Elevate Ventures' second annual Rally IN-Prize pitch contest, held on August 27 and 28 in Indianapolis, is touted as one of the world’s largest startup investment pitch competitions, offering up to $1 million in investment financing for winning teams. The event lived up to its hype for two University of Notre Dame startups: Grannus Therapeutics, which won the $1 million healthcare category award, and TayCo Brace, which was selected as a finalist in the sports tech category.
Hosted at the Indiana Convention Center as part of the Rally innovation conference, the IN-Prize pitch competition attracted 340 applicants from 12 countries. A 50-person review committee selected 25 finalists across five industry sectors: agriculture and food, hard tech, healthcare, software, and sports tech. Each of the five finalists per sector delivered a two-minute pitch, followed by five minutes of questions and answers with a panel of judges, who then selected the winners.
Grannus Therapeutics, the healthcare category winner, is a pre-clinical biotech company developing a novel cancer therapeutic targeting multiple tumor types. The technology behind the startup’s therapeutic was invented by Brian Blagg, the Charles Huisking Professor of Chemistry and Biochemistry and director of the Warren Center for Drug Discovery and Development at Notre Dame, along with Sanket Mishra, a former Notre Dame research scientist.
Elevate Ventures is a public-private partnership venture capital firm that provides funding, mentorship, and resources to startups and early-stage companies in Indiana. Success at its IN-Prize competition makes a winning startup eligible for a potential match of any investments it receives from other investors, up to $1 million.
Grannus’ co-founder and CEO, John Foglesong, shared that while his pitch experience at IN-Prize was stressful, his prior business pitching experience and preparation made a significant difference. “I’ve told the Grannus story and pitched our business to potential investors many times, but nothing like this. Being on a big stage with a large audience was stressful, but also exciting at the same time,” Foglesong said. “Fortunately, I received a lot of help preparing from Notre Dame’s IDEA Center, Elevate Ventures, and Grannus’ advisors. During the pitch, I chose to focus on making sure the judges understood the business opportunity and the potential impact our therapeutic could have on the lives of cancer patients, rather than delving deeply into the complicated science behind it.”
The strategy and preparation paid off, but Foglesong was still surprised when Grannus was announced as the winner. “This could not have come at a better time. We’re preparing to start another fundraising round this fall, and having the potential for a $1 million matching investment from Elevate Ventures is a fantastic way to kick things off,” Foglesong said. “Securing the first check from an investor is always the hardest part; now it’s up to us to continue telling our story to fully realize the benefits of our IN-Prize win.”
Foglesong added that winning the healthcare IN-Prize award not only provides additional credibility for Grannus, given the tough competition it faced at the event, but will also help accelerate the development of their therapeutic.
Another notable success for Notre Dame at the IN-Prize competition was TayCo Brace, a Notre Dame startup that sells an innovative ankle brace developed by former Notre Dame athletic trainer Mike Bean and retired team doctor Fred Ferlic. TayCo Brace was selected as one of the five finalists in the sports tech category.
Designed for athletes and individuals recovering from ankle injuries, TayCo claims that, as compared to walking boots, its brace significantly enhances mobility and stability while also allowing users to return to their normal activities much faster and with fewer disruptions. Unlike most walking boots, TayCo’s brace can be worn over cleats, athletic shoes, and work boots while still providing essential support for anyone with an ankle injury.
“We were honored to be selected as a finalist at IN-Prize, given the worthy competitors we faced,” said TayCo Brace CEO Gavin Ferlic. “Most of the other companies in our category focused solely on digital technology, software, and artificial intelligence. While we are working on such high-tech initiatives, our inclusion as a finalist in the sports tech category demonstrates the power of simplicity in innovation and how a different, uncomplicated approach can still create a successful, disruptive, and impactful company like TayCo.”
According to Ferlic, another significant opportunity from the competition and the larger Rally conference was connecting with other startups whose technologies might enhance future iterations of TayCo’s products. “We met several key companies with synergistic technologies that could help us address additional challenges beyond our core business. They loved our brace and are interested in collaborating,” Ferlic said.
Kelley Rich, the executive director of the IDEA Center, highlighted the success of Grannus Therapeutics and TayCo Brace at the IN-Prize pitch competition as evidence of the potential and impact of innovative startups emerging from Notre Dame. “Both companies exemplify how dedication to solving real-world problems, combined with strategic guidance and support from organizations like the IDEA Center, can lead to meaningful advancements,” Rich said. “As Grannus and TayCo Brace move forward with new partnerships, investments, and continued innovation, they serve as inspiring examples of how disruptive ideas and passionate teams from Notre Dame can drive positive change in their respective industries and in Indiana.”
Originally published by at ideacenter.nd.edu on September 05, 2024.