are Collatera, CRYPTIX, Delta Leaf Labs, OrganicMatters, Phanta Field and Wanderlease, each coming off a hard-fought semifinal round held on May 3. Twenty teams participated in the fair, and the best six were chosen to move on to this final round.
The finalists were decided by the public who attended the fair, but the winner on Wednesday will be determined by a panel of judges. Here are the six teams competing for the final prize:
Collatera, which proposes a better method for diabetes detection and prevention.
CRYPTIX, which is creating a ticket search engine to eliminate inflated ticket prices and fraud.
Delta Leaf Labs, which aims to mass-produce non-addictive marijuana for medical purposes.
OrganicMatters, which looks to partner with the poultry industry and turn their waste products into fertilizer.
Phanta Field, which is trying to create augmented reality glasses.
Wanderlease, which is making an app that aspires to make subleasing easier.
Last year, OSMO won the competition. The four-person team designed a portable water sampling instrument to make it easier for scientists to collect water samples.
They received the first-place prize of $12,000, but all the teams that made it to the finals walked away from the event with cash prizes.
Surprisingly, the second-place team walked away with the most amount of money, having additionally been awarded the People’s Choice Award and the Citrix Impact Award.
Dave Adornetto, entrepreneurship director for TMP, said there were no major changes this year in terms of format, but there were more people who signed up.
This year’s participants have been preparing since the competition started back in November with 38 teams. Throughout Winter Quarter and part of Spring Quarter, the teams have been taking the first few steps on their business models and have been receiving entrepreneurship education in TMP seminars.
All this preparation will reach its final culmination on Wednesday.