For the first time ever, a Newman student participated in the Shocker New Venture Competition at Wichita State University (WSU) and made it to the final round on April 28.
Akin to the TV Show “Shark Tank,” the Shocker New Venture Competition allows university students, recent alumni and community members to take their idea or invention and develop a plan, pitch to investors and compete for the chance at launching their new venture.
First place wins $10,000, second wins $4,000, third wins $2,000, and so on. The competition is hosted by the Wichita State University’s Center for Entrepreneurship and sponsored by IMA Financial, Intrust Bank, Moral Holdings, Network Kansas, Erin Cummings, UBS and Martin Pringle Attorneys at Law.
Nicholas Vasilescu, a pre-medical biology major at Newman, gathered a team and entered the Shocker New Venture Competition at the suggestion of Director of Adult and Professional Studies Teresa Wilkerson.
“I went by her office to ask about intellectual property,” Vasilescu said. “When I told her about my idea, she mentioned there’s a competition at WSU that she judges for. I gave it some thought, looked into it, entered and it turned out to be an incredible experience.”
The competition was made up of four rounds, the first of which was to apply and submit the team’s idea. Next, teams had to present a 3-minute business model video which was scored and judged. Those who excelled were offered a spot in the Shocker New Venture Trade Show, which took place April 21. Finally, the top six were entered into finals on April 28.
What is Testkey?
Vasilescu and the team created a prototype and pitch for their product, Testkey. The student-led team was made up of Vasilescu as company director, Ben Gorman as software specialist, Christian Kindel in charge of engineering and design and Jared Goering in charge of business and design.
Testkey is described as “an innovative, patent-pending diagnostic device that brings rapid, accurate, and affordable testing solutions right to your fingertips.” Using saliva, the Testkey device can quickly screen to test for viruses like COVID-19, infectious diseases and even hormone testing — all with a single device.
COVID tests will no longer be available for free after May 11, so having Testkey at home would provide a solution to an urgent need, Vasilescu said.
“The biggest point that I wanted to make was that this product is not just limited to testing for COVID,” he said. “It would be able to test for all sorts of infectious diseases, but would hit the market by starting with strep throat, flu, COVID, RSV.”
He continued, “They recently announced it’s possible to do a pregnancy test using a saliva test. With our technology and lateral flow, we could do testosterone testing, drug testing … the use cases are endless and we see that as a huge opportunity for the market.”
Vasilescu explained that currently, every other competitor with a digital concept for testing is limited to COVID-19 testing.
“We have this beautiful modular design that allows us to just do so much more than that. So that’s what we’re really proud of,” he added.
The Testkey device is considered a class I medical device and is not yet FDA-approved. However, the test cartridge that tests for the infectious disease of choice is FDA-approved as a class II medical device.
Vasilescu’s Testkey team placed second out of 44 companies in the trade show portion, landing them a spot in the finals alongside just five other teams. From there, the team prepared their final pitch and had eight minutes to present, followed by a rapid Q&A with the judges.
Although the team did not place in the top three of the finals, the experience was rewarding every step of the way.
Jeremy Patterson, Ph.D., who serves as the dean and executive director of innovation and new venture at WSU, was the Testkey team’s faculty adviser. Vasilescu said Patterson was instrumental throughout the competition.
“He constantly reminded me, ‘You’re not selling people a device or mobile app. You’re selling them their time.’ … It’s about the people, about what we’re doing in their lives and what technology allows them to do. And that was huge,” Vasilescu said.
Nancy Kersenbrock, assistant director for WSU’s Center for Entrepreneurship, explained that the center has a strong and long-standing relationship with Newman University’s School of Business and Technology.
“(Newman representatives) have assisted in judging both the business model videos as well as the trade show in the competition,” Kersenbrock said. “So to have a student startup from Newman compete was thrilling. Nick represented Newman in superb fashion. We look forward to many more startup ideas coming out of Newman in the future.”
Nick represented Newman in superb fashion. We look forward to many more startup ideas coming out of Newman in the future.
Nancy Kersenbrock, assistant director for WSU Center for Entrepreneurship
“Keep an eye out for Testkey,” Vasilescu added. “We’re not stopping here. Health care should be a right given to anyone who wants and needs it, and it should be affordable. That’s something we’re passionate about and we’re fielding that gap in the industry.”
Connecting students with opportunities
Wilkerson has served as a judge at the Shocker New Venture Competition multiple times over the past six years.
“Every year I get excited because I cannot believe what these kids are developing,” Wilkerson said. “These are unbelievable products and services and there’s been so many here that have gone on to run local businesses.”
Wilkerson shared that she often encourages students to participate in local and regional challenges and opportunities. More often than not, the students choose not to participate.
“When Nick came back to my office and said he applied and was selected as the second place out of 44 contestants, I was like, ‘Holy cow! This is so amazing,’” Wilkerson said.
After watching him compete in both the trade show and final pitch, Wilkerson said “he’s got what it takes to do this.”
“He did an outstanding job,” Wilkerson said. “He handled some very difficult questions even when they were really drilling in, and explained so clearly how the device works.”
Wilkerson encouraged students that “when you have an idea, you should run with it.”
When you have an idea, you should run with it.
Teresa Wilkerson, director of adult and professional studies
“Take advantage of your networks and connections at Newman,” she said. “Share your idea, talk with people, give feedback and listen to what they’re saying. Don’t be afraid to change or pivot if you need to.”
She added that she would love to see more representatives from Newman come out, support and participate.
“I could see us elevating our capstone projects even more at Newman.”
If you’re an investor interested in supporting Testkey’s mission to transform at-home diagnostics, Vasilescu and his team would love to hear from you. Email [email protected], providing your contact information and a brief introduction. The team will review your inquiry and get back to you promptly with their pitch deck.
“We are excited to discuss potential investment opportunities and share relevant information about our company, vision and growth strategy,” Testkey’s website listed. “Thank you for your interest in Testkey.”
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