Entrepreneur’s Cup competition ushers in Oklahoma’s future
Listen to this articleUniversity of Central Oklahoma students Theo Ekogbulu, Jazmine Ivery and JP Jeffries have a goal to eliminate healthcare-acquired infections in hospitals. These infections that are picked up while patients are admitted accounted for more than 100,000 deaths last year, and thanks to an innovative competition, they now have the means to move forward with their plan.
The three students, led by Ekogbulu, developed a magnetizing sprayer that utilizes magnetic technologies, allowing disinfectants to cling to all surfaces.
“Our hope in creating this innovative technology is to reduce the transfer of pathogens and eliminate healthcare-acquired infections in hospitals,” said Ekogbulu.
The idea was bold, and judges at the i2E Entrepreneur’s Cup Competition were impressed. They awarded the team first place in the High Growth Undergraduate category of the collegiate business plan competition, which was announced on April 30.
“By participating in this competition, we were able to experience and obtain the skills required to bring a technology like this into market,” Ekogbulu said. “Winning was definitely a surreal moment for us, and we are all ecstatic to see that our hard work has paid off. We plan on using the prize money to move forward with our product and take it to market.
The Entrepreneur’s Cup Competition provides college students with a real-world experience of entrepreneurship and equips them with skills to see the business world in a very different way. The competition also promotes and supports college students in their entrepreneurial activities and new venture creation; encourages commercialization of promising ideas emerging from colleges and universities; and builds bridges between these collegiate institutions and the entrepreneurial community.
This year’s Entrepreneur’s Cup celebrated a milestone 20 years of advancing innovative business ideas and building the next generation of Oklahoma entrepreneurs.
“I think our biggest impact has been establishing entrepreneurship as a basic skill for college students,” said Rex Smitherman, president of i2E. “Whether students go on to start a business or work for a large corporation, the basic skills that they learn through this competition will benefit them throughout their careers.”
The top winners of this year’s Entrepreneur’s Cup were:
– 1st place: MagnaZation from the University of Central Oklahoma (High Growth Undergraduate)
– 1st place and Black Oak Award: Nourishing Sparks from The University of Oklahoma (High Growth Graduate)
– 1st place: Forwritten from East Central University (Small Business)
– 2nd place: ValuSnap with The University of Tulsa (High Growth Undergraduate)
For the 90-second Pitch Competition, winners were:
– Vivian Tapia with Two Cat’s Bakery from East Central University (Small Business)
– Emily Geffre with Cardian from The University of Oklahoma (High Growth Undergraduate)
– Shannon Robinson with EcoNest from The University of Oklahoma (High Growth Graduate)
Sponsored by the Oklahoma Business Roundtable, the Paulsen Awards are $5,000 scholarships awarded to encourage Oklahoma students to become involved with economic development and entrepreneurship in the state.
For the Paulsen Awards, winners were:
– Ahmad Abdullah with samtracs from Oklahoma State University (High Growth)
– Godsgift Ezedinma with Godsgift Clothing from East Central University (Small Business)
– Jolee Grinstead with Clean Living LLC from East Central University (Small Business)
New this year is the Black Oak Social Entrepreneurship Award, funded by the Moore Family. Social entrepreneurship blends business expertise, innovation, and a strong commitment to creating a positive impact on society or the environment, demonstrating it’s possible to make a profit and positively impact society at the same time.
For the Black Oak Social Entrepreneurship Award, winners were:
– 1st place: Nourishing Sparks from The University of Oklahoma (High Growth Graduate)
– 2nd place: Cardian from The University of Oklahoma (High Growth Undergraduate)
Creating success
“What stood out about this year’s winners was their innovative approach to solving pressing and real-world problems, the execution of their business ideas and ability to effectively communicate their vision,” said Jenny Love Meyer, chief culture officer for Love’s Travel Stops, the title sponsor for the Entrepreneur’s Cup. “Their passion, creativity and dedication to making the world a better place is evident and we’re excited to see what they accomplish.”
Throughout the Entrepreneur’s Cup competition, teams progress through multiple rounds of written business plan reviews and live pitches. This year, more than 50 teams participated, an Entrepreneur’s Cup record.
University of Tulsa students Alec Izett and Coleton Wheeler earned second place in High Growth Undergraduate category with their product ValuSnap. ValuSnap streamlines the resale process by using AI to quickly assess the value of belongings with just a photo, eliminating the hassle and time investment typically associated with determining worth and selling items on various platforms.
“Coleton and I are deeply passionate about business and entrepreneurship, and participating in the competition provided us with a unique platform and timeframe to not only showcase our strong work ethic, but also to immerse ourselves in learning and networking within the entrepreneurship community,” said Izlett.
“Coming from technical backgrounds, this was our first experience in crafting a business plan, developing mock company financials, conducting thorough target market research, and delivering a comprehensive pitch. The podium position we achieved in the Love’s Entrepreneur’s Cup took us by surprise and left us profoundly humbled.”
Izlett and Wheeler have decided to reinvest all the competition’s winnings into their venture. They are also looking for an accelerator program to propel their idea to fruition.
“We have been so fortunate to have outstanding partners at the colleges and universities across the state and the increase in teams reflects the commitment of these institutions, faculty and students to the concept of entrepreneurship,” said Smitherton. “Students are increasingly creative and resourceful and have the desire and energy to pursue new ideas and innovation. This Competition provides them an outlet for that pursuit.”
Building businesses
Over its history, 2,700 students have participated, showcasing over 820 business ideas and receiving $2.45 million in awards. The program is presented by Love’s Travel Stops and administered by i2E, a private not-for-profit corporation focused on growing small businesses in Oklahoma and making a positive impact on the state’s economy.
“When my dad started Love’s 60 years ago, he didn’t have a lot of experience in the gasoline industry, but he had the core values of innovative thinking, a strong work ethic and perseverance to pursue opportunities,” said Meyer. “These key concepts carried him and the company to the success it’s seen, and those are the same values that we see in participants of the i2E Entrepreneur’s Cup and why we choose to partner with them.”
The Competition was founded first in Arkansas by the Arkansas Capital Corporation (ACC) in partnership with the Donald W. Reynolds Foundation. The Reynolds Foundation, with roots in Oklahoma and Nevada, asked the ACC to help establish competitions in those three states, with i2E as the partner in Oklahoma.
The 20th-anniversary celebration dinner was held April 30 with keynote speeches, networking opportunities and the highly anticipated awards ceremony where winners were announced. For those taking home prizes, the competition was only the first step.
“This was more than a competition; this was the beginning of a future filled with success,” said Ekogbulu.
For more information, visit entrepreneurscup.org.
