Ted Leonsis is making sure Georgetown University’s Bark Tank pitch competition will be a resource for young entrepreneurs for years to come.
Leonsis, the CEO and founder of Monumental Sports & Entertainment, pledged $5 million to keep the program running in perpetuity. The donation was announced Thursday at the end of the annual competition.
The donation also establishes the Leonsis Family Venture Development Program to support student startups, incubator programs and other entrepreneurial programming across the university. In 2021, the Georgetown alum added $50,000 to the $100,000 Leonsis Famliy Entrepreneurship Award.
“Ted’s generosity has not only transformed lives but has also inspired us all to be better, to do more, and to give back to the world in whatever ways we can,” said Paul Almeida, dean of the McDonough School of Business said during the official announcement.
Leonsis, an AOL co-founder who went on to build a sports empire with the Washington Wizards and Capitals, is on the Business Journal's Power 100 list of influential business leaders.
The annual Bark Tank contest, its name alluding to university mascot Jack the Bulldog and the ABC reality show “Shark Tank,” is part of the Georgetown Entrepreneurship Initiative within the university’s McDonough school. The first Bark Tank was held in 2018 with OxiWear's Shavini Fernando taking home the $30,000 grand prize.
The winners from this year's competition were:
- Reservoir: The software-as-a-service platform, which offers businesses an efficient network to manage and validate digital credentials, won the grand prize of $30,000. It is led by James Azar.
- Orbit: Steven Pang, whose company is creating immersive neurotech for gaming, movies and virtual reality, won the second place $25,000 prize, as well as the $5,000 People’s Choice Award.
- Georgetown REUSE: The sustainability startup led by Rita Alan and Molly Austin tied for third place with two others, winning $15,000. The company improves accessibility, reduces waste and promotes a circular system of consumption by providing affordable and pre-loved clothing, school supplies, and dorm materials to students and community members.
- Shanda: The podcasting software startup also won third place and a $15,000 prize. Shanda is a simplified audio editing solution for people with interview-based podcasts. It is led by Dumi Mabhena
- Selleb: Claire Lee also earned third place and $15,000 for her receipts-powered social platform where users can see, share, search, save, and shop products recommended by friends.
- SoleStep: James Hart, Shawn Karawa, Mika Rhabb and Omar Wilson won $10,000 and fourth place for their health technology company dedicated to improving musculoskeletal health, fitness, and overall societal well-being through smart sole technology.
- Open Grid Technologies: The electric power startup won $5,000 to grow its idea of tailor-made electricity packages to power the daily needs of electric vehicle commuters living in urban settings through subscription-based plans and fast-charging technology. The company is led by Nanbo Liu Theo Hebblethwaite, and Mike Wen.
- Enna Health: The Medtech startup led by Nirmal Maitra won $5,000. It helps cancer patients log cancer and treatment-related symptoms in less than 60 seconds an entry, shares summarized data with care teams for optimal symptom management, and provides essential resources like nonprofit support and reading materials for added assistance.
