Winning $15,000 in the John Pappajohn Iowa Entrepreneurial Venture Competition wasn’t Kyle McMahon’s (’13) top takeaway. Even more valuable was a 2018 press release touting Tractor Zoom’s third-place finish. Iowa State University Startup Factory posted the news along with a photo of the fresh-faced founder receiving a handshake and a check from highly respected philanthropist and investor John Pappajohn.
“Press like this is super validating,” McMahon says. “Particularly when we’re recruiting employees to come work at an early-stage software startup and there’s not much about us online. I remember using that article on LinkedIn and social media to talk about how people believe in us.”
Back in 2018, Tractor Zoom had only three employees. The team was still figuring out how their platform could evaluate tractors, combines, and other farm machinery. Now a 60-headcount company headquartered in West Des Moines, its technology is used daily by 6,400 equipment salespeople.
“We’ve built a much more mature business,” McMahon says. “Without the support of John Papajohn, Iowa State, and early investors, we probably wouldn’t be where we are today.”
Past participants agree: Prize money covers practical expenses, and earning a seal of approval from John Pappajohn Iowa Entrepreneurial Venture Competition judges truly expands possibilities.
Over nearly 20 years, the competition has awarded $1.4 million in non-dilutive funding to scalable Iowa businesses. Support from the Iowa Economic Development Authority in 2018 expanded total annual awards from $50,000 to $100,000. In the final round, up to 12 finalists pitch to a panel of judges in a closed-door session at Iowa State. The top three winners are announced at a celebratory luncheon.
Organizers view the competition as an opportunity to identify promising startups and point them toward programs and people who can help them level up.
“Our $100,000 is only one piece of what entrepreneurs need,” says Judi Eyles (’93), who coordinates the competition in collaboration with Pappajohn entrepreneurial centers across the state. “If they compete and don’t place, we can connect them to the resources at one of the Pappajohn Centers, or say, ‘Here are some people that can help you. Come back next year.’ And they do.”
As director of ISU’s Pappajohn Center for Entrepreneurship, Eyles worked closely with John Pappajohn. Encouraging innovators to embrace the “positive mental outlook” he championed is part of honoring his legacy.
“As an entrepreneur, you will get hit with all kinds of barriers and obstacles,” Eyles says. “You’ve got to stay positive, appreciate the people who help you get to where you’re going, and work hard. That’s where you’ll get success.”
The list of John Pappajohn Iowa Entrepreneurial Venture Competition finalists includes both serial entrepreneurs such as emeritus professor Dr. Hank Harris (’67, ’70) and fledgling founders such as Farm Story Meats owners Ray (’16, ’24) and Jessica (’21) Schmidt.
Dr. Harris says, regardless of their experience level, ambitious innovators must remain motivated to solve a problem. He takes pride in his contributions every time he drives through ISU Research Park, where discoveries he made as a faculty member spurred development.
Harris launched three vaccine companies, including a biotech startup named runner-up out of 80 entries in the inaugural 2006 Pappajohn pitch competition. Harrisvaccines Inc. advanced mRNA technologies for swine flu, which helped pave the way for human applications such as the COVID- 19 vaccine. Merck, which purchased Harrisvaccine in 2015, made massive investments in their Ames facility. Boehringer Ingelheim Vetmedica Inc., which acquired another of Harris’ startups, also opened a $22 million research center that employs ISU talent.
Farm Story Meats connects customers with high-quality proteins raised on family farms. The company sustained 50 percent year-over-year growth since finishing second in the 2022 competition. Pairing their $25,000 award with a Choose Iowa grant allowed the Schmidts to more than double their cold storage space, dramatically streamlining logistics and scaling fulfillment capabilities.
Not only are they serving more households, they’re also reducing food insecurity. So far, they’ve donated over $50,000 worth of meat to food pantries like SHOP, which serves students in Beyer Hall.
The Schmidts credit ISU support with shaping their business approach — focusing on values, education, and community impact. Ray’s advice to aspiring applicants is simple: “Don’t shy away from what you stand for, and where you see your company going.”