Ask Michael Thomas which was more stressful, starting and running BiologicsMD, the business he launched with three of his University of Arkansas classmates, or presenting the team's business plan to hundreds at the Rice Business Plan Competition last year, and he'll hesitate.
Starting a business is never easy, Thomas concedes. But then there's Rice's competition, agreed upon as the largest, richest and most prestigious business plan competition in the world. "It was a somewhat stressful environment," Thomas says. "Literally, there were rocket scientists from NASA in the auditorium judging you."
According to the school, 90% of competing teams turn their pitch into a business. The survival rate, of course, is a different matter. By the school's count, of the 312 teams to compete at Rice since 2001, 38% are still in business.
Fortune talked with the top three competitors from last year's competition to see how their business plans were coming along. Despite all the stresses of Rice, running a business really is the hardest part.
By Anne VanderMey, reporter
NEXT: BiologicsMD
