The Wyoming Technology Business Center, in partnership with the College of Engineering and Applied Science will be announcing the winners of a competition which will gift $125,000 of seed capital to a new entrepreneurial and tech based business developed by University of Wyoming students on October 23rd from 9:00 am to 5:00pm with winners announced around 4:30pm in the Wyoming Student Union Ballroom.
The Fisher Innovation Launchpad, named after the primary financer of the project, Donne Fisher, pits university students from across Wyoming against one another in the hopes of fostering a new, independent tech start up in the state. $125,000 will be awarded to the final winners to take their business past the concept phase and into a real world first article build and sales.
The focus of the Launchpad is entirely on the future; with proposals being centered on building a technology-based outfits that it is hoped will help catalyze future investment in the state. Students are given free range to develop new inventions, or use old inventions in new ways as a part of their business plan. Nothing is off the table; mechanical inventions, processors, beneficial uses of chemicals, bio-mechanics, software, to Android and IOS.
“In the end, the primary goal of the Launchpad is to generate jobs in this state and keep our kids in Wyoming,” Fred Schmechel, the assistant director of the Wyoming Technology Business Center said.
Since its inception three years ago, the Launchpad has successfully assisted in the take off of over 12 Wyoming-based firms said Schmechel, “and we hope to launch ten more this year.”
To compete students must be enrolled in the University of Wyoming. They are expected to have a primary role in developing the business and hold a key management position in the potential future. Competitors can join forces however and be in teams of up to five. All applications must be for seed, start – up, or early stage companies.
The Wyoming Technology Business Center works closely with applicant’s initial ideas, but, as Schmechel describes, many participants go through a pivot, where they change course on an idea and go off on their own direction. Because of this pivot, the Launchpad provides applicants with plenty of leeway to nurse their own ideas, but it’s never more than an arm’s lengths away if any help is needed.
After an application is submitted, it will be judged by a committee who will select a number of semi-finalists. Semi-finalists will be chosen from the aggregate group of submissions based on the quality, innovation level, market, product, or segment disruption, potential market size and/or growth of the submission content. Fifteen semi-finalists will be whittled down to 5-7 finalists. Then, after some appropriate deliberation, the winner of the $125,000 will be chosen.
The Fisher Innovation Launchpad is being administered through the Wyoming Technology Business Center, a business development program and business incubator located on the UW campus, with additional locations in Casper and Sheridan. The WTBC is part of the University of Wyoming’s Office of Research and Economic Development. The WTBC provides full business life-cycle advising and coaching through experienced staff with backgrounds in varied fields including software, electronic hardware, capital equipment, industrial chemicals and processes, finance and sales.
Finalists this year began this process in April, and since have crafted their ideas and vision to help build a future for themselves and the state.
For more information please contact the Wyoming Technology Business Center at 307-766-6395 or e-mail them at WTBC@uwyo.edu.
