According to an article in the National Library of Medicine, Limulus amebocyte lysate (LAL) is an extract found in the blood of Atlantic horseshoe crabs that helps protect injectable drugs and vaccines from bacteria, making them safe for patients. The current process of “bleeding” horseshoe crabs is an “ecologically unsustainable practice,” the article says.
This practice is thanks to Limulus Biomedical, a business venture that designs, builds, and maintains aquaculture systems for horseshoe crabs to create a sustainable environment for the harvest of LAL found in crabs and horseshoe crabs. may change.
Limulus Biomedical won the 7th annual Pirate Entrepreneurship Challenge held on April 10th at the ECU Main Student Center. His ECU entrepreneurship students Tyler Hodge of Morehead City and Peyton Cottrell of Carteret Community College are building a business venture that began as two friends who wanted to turn the results of an aquaculture research project into reality. We currently have $15,000 in prize money to help us grow.
“He (Cottrell) came to me with the idea in November 2022,” said Hodge, who uses an insulin pump. “He was looking for someone who could really help him, someone who could really push him forward. I said that’s right up my alley. As an entrepreneur, I have the resources from East Carolina University, so I said, ‘Let’s move this ball.’
Limulus Biomedical has also attracted attention in other pitch competitions. On the eve of the Pirate Challenge finals, Hodge and Cottrell took home $5,000 for winning the Blue Economy Pitch Contest sponsored by the ECU Office of Licensing and Commercialization.
With their recent prize money, Hodge and Cottrell said they would like to “continue to develop feed specifically for horseshoe crabs.”
“You would think that the feed would be very simple, but in order to keep these animals healthy enough to bleed sustainably, we would have to develop a feed that is not commercially available.”
Gage Palmer (right) pitches his product PALMQUATICS in the final round of the 7th Annual Pirate Entrepreneurship Challenge. (Photo by Steven Mantilla)
everyone is a winner
For the first time in the challenge’s history, all participants won cash prizes, in-kind services, or both, totaling approximately $200,000.
Entrepreneurial student Gage Palmer won second place and $10,000 for PALMQUATICS, a company that works with boat dealers and private owners to provide a mobile repair service specializing in fiberglass and gelcoat repairs. did. Amber Faircloth, a doctoral candidate in rehabilitation science, won third place and $5,000 for her idea for Talkative, a virtual reality conversation environment that supports people who stutter in real-world situations. Crossfit Greenville Kids and Surf Stick placed him in fourth place and he in fifth place, winning $2,500 and $1,500, respectively, thanks to Robert Gluckman of Treasure Coast Urgent Care and Treasure Coast Primary Care. Crisp Small Business Resource Center awarded $500 each to Iuvo and Horizon Shield for tied for 6th place.
To select the winners, Pirate Challenge turned to a group of respected judges who know what it takes for businesses and ideas to succeed. The jury included:
- Holly Dearmond – World Consortium Director, Rice University Center for Entrepreneurship
- Van Isley ’85 – Retired executive, ECU board member, namesake of Isley Innovation Hub
- Jamelus Payton – 2022 PEC Winner, Owner of Carolina Chicken and Waffles, Arthur School MBA Candidate
- Mark Widowik – President and CEO of the East Carolina Angels and Pirate Entrepreneurship Fund
Eisley is no stranger to PEC. He has competed in almost every Pirate Challenge and will be serving as a judge for the April 10th finals for the second time.
“They (the finalists) were very impressive,” Eisley said. “They’re very competitive, smart and comfortable there (pitching).”
Regarding Limulus, Eisley said: “They have a very viable concept and are well thought out. It’s going to be fun and exciting to see how they do it.”
“The fact that they are creating something so important to people’s lives is something we (the judges) saw as an opportunity to support them,” said Pirate Entrepreneurship Fund, which will award Limulus up to 15,000 Udwik said, providing access to equity investments in the company for US$.
This year’s new challenge is the Rural Community Impact Award, sponsored by First National Bank. The winner of this award was his mobile boat repair venture PALMQUATICS. He took home an additional $10,000 for the team to help grow his business in rural North Carolina.
“We are very excited about PALMQUATICS,” said Ashby Turkington, FNB’s Head of Green Building Market. “They really cover all of eastern North Carolina and rural communities.”
Interim Dean of the College of Business Mike Harris (left) receives the challenge cannon from Alison S. Dunnell (right), dean of the Thomas Harriot College of Arts and Sciences. The Challenge Cannon will be awarded to the dean of students who win the Pirate Entrepreneurship Challenge. This cannon will remain at COB until next year’s Pirate Challenge. (Photo courtesy of Michael Rudd)
The goal of the Pirate Challenge is to create a culture of entrepreneurship across campus, mentor entrepreneurs in a low-risk environment, and encourage entrepreneurs to become The idea is to provide funding to help create high-impact startups.
“We are here tonight because we believe entrepreneurship is a tool to positively impact our students and communities,” Mayo said. “And that impact is reflected in the nearly $800,000 in cash and services we have won since the first Pirate Challenge in 2018.”
This year’s finalist mentors include Kate Wiggins of NC Idea, Tyler Lumley of Small Business Technology Development Center, Vin McCaffrey of PrestoSports, April Kelly, entrepreneur and founder of Greenville-based Sure!, and banking executive and start-up Includes Tee Steinberg of the house. Currently staying at Miller School.
Wiggins coached Limulus. She watched Hodge and Cottrell pitch in Game 2 of the Pirates Challenge and was impressed. As a mentor, she helped refine their proposals and brought in people from across North Carolina’s entrepreneurial ecosystem to provide feedback and advice on their presentations.
“Tyler and Peyton listened intently. What you saw tonight was a slam dunk,” Wiggins said.
“What we witnessed tonight is emblematic of what we strive to do at the Miller School of Entrepreneurship,” said Chip Galusha, acting director of the Miller School of Entrepreneurship. “We want to give ECU students the opportunity to cultivate and put their ideas to work to benefit Eastern North Carolina, the state, and perhaps the entire country. The Pirate Entrepreneurship Challenge This event symbolizes that mission.”
Van Isley (left) and Mark Wdowik participate in a Q&A session with the Pirate Entrepreneurship Challenge finalists. (Photo provided by Steven Mantilla)
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