Team SmartBandage, composed of Master of Business, Entrepreneurship and Technology (MBET) students Waqas Khan, Sohaib Imran Rana, and Vanessa Ferlaino, will compete with teams from some of the world's top universities for more than $1 million in prizes at the Rice Business Plan Competition in Houston, Texas, from April 6-8, 2017. SmartBandage is the only Canadian team among 42 finalists, chosen from nearly 750 entrants.
The Rice Business Plan competition is the world’s richest and largest graduate-level student startup competition. More than 140 corporate and private sponsors support the business plan competition, which includes 275 judges from the investment sector and awards more than $1 million in prizes. The winner will take home a grand prize valued at more than $450,000.
The SmartBandage solution
SmartBandage is developing a bandage equipped with inkjet-printed patented sensors that provide real-time data to monitor early warning signs of chronic wounds. The bandage is flexible, disposable, and costs roughly the same as a regular bandage. Its sensors wirelessly transmit wound information to medical staff, allowing for proactive treatment of chronic wounds like bedsores or ulcers.
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Waqas, Sohaib, and Vanessa are developing SmartBandage with technical co-founder Professor Atif Shamim, who holds a PhD in Electronics from Carleton University, and two other team members. They have developed prototype, and the next step is clinical trials.
Next stop: New Venture Championships
Following the Rice Competition, Team SmartBandage will continue on to the 2017 Oregon New Venture Championship from April 13 – 15, where they are among sixteen teams from across North America to pitch for the title of New Venture Champion. This graduate-level entrepreneurship competition includes multi-day 45 minute pitch sessions and extensive opportunities for feedback from the judging panel.