MBC Invention Track Spotlight
The Michigan Business Challenge is a campus-wide, multi-round business plan competition where student teams have the opportunity to win cash prizes, gain feedback from leaders in the business community, and expand their business network. Twelve startup teams are one step closer to over $100,000. Meet these forward-thinking student entrepreneurs in our MBC spotlight series.
MedVision is a real-time healthcare inventory management system that tracks medical supplies through custom IoT smart shelving and a connected SaaS platform. The team includes Anurag Bolneni (BBA ‘20, MSI ‘22), Raghu Arghal (MSE/BSE ‘20), and Grant Veldhuis (BSE ‘23).
What was the origin of this venture? How was the problem or opportunity discovered?
MedVision originates from our founding team’s experiences volunteering in hospital operating rooms and collecting millions in excess medical supplies through Blueprints For Pangaea (medical supply chain non-profit). After speaking with hospital supply chain managers, we realized their inventory management systems are a large source of inefficiency, consuming significant time for many stakeholders and generating substantial unused waste.
What do you think will be the long-term impact of launching your venture?
At MedVision, we’re building a connected healthcare supply chain. Our platform’s detailed analytics on burn rate and stock levels for medical supplies will prevent excess supply ordering, decrease administrative costs, and reduce waste. Most importantly, MedVision will ensure inventory management doesn’t prevent hospital administrators and clinicians from focusing on what is most important: patient care.
How did you form your team?
While collectively leading Blueprints, we recognized the magnitude and ubiquity of hospital supply waste firsthand as we collected millions of unused supplies from major hospitals. After speaking with hospital administrators, we recognized the root problem: a lack of data. We realized that building autonomous, smart infrastructure was imperative for success within healthcare environments and have formed a team with the necessary technical and business competence, accordingly.
How has participation in MBC helped move your venture forward?
Participating in MBC has been immensely beneficial as we look to refine our business pitch and craft material that “clicks” with investors. Scripting a full business plan forced us to think more holistically about MedVision, an often neglected task when you’re fixated on the minutiae of building a business and product.
What has been your biggest takeaway from the MBC experience (so far)?
The workshops and office hours ZLI offers are incredibly helpful to think through these materials and curate content, all of which will prove invaluable as we raise capital in the near future. (S/o Anne!)” While pitching judges (entrepreneurs/investors), note content and responses that visibly resonate with them and refine your venture’s pitch/materials accordingly.
What are your plans following MBC? How would prize money help your venture?
After MBC, we’ll be focused on scaling pilots with hospitals/surgical centers and building our alpha/beta prototypes. Prize money would substantially offset product development and manufacturing costs as we scale our solution.
What advice do you have for other student entrepreneurs?
Student entrepreneurs have access to many exclusive resources and communities, both on-campus (e.g. ZLI) and nationally (e.g. VentureWell). These sizable opportunities, along with the dynamism of college environments, are quickly lost post-graduation – take advantage of them before you can’t.
2022 Michigan Business Challenge Finals
Follow these disruptive University of Michigan startups on ZLI social media for the 2022 Michigan Business Challenge Finals on February 11. Cheer for your favorite team during the MBC final presentations and applaud the winners!