For the last five years, the International Business Model Competition has brought together top student-led startups from around the world to compete for cash. A New Orleans-based biotech startup from Tulane, Instapath Bioptics, took home the $30,000 grand prize at the 2017 competition in Mountain View, CA.
Instapath Bioptics has developed an imaging technology for interventional radiologists that halves pathology evaluation time for biopsy procedures. The team came in second place at the Tulane Business Model Competition back in April.
The international competition, organized by Brigham Young University, is all about entrepreneurs generating testable hypotheses about their innovations and speaking directly to potential customers to get feedback, pivoting along the way as needed.
“We are honored to be named the winner of this prestigious event, especially in a field with such strong competitors,” said Instapath Co-Founder David Tulman. “This prize will help us accelerate testing of the new platform in partnership with several major cancer centers in Louisiana and New York so we can get it approved for widespread use in hospitals within the next few years.”
More than 5,000 team from 500 schools applied to compete in this year’s event, and Instapath beat out 38 other teams selected for the competition.
With this latest funding, Instapath plans to develop a new health software and imaging solution that improves the process of evaluating tissue biopsies to diagnose cancer. The startup is currently working with partners including Tulane and the New Orleans Bioinnovation Center to make it happen.