The Next Big Thing, an annual pitch competition, has come to its conclusion. And, as Pearson Crutcher, executive director of the Society of Entrepreneurs (SOE), reflects on this year’s event, she thinks not just of its success but the potential of the local entrepreneurial ecosystem.
The competition, a joint venture between SOE and Epicenter, has now been held four times, showcasing 38 promising young businesses. And it’s yet to face a shortage of participants.
“That's 38 great ideas, and that’s just scratching the surface of all the great things happening,” Crutcher told MBJ. “We still have so many candidates that are really worthy of the prize.”
The Next Big Thing 2022
The Next Big Thing was held Nov. 10 at the Methodist Presentation Theatre at the University of Memphis’ FedEx Institute of Technology. It provided Memphis-based startups and scale-ups the chance to compete for a $10,000 prize, with each making a three-minute pitch and then facing a lighting round of questions from the judges.
Applications for the competition opened in August, and finalists were announced this fall. Here were the eight finalists for the event that presented on Thursday:
- Backbone Technologies — A financial management and education platform for microbusinesses, which enables owners to manage their business' banking, payments, accounting, taxes, payroll, and cash flow in one application, from their smartphone or tablet.
- Diiclae — An organization that looks to connect creators and collectors to value, monetization, and audience, automating appreciation of a portfolio, validating provenance using NFTs, and creating a personal NFT mobile app.
- Kaye's Pints and Scoops — A small batch creamery located in Memphis, which offers premium handcrafted ice cream in a variety of flavors.
- NeuroDyne — A startup with an ambulatory seizure monitoring system that can be worn outside of a hospital setting.
- Proven PCI — An organization with an all-in-one cybersecurity tool for small- to medium-sized businesses, which allows them to easily meet the requirements of the payment card industry data security standards.
- Smart Charge — A solution to on-the-go charging of handheld mobile devices.
- UpSquad — A startup that looks to connect organizations by building their communities online, so members can connect, communicate, and collaborate.
- Youdle — A startup with a platform that looks to help shoppers quickly find products they need in stores, while providing a boon for brick-and-mortar businesses.
And the winner is …
This year’s top prize went to Kaye’s Pints and Scoops.
Kaye’s continues a pattern of the types of businesses selected each year. Last year, victory went to John Wilcox and his startup, Diatech Diabetes, which is developing a software platform that could ensure people with diabetes everywhere obtain proper amounts of insulin. Before this, Lia Winter and her medical device business, Winter Innovations, took the top honor. And in year one, Phillip Ashley Rix and his company, Phillip Ashley Chocolates, scored the $10,000 prize.
“I just love that there’s that much variety,” Crutcher said.
Kaye’s also wasn’t the only participant to score cash this year. For the first time, the competition awarded a second-place prize, with Proven PCI winning it and earning a $5,000 check.
And while the other finalists didn’t receive money from this event, they won’t be walking away empty handed. There were about 12 judges, including Elvis Presley Enterprises president and CEO Jack Soden; Chism Hardy Investments CEO Carolyn Hardy; and EnSafe Inc. cofounder and chairman Phil Coop. In addition to scoring the startups, the judges write comments. Crutcher is compiling this feedback and will distribute it to the participants — who can then take it into account as they move forward with their businesses.
“I think that’s almost as valuable as the cash prize,” Crutcher said.
