Prime UC invited University of California start-ups to compete for a chance at $300,000 in award money. This event was the first of several competitions that are a part of President Janet Napolitano’s Innovations and Entrepreneurship Initiative. The competitions are designed to help the most promising UC-associated start-ups obtain seed funding. Over 250 startups entered the competition.
Selected companies are comprised of founders and members from any UC campus or national labs. The sectors include Pharmaceutical, Medical Devices, and Consumer Health. On December 2, 2015 the top twenty applicants participated in a final round with announcement of one 150k grand prize and three 50k runner-up prizes. For those participants did not receive awards they did get valuable exposure and were introduced to the investment community.