NIR Diagnostic wins Wharton Business Plan Competition

Chris Schaeffer of Realistic Eye gives his elevator pitch. The company ended up placing third.

Edit: added RIMS video.

The main event was over already, but the eight hopefuls gunning for the Wharton Business Plan Competition had a chance to bag an extra $3,000 by convincing the dinner audience that they were deserving of the People’s Choice Award.

Each company sent a representative to the steps in the basement of Wharton’s Huntsman Hall to plead their case to roughly 100 attendees who may or may not have been taking advantage of the free food. Approaches ranged from the youthful, energetic charisma of StealthRowing’s Daniel Harbuck (covered earlier this week by TP) to the frank nature of Cuddlebot’s owner, who told the crowd, “we’d love your cash.” After the pitches were finished, the judges huddled to decide the grand prize winner as the audience members dropped ballots in a silver box carried around by the organizers sporting yellow ribbons.

Hours later, NIR Diagnostic came out of the four-round competition $23,000 richer, bagging the $20,000 grand prize as well as the $3,000 people’s choice award. The company is developing a wound diagnostic device that would bump accuracy up to an estimated 85 percent from 50 percent.

After the jump we summarize and comment on each company’s elevator pitch and tell you which one is most likely to lead to a Terminator-like future.
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Technically Not Tech: StealthRowing indoor rowing training

Twenty-four year old Daniel Harbuck agrees that necessity is the mother of invention.

Almost a decade ago, as a young high school rower, the University of Penn Wharton undergrad tried to convince friends to trudge through 10 feet of snow to help him train on Salt Lake in Utah, where he grew up. They wouldn’t.

Instead, he had a friend—”a football player, a big guy”—hold a boat in place in an indoor community pool.

“We were right next to 65-year-old ladies doing water aerobics,” Harbuck says. “It was a nice idea that clearly needed a lot of work.”

It was the first iteration of StealthRowing—a device the business student is developing that enables rowing athletes to experience on-the-water training while indoors.

Essentially, a row boat cockpit is anchored to the edge of a pool, enabling rowers to practice balance and teamwork. The stationary design allows them to be tied down in a pool—but not locked in—to train in any weather.

The technology is the first to offer rowing synchronization and balance training in an indoor setting. During interviews with 1,050 clubs affiliated with USRowing, 82 percent expressed interest in the project and purchase intent, he says.

“Those who know rowing understand the need for this,” he says.

Last week, Harbuck won $5,000 from University of Pennsylvania’s Weiss Tech House for the idea. That’s in addition to $10,000 won with a Wharton Venture Award last year. On Wednesday, he hopes to win $20,000 more in Wharton’s Business Plan Competition.

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