Rice Alliance recognized as leading entrepreneurship center in U.S. for creation of new enterprises

Rice Alliance recognized as leading entrepreneurship center in U.S. for creation of new enterprises
   
FROM RICE NEWS STAFF REPORTS

The Rice Alliance for Technology and Entrepreneurship was recognized Oct. 6 as the leading university entrepreneurship center in the United States for the creation of successful new enterprises by the National Consortium of Entrepreneurship Centers (NCEC) in Syracuse, N.Y.

The Rice Alliance is the flagship entrepreneurship initiative of Rice University.  Founded in 1999, the Rice Alliance is a strategic alliance among the George R. Brown School of Engineering, the Wiess School of Natural Sciences and the Jesse H. Jones Graduate School of Management.  Since its inception, the Rice Alliance has assisted in the launch of more than 210 new technology-based companies that have raised more than $300 million in early stage funding.

The NCEC is the premier organization of university-based entrepreneurship centers in the United States.  More than 150 of the top university entrepreneurship programs in the U.S. participate as members.

The NCEC Award for Outstanding Contributions to Enterprise Creation recognizes entrepreneurship centers that support enterprise creation and job growth.  The award spotlights a center that helps to establish a high number of viable, successful new companies. Criteria include the number of new enterprises supported by the center, investment by venture capital and outside investors in these businesses, business incubation services and the organization of business plan competitions.  The award was determined by directors of entrepreneurship centers at NCEC member peer institutions.

”The Rice Alliance is proud to receive this award on behalf of Rice University,” said Brad Burke, managing director of the Rice Alliance. “This represents a collaborative effort among the Rice faculty, staff and students in the schools of Engineering, Science, and Management, the Rice Office of Technology Transfer and our partners in the business and investment community in Houston and Texas.”

Successful startup companies that have licensed Rice University technology include Nanospectra Biosciences, Oxane Materials, NanoComposites, itRobotics, and Carbon Nanotechologies, Inc. (now Unidym).

In addition to supporting new technology-based companies, the Rice Alliance organizes the annual Rice Business Plan Competition, which has rapidly grown to become the largest and richest intercollegiate business plan competition in the world, with more prize money, teams, and judges than any other competition.  In 2007, 36 of the top graduate schools from around the world competed for more than $345,000 in total cash and prizes in front of a selective judging panel of more than 150 individuals. 

The winning team received a prize package valued at over $175,000, including $100,000 in equity funding, $20,000 in cash and $55,000 in marketing support, free office space, business mentoring and other business services.

More than 30 new ventures have been launched after competing at the Rice Business Plan Competition. Below are updates on recent participants.

➢    The 2005 winner, Auditude from UCLA, received a $1.1 million investment from the competition sponsors. 

➢    A 2006 competitor, OrthoAccel from the University of Illinois at Chicago, was funded by Houston investors and has relocated the company to Texas. 

➢    The 2004 winner, ClearCount Medical Solutions from Carnegie Mellon, received angel funding from a group of Houston investors and received FDA approval to market their device in early 2007. 

➢    The 2003 winner, MicroMRI from Wharton, began its first human clinical trial at UTMB-Galveston in 2006 and is now marketing their MRI technology to improve diagnosis of osteoporosis.

The 2008 Rice Business Plan Competition will take place April 3-5.