Insight Accelerator Labs is excited to announce the ongoing success and recognition of its charter startup member BriteSeed. Recently BriteSeed entered the Rice University Business Plan Competition, which is the world’s largest graduate-level business plan contest. This was the thirteenth year for the competition which had hundreds of entrants with 42 finalists competing for over 1.3 million in cash and prizes.
In preparation for this event, Insight and BriteSeed worked together to assemble rapid breadboard models representing the new vessel detection technology to augment their business plan write-up. This kind of prototyping can be used very effectively to create a Minimum Feasible Concept. This is key for early stage device companies to be able to effectively demonstrate their technology in an a physical form which can be produced quickly and without breaking the bank.
Insight Accelerator Labs is proud to announce that the process of creating a sound business plan coupled with the production of effective technology demonstration models earned BriteSeed second place overall in the Rice competition sweeping the financial awards in the bio-science category. BriteSeed received over $238,000 in grant funding including the following:
- GOOSE Society $100K Cash Award–which is overseen by Dr. Jack Gill, a leader in medical device innovation.
- Opportunity Houston $100K Investment Prize for Best Life Science Team.
- NASA Earth/Space Life Science Innovation $20K Cash Award — Best Life Science Plan with Earth and Space Application.
- $41,300 In-kind Awards
- Finger Interests, LTD $15K Cash Award — Overall Finalist for the Entire Rice Business Plan Competition
- Essex Woodlands Health Ventures Life Science $3K Cash Award — Best Life Science Business Plan.
Insight congratulates BriteSeed on this impressive win. We look forward to helping with the company’s ongoing success throughout the rest of 2013 and beyond.