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Goradia Innovation Prize

The Goradia Innovation Prize recognizes the best innovations from the Houston Gulf Coast Region and encourages bringing those innovations to the marketplace.  The benefits of innovation can only occur when breakthrough technologies and groundbreaking products reach customers and patients.
 
The Goradia Innovation Prize is awarded to those early stage companies that have commercialized or are very close to commercializing innovative technologies within the region.   The selection of awardees is based upon the commercial potential of the innovation, the soundness of the business plan, the potential for job growth within the region and the likelihood of significant long-term success.  The prize is a direct grant to be applied to bringing the technology to market.

A structured and disciplined process will be used by a prestigious panel of judges to evaluate the finalists and select the prize winners. 

For 2012, the Goradia Innovation Prize will provide $150,000 in prize money to the Houston Technology Center to fund the prizes.  The prizes will be generally distributed as follows:

• $50,000 Grand Innovation Award
• $35,000 First Prize
• $25,000 Second Prize
• $15,000 Third Prize
• Five $5,000 Honorable Mention Prizes

The Houston Technology Center gratefully acknowledges the support and contribution of Vijay Goradia and Dr. Marie Goradia and their family for establishing the prestigious Goradia Innovation Prize and their $1 million donation to the fund which will be distributed over 10 years.  HTC additionally acknowledges the Greater Houston Partnership’s Opportunity Houston marketing program for their donation of $100,000 to the 2011 and 2012 Goradia Innovation Prize.  

Winners of the Goradia Innovation Prize will be announced at the Innovation Conference & Showcase presented by the Houston Technology Center on October 3, 2012, at the Hyatt Regency Houston.

 

2011 Winners:

Grand Prize Winner ($50,000) OsComp Systems Inc. extends the economical production of liquids-rich shale wells through the application of its proprietary high efficiency multiphase compressor.

First Prize Winner ($35,000) Signal Advance, Inc. has developed proprietary Signal Advance Technology (SAT) that temporally advances signal detection offsetting transmission/response delays leading to improved system performance.

Second Prize Winner ($25,000) Shape Memory Therapeutics, Inc. is commercializing breakthrough neurovascular device to treat cerebral aneurysm with features well ahead of competition in a rapidly growing $1B market.

Third Prize Winner ($15,000) Noninvasix, Inc. is commercializing a novel, noninvasive blood diagnostic platform to replace invasive blood sampling and catheterization for millions each year.

Honorable Mentions ($5,000 each):

Arcos, Inc.’s clinical decision support software improves outcomes for critical care and has enabled The Methodist Hospital System® to reduce sepsis mortality from 34% to 14%. Canopy Edge, Inc. is developing a first-of-its-kind device platform for therapy delivery using a patented Percutaneous Close Loop Perfusion System with first target use for anticancer agents to target organs. Nano3D Biosciences, Inc. has a breakthrough technology for growing cells that is faster, easier and produces greater yield than any other existing 3D cell culturing method today. Osteocene is developing a revolutionary bone reconstruction technology that repairs form, restores function, and manages infections.

  
News:
 
 
 
 
Judging Criteria
 
Mandatory Requirements:

• Company is headquartered in the 30 county Texas Gulf Coast region surrounding Harris County as currently defined for the Texas Emerging Technology Fund program (www.gulfcoastrcic.org):  Austin, Brazoria, Brazos, Burleson, Chambers, Colorado, Fort Bend, Galveston, Grimes, Hardin, Harris, Houston, Jasper, Jefferson, Leon, Liberty, Madison, Matagorda, Montgomery, Newton, Orange, Polk, Robertson, San Jacinto, Trinity, Tyler, Walker, Waller, Washington, and Wharton. 
• The product being developed must be based on disruptive technology and must be technically sound 
• The company must be an early stage company, less than 5 years old, with less than 5 employees, and has raised less than $1,000,000 from outside investors.• Application process includes submitting a non-confidential business plan
• Finalists must participate in the Innovation Conference & Showcase presented by Houston Technology Center on October 3, 2012, as well as, participate in the Technology Champions meeting the morning of December 7, 2012.  
• Winners of the Grand Innovation Award and top prizes cannot compete in succeeding years, but honorable mention prize winners may compete again. 
• Winners of the Grand Innovation Award and top prizes will provide an updated annual executive summary for 5 years post award 
Key Criteria:

• Commercial Potential – is the company likely to succeed and what levels of financial results can be anticipated?
• Level of Innovation – is it a breakthrough or disruptive technology or product?
• Business Pan and Management Team – how well does the management understand the opportunities and challenges, and are willing to seek help to accelerate success? 
• Job Growth & Wealth Creation – who beneficial will the company be to regional economic development? 
Other Considerations – Applicant Presentation:
• Applicants may be asked to respond in writing or orally to questions from the staff, as well as, to provide an oral presentation as part of the judging process.
NOTE:  criteria subject to change at management’s decision.
  
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2012 Application Submission Open

Deadline for Applications, Noon, July 9, 2012

 
If you have any questions about the prize, please e-mail goradia@HoustonTech.org.