ASU hosted its bi-annual Venture Devils Demo Day on April 11 at the Skysong ASU Scottsdale Innovation Center, attracting student and alumni founders to compete for over $300,000 in funding.
The J. Orin Edson Entrepreneurship + Innovation Institute at ASU hosted the event, bringing together students, faculty and expert mentors, alumni and industry professionals across various pitch tracks. The program was designed to give entrepreneurs a chance to showcase their businesses and entrepreneurial insights.
Brent Sebold, a professor and the director of Entrepreneurship + Innovation at the Ira A. Fulton Schools of Engineering, said the event marked the 10th anniversary of the eSeed Challenge, which improved the University's ability to fund multiple tracks.
The challenge has led to the funding of 800 student entrepreneurs since 2016, compared to 200 in the decade prior, Sebold said.
"We've really have entered a new phase of Venture Devils Demo Day," Sebold said. "After today, it'll be essentially the third generation of startups coming through. It's a cool inflection point for the University."
This semester's Demo Day brought together a wide range of ideas and projects. Student founders pitched endeavors including health care and personal-use items, solving supply chain problems, addressing problems faced by African farmers and advancing artificial intelligence.
Joy Griffin, a professor and the faculty director of venture development for the Ira A. Fulton Schools of Engineering, said the program is made to remove barriers to student challenges. She said Venture Devils operates on a rolling admissions basis to provide students with immediate access to mentorship and networking opportunities.
"We offer students the ability, in a very low-stakes environment ... to actually create ideas and then test their ideas, receive funding to try those ideas and then give them the mentorship," Griffin said.
Charlotte Moenich, a junior studying engineering science and the founder of WithKiP, participated in the Saturday event. Her startup, WithKiP, combines 3D-printed buildable robots with a web-based learning platform to make STEM education accessible in underserved communities and received $4,000 in funding at Demo Day.
Moenich found the event to be an underutilized resource and said it's an opportunity to grow your idea, gain confidence and have a stepping stone for larger pitch settings later.
"Not only do I hope to get some funding, obviously, but get some mentorship and connections and really just build a community of other student founders, and be able to learn from them and see them as examples and apply it to my own journey," Moenich said.
Moenich received support from her mentor, an ASU professor, who she said helped her refine her slide deck, sharpen her pitch and calm her nerves.
Griffin said mentorship is a key aspect of the program that sets it apart from being just a funding source. She added that mentors bring valuable external insight and play an important role in shaping businesses and entrepreneurs.
"They love being a part of the students' story and helping them to refine and pivot and grow their businesses," Griffin said.
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John Kim, a graduate student studying business administration, said his role as a mentor at the event requires patience and building trust with entrepreneurs, because startups are deeply personal to each founder.
Kim said pitching at Demo Day adds significant value, whether students win funding or not. He said it serves as a learning experience and helps entrepreneurs identify and confront any weaknesses.
"It's not about the idea, it's about the execution," Kim said. "It's not the best ideas that win, it's the ones that are persistent, that are passionate and they will not take failure as an option."
Griffin said the program is designed for any student, regardless of their background in entrepreneurship.
"You can do hard things, there is nothing that can stop students," she said. "Going out there, doing hard things, being rewarded for it: That's what all of us are doing here."
Edited by Kate Gore, Senna James and Pippa Fung.
Reach the reporter at ngmohta@asu.edu.
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Nikhil Mohta is a sophomore studying B.S. in Finance and is currently a Business Community Leader for the W.P. Carey School of business. He is also an active member in various clubs on campus like PIERA.
