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University of Iowa sends four teams to pitch competition in Chicago

August 1, 2019

The University of Iowa sent four teams to pitch their business ideas at the 2019 University Pitch Madness Competition Tuesday in Chicago.

This was the second annual University Pitch Madness Chicago competition, where top student startups from 7 Universities came and showcased and pitched their businesses, competing for a chance to win the top prize.

Meduco, NoLimbits, StudentsCare, and VerdiLife all represented University of Iowa at the competition and were among 28 student businesses from the Midwest who participated.

Erica Cole, founder of No Limbits, took first place overall and was awarded $5,000 in funding. No Limbits creates affordable, custom 3D-printed prosthesis covers for amputees.

This was not Cole’s first experience with pitch competitions. Since starting the company in October, she has won first place multiple competitions — Iowa Startup Games and the Rose Francis Elevator Pitch Competition — taking home $12,500, allowing her to purchase her own 3D-printer and grow the business.

“I am incredibly grateful for the opportunity to represent the University of Iowa at this competition,” said Cole. “With this funding, we will be able to invest in the technology we need to grow the business.”

Previous coverage

Eight startups take home $21,000 at Venture School Launch Day -May 17, 2019

No Limbits offers affordable, custom 3D-printed prosthetic covers -Dec. 11, 2018

Erica Cole wins both days of the Rose Francis Elevator Pitch Competition -Nov. 28, 2018

Tags: No Limbits university of iowa

University of Iowa sends four teams to pitch competition in Chicago | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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