Bark Tank, the business idea pitch competition at Georgetown University’s McDonough School of Business, will live on in perpetuity, funded by a $5 million gift from Washington Wizards and Washington Capitals owner Ted Leonsis.
Bark Tank, named after Georgetown University mascot Jack the Bulldog and a nod to ABC’s business pitch contest Shark Tank, was launched in 2018, giving business school students the opportunity to win funding for their business ideas through the Georgetown Entrepreneurship Initiative.
To date, it has awarded $975,000 in prizes to 60 different student startup ventures, many of which have gone on to raise more than $295 million in funding and create over 1,000 jobs.
Leonsis’ gift establishes the Leonsis Family Venture Development Program, which is backed by Leonsis, his wife Lynn and his son Zach, to support student startups, incubation programs and other entrepreneurial programs at Georgetown.
“Ted’s generosity has not only transformed lives but has also inspired us to all be better, to do more, and to give back to the world in whatever ways we can,” said Paul Almeida, business school dean and William Berkley, chair of the business school in a joint statement. “We are so grateful for his continued leadership, for his dedication to our school, and most importantly, for his support of students.”
The gift was announced Oct. 26, when winners of the 2023 Bark Tank competition were announced. A total of $125,000 in prizes were awarded to student entrepreneurs for their business plans,
Here’s a rundown of winners from a university news release.
Reservoir won the grand prize of $30,000. Reservoir, led by James Azar (MBA ’23), is a credentialing and identity management platform.
Orbit won the second place $25,000 prize, along with the $5,000 People’s Choice Award. Orbit, led by Steven Pang (C ’26), makes “immersive neurotech” for gaming and movies.
Georgetown REUSE tied for third place and received $15,000. Georgetown REUSE, led by Rita Alan (SFS ’24), Molly Austin (SFS ’25), provides affordable used clothing, school supplies and dorm materials.
Shanda also won the third place $15,000 prize. Shanda, led by Dumi Mabhena (MBA ’24), is a simplified audio editing solution for people who host podcasts.
Selleb also received the $15,000 third place honors. Selleb, led by Claire Lee (B ’24), is a “receipts-powered social platform” where users can “see, share, search, save, and shop products recommended by friends.”
SoleStep won the fourth place prize of $10,000. SoleStep, led by James Hart (EMBA ’24), Shawn Karawa (EMBA ’24), Mika Rhabb (EMBA ’24), and Omar Wilson (EMBA ’24), is a health technology company aiming to improve musculoskeletal health and fitness through “smart sole technology.”
Open Grid Technologies won $5,000 at the competition. OpenGrid, led by Nanbo Liu (MBA ’24), Theo Hebblethwaite (MBA ’24), and Mike Wen (MBA ’23), provides “tailor-made electricity packages” for electric vehicle commuters.
Enna Health also got $5,000. Enna Health, led by Nirmal Maitra (B ’17, M ’25), helps cancer patients log cancer and treatment-related symptoms and shares data with care teams.
