Little Rock, Ark. – Ascend, a business created by John Brown University students to build upon a prototype of a portable tree stand for deer hunters, and GammaVet, formed by a team of students from the University of Arkansas / Fayetteville to launch a rapid detection test for a type of feline cancer, were announced as the winners of the 2022 Arkansas Governor’s Cup Collegiate Business Plan Competition at the March 31 Governor’s Cup Awards Luncheon in Rogers. The Governor’s Cup competition is presented by Arkansas Capital Corporation.
Overall, six teams took home first- through third-place awards and will share in a $100,000 cash prize pool, contributed for the fifth year by Title Sponsor Dhu Thompson, founder, past owner, and former chairman of the board of Delta Plastics. They are:
Winrock Automotive Small Business Division:
First Place – Ascend, John Brown University ($15,000)
Second Place – Bento, University of Arkansas / Fayetteville ($10,000)
Third Place – Orange Otter Toys, University of Arkansas / Fayetteville ($5,000)
Innovate Arkansas High-Growth / Technology Division:
First Place – GammaVet, University of Arkansas / Fayetteville ($25,000)
Second Place – CiphrX, University of Arkansas / Fayetteville ($15,000)
Third Place – SHOCK, University of Arkansas / Fayetteville ($10,000)
All teams that enter the Governor’s Cup are required to have a faculty advisor. Advisors of each winning team also received a $2,500 cash prize.
Six finalists in each division were announced March 3 and 4. All 12 finalists made oral presentations March 17, followed by selection of the division’s top three winners. The finalists were:
Winrock Automotive Small Business Division:
AR Lawn; Arkansas State University, Jonesboro
Kopi Koffee Company; University of Arkansas, Fayetteville
Limitless Fitness; Central Baptist College, Conway; Ouachita Baptist University, Arkadelphia
Innovate Arkansas High-Growth / Technology Division:
Horizon Health Solutions; University of Arkansas, Fayetteville
Suelo; University of Arkansas, Fayetteville
VEZA Solutions; John Brown University, Fayetteville
The awards luncheon continued the annual tradition of showcasing the finalist teams with a live elevator pitch competition. A representative of each of the 12 finalist teams took the stage to make 90-second pitches to the audience. Each guest was given the opportunity to vote for his / her favorite pitch in each division via their mobile devices. The winners were Ascend and Horizon Health Solutions of the University of Arkansas / Fayetteville.
For the seventh year, the awards luncheon was emceed by Arkansas Commerce Secretary and Executive Director of the Arkansas Economic Development Commission Mike Preston. He was joined by his wife, Anne Imanuel Preston, a television news anchor. In addition to Mr. Thompson, other major competition sponsors were the Walton Family Foundation, First Security Bank, Winrock Automotive, and Innovate Arkansas.
Arkansas Capital Corporation has managed the Governor’s Cup since the first competition in 2001. Over the past 22 years, 3,087 Arkansas college and university students have been impacted, submitting 949 business ideas. For 2022, 31 teams of 157 students from seven Arkansas universities competed.
The competition does not require teams to launch their businesses; instead, they are rewarded for the rigorous and real-world experience they gain as competitors. They are also exposed to the state’s rich entrepreneurial history and discover the opportunities Arkansas has to offer to entrepreneurs who want to start businesses in the state. Whether launching new businesses or working in corporate or professional settings, team members cite the Governor’s Cup as having a significant and positive impact in their professional development and their careers beyond college.
“Exposing students as early as possible to a hands-on approach to entrepreneurship will pay significant dividends in future years,” said Sam Walls, III, CEO of Arkansas Capital. “We want to encourage these young, innovative students to reach their potential. By working with them before they leave school, we have the opportunity to “plant the seeds” of entrepreneurship as an option for their future and in this way we can begin to grow and develop Arkansas’s future businesses,” he said.
The awards luncheon was livestreamed and can be viewed at argovernorscup.org. The elevator pitch portion of the competition begins at 38:54.
