LAUNCH: The right resource to get off the ground

Edson E+I strives to be a leading provider of resources and support.

The ongoing tech revolution and rise of a gig economy have inspired more people than ever to pursue the dream of starting their own company and being their own boss. Such an adventure is not as easy as it may seem, however, and many aspiring entrepreneurs face steep challenges in getting their ideas off the ground. Edson E+I strives to be a leading provider of resources and support in this arena.

The jewel in our crown is Venture Devils, a full-service vehicle for engaging, mentoring and funding startup founders in the Greater Phoenix area. Venture Devils is open to ASU students, faculty and staff as well as community-based entrepreneurs. Its primary aim is to catalyze the entrepreneurial success of founders by connecting them with Venture Mentors who provide regular, ongoing support; a spaces network including co-working and specialized spaces such as fabrication and prototyping makerspaces; and a funding network providing early stage, non-dilutive, equity-free competitive financial support — for many Venture Devils ventures, we serve as the “friends and family” funding round.

E+I exemplar: Edson Student Entrepreneur Initiative

For students with big ideas, the Edson Student Entrepreneur Initiative provides the opportunity to turn those ideas into successful ventures.

A highly responsive, individualized and student-centered entrepreneurship program, Edson delivers economic, social and educational impact in real time. Participating students work in a team-based environment and receive all the tools required to start and grow a fledgling venture. Benefits include co-working space, mentoring, seed funding of up to $20,000 and an educational program that includes an acceleration suite of co-curricular training targeted to the development and growth of their ventures.

NeoLight

Every year, 60% of newborns enter the world with jaundice, a condition which can be treated with light from special lamps. However, in parts of the developing world that lack access to electricity or medical supplies, tens of thousands of infants die or develop brain damage each year from untreated jaundice. NeoLight founders recognized the need when visiting hospitals in India, where several newborns often share a single light. NeoLight was founded as a mission-driven medical startup dedicated to eradicating these deaths with a new approach to phytotherapy.

NeoLight started with a $7,000 grant from ASU. Shortly thereafter, they received a boost of $25,000 from the Edson Student Entrepreneur Initiative. The team parlayed the grant into a $600,000 seed investment from angel investors in Phoenix that they used to navigate the complex regulatory process for medical device development. In 2016, NeoLight won $100,000 from AOL co-founder Steve Case through the Rise of the Rest competition. In 2017, the device was approved by the FDA.

To date, NeoLight has raised $15 million in support from investors, including NFL quarterback Ben Roethlisberger and the Dignity Health and Honor Health systems. Originally targeting its technology for hospital use, the company has now pivoted to cater to new parents quarantining at home with newborns.

“We get phone calls from parents who tell us that the only reason their baby is able to go home is because of our device,” said NeoLight co-founder and executive chairman and ASU alumni, Vivek Kopparthi.

The Arizona Commerce Authority recognized NeoLight as an awardee of the 2020 Arizona Innovation Challenge, which is designed to advance innovation and technology commercialization opportunities in Arizona by helping early-stage ventures scale.