University of Arkansas Team Wins Bangkok Business Challenge

A startup focused on creating bio-based chemicals and fuels has become the first University of Arkansas team to win the prestigious Bangkok Business Challenge, earning nearly $20,000 at Asia’s longest-running global student startup competition.

ProPika, co-founded by Nhiem Cao and Angel Treat, specializes in converting billions of tons of unused agricultural waste into eco-friendly fuels and chemicals. The company’s innovation lies in its method of processing cellulose, a complex natural polymer found in all plants.

ProPika won the competition’s grand prize, H.M. The King of Thailand’s Award, securing $18,000 for their venture, with $2,000 allocated to the University of Arkansas. The event, hosted by the Sasin School of Management, took place June 20-22.

The team also earned $300 each for Best Business Plan, Best Presentation, and reaching the semifinal round. Additionally, ProPika received $500 as a Sustainability Award finalist.

Cao stated that the winnings will aid in further validating the technology and provide ProPika with a “little longer non-dilutive runway.”

“We plan on continuing the research and push it as far as we can,” Cao said. “There are some technical challenges we need to overcome. If we can break through those, this is definitely a homerun opportunity.”

Cao and Treat formed ProPika after enrolling in the entrepreneurship track of the Master of Science in Product Innovation (MSPI) program. This program, overseen by the U of A’s Office of Entrepreneurship and Innovation (OEI), develops the skills to create, launch and manage products within a startup or innovative industry environment.

David Hinton, executive director of U of A Technology Ventures, said ProPika utilized technology licensed from Technology Ventures, a process that helps bring U of A research to market. The team was embedded in the New Venture Development course sequence of the MSPI, led by Hinton and Sarah Goforth, former executive director of OEI.

Launched in 2002, the Bangkok Business Challenge has distributed more than $220 million in funding to startups. The competition aims to encourage scalable new ventures, provide an international business-matching platform, and create commercial value from research and development efforts.

This year’s event featured more than 200 applicants from 62 institutions across 19 countries, narrowed down to 20 teams competing in Bangkok for a $46,000 prize pool. ProPika was the sole U.S. representative, with other teams from Australia, Bangladesh, Canada, Hong Kong, Malaysia, Nepal, Taiwan and Vietnam.

“This was a truly international competition,” Cao said. “We wanted to represent the university and the state well. Hopefully, this is the beginning of a winning tradition for the University of Arkansas at the Bangkok Business Challenge.”

Treat emphasized that the victory demonstrated U of A’s capability to compete and excel on an international stage.

“We’re proud to bring this achievement home and hope it inspires future U of A teams to aim high and pursue their own groundbreaking ideas as well,” Treat said.

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