The Pirate Entrepreneurship Challenge, an annual event organised by East Carolina University, has recently announced the victor of its seventh edition. The victorious proposal, submitted by Limulus Biomedical, aspires to transform the extraction process of limulus amebocyte lysate (LAL) derived from the blood of the Atlantic horseshoe crab. This extract plays a crucial role in guaranteeing the absence of bacteria in injectable medications and vaccines, thereby ensuring patient safety. The current method of extracting LAL from horseshoe crabs is deemed environmentally unsustainable, thus necessitating an ethically sound alternative. Limulus Biomedical’s pioneering approach involves the creation and maintenance of aquacultural systems for the American horseshoe crab, thereby establishing a sustainable framework for LAL extraction.
The individuals behind Limulus Biomedical, Tyler Hodge and Payton Cottrell, have been awarded $15,000 in cash prizes at the Pirate Entrepreneurship Challenge. Hodge, a student of entrepreneurship at ECU, and Cottrell, a student at Carteret Community College, ventured into this enterprise after recognising the potential of their aquaculture research project. Their commitment to sustainability and biomedical innovation propelled them to triumph in the competition.
The victory at the Pirate Challenge was not the solitary recognition for Limulus Biomedical. The duo also secured a prize of $5,000 at the Blue Economy Pitch competition organised by the ECU Office of Licensing and Commercialization. With these resources, Hodge and Cottrell intend to concentrate on the development of feed tailored specifically for the horseshoe crab, a fundamental element in maintaining their wellbeing in a sustainable manner.
In a first for the Pirate Entrepreneurship Challenge, all participants were granted cash prizes and in-kind services, totalling almost $200,000. Noteworthy mentions include Gage Palmer, who attained second place and $10,000 for his venture, PALMQUATICS, offering mobile repair services for boats, and Amber Faircloth, who secured third place and $5,000 for her concept, Talkative, a virtual reality speaking environment designed to aid stuttering patients.
The judging panel for the competition featured esteemed individuals well-versed in the realm of entrepreneurship. Notable personalities such as Holly DeArmond, director of the Global Consortium of Entrepreneurship Centers at Rice University, Van Isley, retired executive and ECU Trustee, Jamerus Payton, the 2022 PEC winner and owner of Carolina Chicken and Waffles, and Mark Wdowik, president and CEO of East Carolina Angels and the Pirate Entrepreneurship Fund, were among the distinguished judges.
Furthermore, the Rural Community Impact Award, sponsored by First National Bank, was presented to PALMQUATICS, further highlighting the diversity and innovation of ideas fostered by the Pirate Challenge. The event has been instrumental in nurturing a culture of entrepreneurship on campus and providing mentorship and funding to aspiring entrepreneurs—a sentiment echoed by David Mayo, the organiser of the Pirate Challenge.
The success of Limulus Biomedical and other participants is a testament to the collaborative efforts of mentors such as Kate Wiggins of NC Idea, Tyler Lumley of the Small Business Technology Development Center, Vin McCaffrey of PrestoSports, April Kelly, entrepreneur and founder of Sure!, and Tee Steinberg, banking executive and an entrepreneur-in-residence at the Miller School. Their guidance and support have been instrumental in shaping the entrepreneurial landscape at ECU.
In the words of Chip Galusha, acting director of the Miller School of Entrepreneurship, “The Pirate Entrepreneurship Challenge has become the signature event of our mission to give ECU students opportunities to cultivate and unleash their ideas to benefit eastern North Carolina, the state, and maybe the whole country.” The impact of this platform is truly remarkable, with almost $800,000 awarded in cash and services since its inception in 2018.