Doll Maker, Eye Drop Company Earn Top Awards At Business Plan Competition

A company that would make dolls and a patent-approved eye drop medical company won the top spots in the annual Donald W. Reynolds Governor’s Cup collegiate business plan competition on Wednesday.

Arleesa, a business plan promoted by students from John Brown University, won first place in the undergraduate category. Lumadrop, spearheaded by University of Arkansas students, won first place in the graduate category. Both plans were awarded $25,000 each for their finish.

Arleesa is built on the concept that the doll market for young girls needs more customization to emphasize self-esteem and diversity. The business model would create dolls that come in different skin tones and body shapes.

Other undergraduate winners included:

• BioBotics (University of Arkansas/Hendrix College) – A pathology lab robotics technology firm.
• Funding Fathers (John Brown University) – A small business crowdfunding source.

LumaDrop, the winner in the graduate category, is aiming to market an eye drop treatment for macular degeneration as an alternative to injections that are part of the current treatment. The group has a patent approved and is in the early stages of clinical testing.

Other graduate winners included:

• Datavis (University of Arkansas) – An inventory management software company.
• HemaNotics (University of Arkansas) – A business that improves the accuracy of dosage for administering the blood-thinning drug Coumadin.

It is the 14th year of the Donald W. Reynolds Governor’s Cup. All told, $144,000 in prize money was awarded. The cup is sponsored by the Arkansas Economic Acceleration Foundation, an affiliate of The Arkansas Capital Corporation Group.

On a related note, UA professor Carol Reeves received the university’s 2014 Faculty Achievement Award. The award honors professors from SEC universities with outstanding records in teaching and scholarship who serve as role models for other faculty and students.

Reeves has been a promoter of entrepreneurship and economic development in Northwest Arkansas and across the state, working with faculty and students to encourage the start-up of new companies based on university research.

During the past decade, Reeves’ students have won more than $2 million in cash at competitions including the Donald W. Reynolds Governor’s Cup. This year, she advised or co-advised four of the six University of Arkansas teams who made the finals of the business plan competition.