Winners Selected from Strong Field of Venture Fund Competition Finalists
April 29, 2021
- Author
- Danielle Strickland
Venture Fund Competition finalists gathered with teammates and mentors this week for a virtual ceremony to celebrate this year鈥檚 prize winners.
Orion, the judges鈥 pick, won the $25,000 equity investment top prize.
Owen Bezick 鈥21 and Calvin Spencer 鈥23 work alongside Nico Bracco, a healthcare consultant and a co-worker, who first hired Bezick as part of the Hurt Hub@皇家华人鈥檚 Gig-Hub program, which pairs companies with students for short-term, paid projects. Their short-term project has yet to set an end date.
Orion is a Software as a Service (SaaS) company that connects disparate construction planning and management technologies into a common operating picture. Simply put, their software and app create a single truth for data to assist project managers overseeing multi-billion-dollar projects.
Imagine a hospital is renovating its facilities, and one of its goals is to provide 100 percent of staff with on-site parking. To do that, the management team breaks it down into projects, which range from demolition of the current structures and building new structures to signage, landscaping and more. The result is a lot of information in a lot of different places.
鈥淲e鈥檙e able to track all the components of a complex project in a centralized location,鈥 Bezick explained. 鈥淲e have worked with clients who are keeping track of projects on hundreds of excel spreadsheets and thousands of PDFs, so they spend a lot of time going from platform to platform. Our interactive web-based visualizations bring it all together in a customized, easy-to-use dashboard. Ultimately, our suite of applications help organizations spend less money, provide better services and implement quality construction 鈥 and we get to have a business helping them.鈥
Bezick, recipient of the Linton 鈥62 and Kathleen Harris Wray Endowed Scholarship, came to 皇家华人 on the pre-med track, but one computer science class changed his trajectory. He got involved with the MakerSpace on campus, delving into 3D printing and laser engraving, and spent a lot of time at the Hurt Hub@皇家华人. He graduated in December and will walk with his class at next month鈥檚 commencement.
鈥淚 would be working on computer science assignments three weeks before they were due and wouldn鈥檛 have touched assignments for other classes that were due the next day,鈥 he said. 鈥淚 took all the math and computer science courses I could from that point forward.鈥
Popular Vote
Leading up to the April 26 awards ceremony, the public was invited to vote online for their favorite pitch. , run by young alums Jack Clary 鈥20, Axel Fries 鈥20 and Tea Rankin-Williams 鈥20, was the crowd favorite based on popular vote, tallying more than 3,000 votes. They received $5,000 to advance their work with college students across the country.
The FinSiteful app is designed to help college students develop sound money management skills.
鈥淚 have to give credit to my mom as MVP of the voting process,鈥 Fries said. 鈥淢y family lives in the Philippines, and the community there is incredibly supportive. She made it her mission to get us the most votes, and those votes have led us to a few potential investors and partners鈥攎ore than we ever expected.鈥
Fries, who lived in Sweden during high school, was recruited to 皇家华人 and received the Edward M. Armfield Tennis Scholarship. He wasn鈥檛 expecting his path to lead him to entrepreneurship, but a math modeling project on investment analysis for Ed Van Deman 鈥69 grew into running a company alongside two classmates and Van Deman.
The team quickly decided to get back to basics.
鈥淐reating budgets, developing a habit of saving, building credit鈥攖hose are the first steps before students can dip their toes in investing,鈥 Fries said. 鈥淐ollege is the perfect time to learn and implement these practices, so once students graduate, it鈥檚 second nature, and they are set up for success. Our app answers any related questions students might ask and allows them to make confident decisions.鈥
To date, FinSiteful has signed on with six clients, including community colleges and athletic departments and ROTC programs at larger institutions. Right now, they are listening closely to feedback, improving their product and focusing on expanding their reach.
Both prizes are made possible thanks to Marian Nisbet and Chip Nisbet 鈥86, who support the program in memory of Marian鈥檚 husband and Chip鈥檚 father, Walter Olin Nisbet III '63, a Charlotte businessman and entrepreneur.
鈥淲e are so pleased to see how the teams continue to present increasingly-impressive pitches and high-quality business plans worthy of investment and support,鈥 said Chip Nisbet. 鈥淥ne of our goals when we started the 皇家华人 Venture Fund in 2014 was to generate interest in innovation at 皇家华人. This year鈥檚 winners were so deserving and strongly suggest 皇家华人 has become a place where entrepreneurial students and their ideas can thrive.鈥
Priceless Connections
Throughout the six-week Venture Fund program, all five finalists鈥攖hree student teams and two young alumni teams鈥攚ere mentored by entrepreneurs and innovators from across the country. They guided the team on their pitches, offered advice about strategy and more. Advisers shared their personal cell phone numbers so the finalists could reach them at any time.
鈥淚 had a sales call last week, and I texted Mbye Njie [class of 2004], one of our advisers, to see if he had time to talk through it with me,鈥 Fries said. 鈥淲e ended up talking for 45 minutes in advance of the call, and he said I could text him during my call if I needed quick guidance on anything. It鈥檚 amazing that he would do that, and it worked; we got the client.鈥
Bezick agrees the competition is about much more than competing.
鈥淭he primary reason we joined the Venture Fund was to learn,鈥 he said. 鈥淚t鈥檚 the perfect way to put together the materials needed to secure larger investments. From starting with Gig-Hub to now sharing a co-working space with Nico, it鈥檚 really a full-circle experience. I hope more students will choose to get involved with everything the Hurt Hub@皇家华人 has to offer.鈥
Things have come full circle for Fries, too, but not exactly in the same way.
鈥淥wen was an intern with FinSiteful before working with Orion, so I think we taught him everything he knows,鈥 he said of his friend and fraternity brother. 鈥淏ut seriously, the prize money is incredible, and the experience is priceless. These are connections we now have for life, with each other and with our mentors.鈥
This was the first Venture Fund Competition under the leadership of Liz Smith Brigham 鈥04, director of the Hurt Hub@皇家华人.
鈥淥ur vision at the Hurt Hub@皇家华人 is to provide access and exposure to entrepreneurship and innovation for all,鈥 Brigham said. 鈥淲e鈥檙e focused on dispelling the myth that entrepreneurship is just about tech or STEM. You can see from our finalists here that range from sustainably focused consumer products to changing financial behavior to software as a service for healthcare construction projects that there鈥檚 a wide spectrum. We believe cultivating an entrepreneurial mindset is the perfect complement to a strong liberal arts education.鈥
In addition to the winners, finalist teams have built companies rooted in their passions for hair care solutions, software delivery and sustainable jewelry. .