This year, Georgetown University’s Bark Tank pitch competition came with a twist: a three-way tie.
So Ted Leonsis, founder and CEO of Monumental Sports & Entertainment, added $55,000 to the $100,000 Leonsis Family Entrepreneurship prize. It comes amid a regional push for greater investment in early-stage startups and as Greater Washington sees an increased interest in social impact investing.
“We have seen on the campus of Georgetown that creating your own business is a positive career choice. Also, we see this triple-bottom-line ethos, for which Georgetown McDonough is becoming known,” Leonsis, an alum of the D.C. institution, said at the event. “Activating this entrepreneurial spirit across Georgetown can make this university one of the most important universities in the world located in one of the most important cities in the world.”
The judges named three winners of Thursday’s annual pitch contest, playfully named as a nod to university mascot Jack the Bulldog and the ABC reality show "Shark Tank." The contest is is part of the Georgetown Entrepreneurship Initiative within the university’s McDonough School of Business. Here’s more on each.
- Founded and led by Rebecca Cox, a DC Inno 25 Under 25 of 2020 winner
- Prize: $30,000
What it does: The startup taps mothers in vulnerable Central American areas — starting with the Guatemala City Garbage Dump community — to teach Spanish in one-on-one tutoring sessions.
How it’s going: In its six months of existence, Project Olas has landed $10,000 from the Georgetown Entrepreneurship challenge, as well as awards from the Social Innovation and Public Service Fund, Peace First Grant and the Improving the Human Condition Grant. And the business is launching a sister nonprofit, The Olas Foundation, to oversee Club Olas, chapters for student learners on college and high school campuses. It’s also expanding to the classroom, with partnerships at five schools including Georgetown University — where Cox is a sophomore in the School of Foreign Service — and looking to triple that number by spring 2021.
What she said: “With the growth now possible from this prize, we can offer a sustainable income-generating opportunity to as many as 100 more moms before my team graduates college. Now we are going to stay humble and get to work.”
- From founder and CEO Danya Sherman, an Inno 25 Under 25 in 2018 and 2019
- Prize: $30,000 plus $5,000 for the People’s Choice Award
What it does: The company, whose cocktail napkin detects the presence of date-rape drugs, has been growing and garnering attention since Sherman launched it in 2017.
How it’s going: The George Washington University graduate, now a Georgetown University MBA candidate, is an alum of D.C.’s Halcyon Incubator, the Minneapolis-based Target (NYSE: TGT) Incubator and others, and was named to Forbes’ 30 Under 30 list of 2020 for social entrepreneurship. The winnings from this competition would help the company get its product on the market and to the consumer, Sherman said. The business has been funded with hundreds of thousands of dollars in grant money and pitch competition awards, and plans to launch a Kickstarter campaign in fall 2021.
What she said: “I am so grateful to leave the competition with capital that will support our efforts in combating drug facilitated sexual assault and crime, as well as connections that will continue to enrich my professional pursuits. Words of gratitude alone are not enough to thank the Leonsis family for their support and for this amazing opportunity.”
- Founded by recent Georgetown alum Robert Bolen
- Prize: $30,000
What it does: The startup aims to allow people with disabilities to easily dress themselves with magnetic buttons that make the process easier.
How it’s going: Button Helper has worked with MedStar Georgetown University Hospital neurologists to develop the product for people with arthritis, Parkinson’s disease, movement disorders and joint pain. The company launched on Zappos in September and has generated $200,000 in revenue to date.
What he said: “I created Button Helper eight years ago for a friend’s son who struggles with cerebral palsy. It allowed him to dress himself with dignity, independence, and ease.”
A handful of other companies secured some prize money, as well.
The judging panel included: Zach Leonsis, senior vice president of strategic initiatives of MSE and general manager of Monumental Sports Network; Sashi Brown, chief planning and operations officer for MSE; Sandy Carter, vice president of Amazon Web Services; Raul Fernandez, vice chairman of MSE; Shavini Fernando, founder of OxiWear and a former Bark Tank winner; Michelle Freeman, president of Carl M. Freeman Cos.; Arun Gupta, venture partner with Columbia Capital; Brett Johnson, creative director of Brett Johnson Collective; and Osman Nur, associate with Revolution Growth.
Leonsis, also co-founder of Revolution Growth and an AOL alum, has deep ties to Georgetown, which he often credits with beginning his path into entrepreneurship. He graduated from the university in 1977.
