ParadigMed, a University of Arkansas startup formed in Carol Reeves’ New Venture Development graduate course at the Walton Business College, won the Global Award at the LES Foundation International Graduate Student Business Plan Competition in Seattle by finishing second place overall.
ParadigMed has developed Circumex, a “patent-pending adult male circumcision device that offers a cost-effective, disposable, non-surgical alternative to current circumcision methods and can be used in an outpatient setting. Circumex addresses challenges associated with reducing the heterosexual transmission rate of HIV globally, primarily in Africa.”
According to the UA, the LES competition ”focuses on business plans that not only hinge on groundbreaking technologies and services, but that also emphasize intellectual property strategies that support business goals. The LES Foundation, a foundation of the Licensing Executives Society Inc., received nearly 60 business plan submissions from throughout the United States and Canada, as well as from Australia, Hong Kong, Italy, Korea, Nigeria, Pakistan, Singapore, South Africa, and Thailand.”
ParadigMed, led by Stephen Kayode and Tara Mink, won the Global Award at LES and $5,000 for its second place finish over the weekend. Empire Robotics of Cornell University won the grand prize, and placing second with ParadigMed was MRS from the Universita del Salento, Italy.
Empire is developing a “platform robotics technology through its first product, a universal robot gripper.” MRS has developed technology to “increase the efficiency of PVD (Physical Vapour Deposition) processes used in the production of microchips, micro electro-mechanical systems, solar cells and other hi-tech devices.”
The Global Award at LES “is presented annually to the team whose plan best deals with intellectual property rights and their use in the global business environment,” according to the UA.
Earlier this year, ParadigMed made the finals of the prestigious Spirit of Enterprise Graduate Business Competition at the University of Cincinnati and the IBK Capital-Ivey Business Plan Competition at the University of Western Ontario. Business-plan teams from the UA have been experiencing success at national competitions and positioning themselves for success in the real business world.
Add ParadigMed to that list.