Editor's Note: Cupid's Cup is a business competition hosted by the Dingman Center at the University of Maryland. The competition is open to student and alumni entrepreneurs alike who have surpassed the business plan stage and now own and operate their very own ventures. Hole Patch, LLC is one of six companies competing in the Cupid's Cup finals which will be held on April 5, 2013. To learn more about Cupid's Cup, check out their website here.
AAA estimates that as a nation, we spend just about $4.8 billion each year repairing our cars due to the obscene amount of damage caused by potholes. Now add that hefty bill to the time wasted calling tow trucks and fixing our banged up vehicles, and you've got yourself one tremendous headache of a day. What's more, while your car is sitting in the local auto repair shop, another Honda is probably heading into that exact pothole you were just extracted from. With potholes spanning across highways and suburban roadways alike, there's no avoiding them, an open invitation for any unsuspecting driver. The solution? Hole Patch, LLC: a safe, cheap, and eco-friendly bag designed to temporarily fill potholes, patching up those pesky dips in the road drivers love to hate.
How the Idea Came to Be
Inspired by a television show featuring non-Newtonian fluids, and from a backpack he bought, Co-Founder Nicholas Barron certainly went about creating his business in quite a precarious way. But regardless of what initially sparked the idea for Hole Patch, LLC, it was the business plan competition sponsored by Saint Gobain and held at Case Western Reserve University that truly allowed Barron to foster the growth of his product. Barron, a second year physics major, introduced his concept at a networking event for the competition, quickly acquiring the attention of five other students who gladly joined in to help cultivate the idea and eventually a real product.
Upon winning the competition, the team dedicated the funds acquired to patenting their well regarded idea, thus formulating Hole Patch, LLC. With the patent work behind them, Barron and Co-Founder Noah Gostout are now both working full time on their fledgling venture, perfecting their product that is due to not only make roads safer, a more pleasant ride for drivers, but to also make their own dreams a reality.
How Hole Patch, LLC Works
Barron and Gostout described the patch as a "proprietary non-Newtonian fluid inside of a robust, yet supple bag," a "throw and go solution that municipalities can deploy at a moments notice." Once the contained fluid is dropped into the pothole, it takes the shape of the hole, allowing cars to drive over the mixture without sinking in. "The molecules stack up and create a lattice work, which makes the fluid incompressible, supporting the car," said Barron and Gostout. Once the car drives over the patch, the contained fluid returns back to "it's relaxed low viscosity state," working its way back into the whole if it has been disrupted in any way.
Why Hole Patch, LLC Will Take Over the World
The real world applications are quite obvious. Any city that has freeze thaw cycles is bound to be inflicted by potholes, making the patch not only useful, but truly a necessity. Hole Patch, LLC will not only make the streets a safer place, but will also end up saving municipalities a notable sum of money. Did you know that because municipalities are obligated to provide safe driving conditions to citizens, they are responsible for reimbursing drivers for all damage to their car because of potholes? They spend hundreds of thousands of dollars each year, covering the costs that they really can't afford to pay off.
How They're Making Bank
Currently in their final stages of testing, Hole Patch, LLC is interested in making direct sales in the immediate future. The young startup is also exploring licensing possibilities with road repair companies already in existence, Barron and Gostout explained.
How Their School, Case Western Reserve, Helped Them Become the Entrepreneurs They are Today
Enlisted in a program dedicated to taking technology out of the academic world and instead transforming ideas into real, practical products, Gostout claims that it was the professors and advisors from that program that have "been integral" to the growth of his business thus far. "Ed Caner and Bruce Terry, two of the professors, have provided introductions and guidance that have been crucial to our development," explained Gostout.
The school itself has also served a role in their success. Barron was allowed to work on Hole Patch, LLC while still receiving school credit, showcasing just how supportive Case Western Reserve has been of their venture.
Why Hole Patch, LLC is a Hot Startup to Watch at Cupid's Cup
Hole Patch, LLC will undeniably be one of the hottest startups to watch come Friday for three primary reasons. One, long term, the patch will have a drastic impact on municipalities, all for the better. Two, the technology is an innovative solution to a common day problem, a truly revolutionary product. Three, Hole Patch, LLC was founded by driven, passionate young entrepreneurs, starving for success and unyielding in their efforts to make their invention a reality.
In terms of Cupid's Cup, Barron and Gostout said it has been the invaluable contacts made while taking part in the competition that will prove to be most beneficial. The contacts they have made so far will allow them access into new municipalities. "Kevin Plank's mother was the mayor of one of Baltimore's surrounding communities, Kensington. This combined with his own personal connections could be very helpful for us," the duo exclaimed.
As mentioned before, Barron and Gostout's startup is one of six in the running to win the highly coveted Cupid’s Cup hosted by the Dingman Center at the University of Maryland. If you’re interested in meeting the founder, see the product displayed in person, or just want to check out the event out of pure curiosity, make sure to RSVP for Cupid’s Cup here.
