University Of Nevada, Las Vegas Business School Answers The Humanitarian Call
by Michael AlpinerMartin Luther King Jr. once wrote, “Life’s most persistent and urgent question is, ‘What are you doing for others?’” If nothing else, the current pandemic has thrown down the gauntlet to challenge mankind. How will we answer the call to action? How will we emerge a greater and more complete community than we were prior to 2020?
One of the many industries hit hard by the pandemic is travel and hospitality. According to IATA, the losses in airline passenger revenues alone could reach $314 billion. Considering losses to hotels, restaurants, hotel transport services, maintenance, hospitality administration, the full amount is nearly incalculable.
However, there are many stories of individuals and groups who answer that call, from a Girl Scout sewing masks for first responders to Blake Lively and Ryan Reynolds donating $1M to Feeding America and Food Banks Canada.
Yet, another humanitarian effort which must be added to the list is from the University of Nevada, Las Vegas (UNLV) Lee Business School and the Ted and Doris Lee Family Foundation. This joint collaboration gave rise to the $1 Million Entrepreneur Prize Competition, which aims to speed entrepreneurs in the development of innovations necessary to rapidly address the urgent problems facing the hospitality, entertainment and travel industries resulting from COVID-19.
The competition will accept international submissions open to individuals or companies up until July 5th. Multiple prizes will be awarded as investments totaling $1M for technologies and solutions that will allow the hospitality, travel and entertainment industries (which boast roughly 330M jobs and an economic impact of $8.9 trillion dollars worldwide) to reignite while also making it a safer place for both guests and employees.
Committee members will include industry leaders and Deans from UNLV’s schools of business, science, engineering and hospitality. The Lee School Prize Committee member list is impressive:
- Steve Aoki – Aoki Foundation
- Diana Bennett – Chairman, Paragon Gaming and Vice Chair, UNLV Foundation
- Dean Eric Chronister - UNLV College of Sciences
- Mark Davis – Principal Owner and Managing General Partner, Las Vegas Raiders
- William P. Foley II – Chairman, Fidelity National Financial and Owner, Vegas Golden Knights
- Maurice J. Gallagher, Jr. – Chairman and CEO, Allegiant Air
- Bill Hornbuckle – Acting Chief Executive Officer and President, MGM Resorts International
- Wolfgang Puck – CEO, The Wolfgang Puck Group
- Dean Stowe Shoemaker - UNLV William F. Harrah College of Hospitality
- Dean Paulette Tandy – UNLV Lee Business School
- Dean Rama Venkat – UNLV Howard R. Hughes College of Engineering
Eureka Casinos’ COO and Prize Steering Committee Member, Andre Carrier states that the competition looks for “innovation that can change the dialogue” now and in the future regarding this and other pandemics. Carrier believes tapping the creativity needed to address such a broad topic comes by “giving incentives to the change agents.”
“Las Vegas is the world leader in hospitality and entertainment, and we must lead now in identifying the best practices and products to safely chart the way forward for guests and employees,” said Greg Lee, former Chairman of the UNLV Foundation and Chairman and CEO of Eureka Casinos, the resort hotel company he built with his parents, Ted and Doris. “Entrepreneurship and innovation have always been what has moved America forward and we are excited to see what this next generation of dreamers brings to the table.”
The presentation and showcasing of the awards will take place at an event in Las Vegas sometime in October in what Andre Carrier describes as “in true Las Vegas style.” In a sort of “Shark Tank” mood but with a focus on humanitarian not monetary gain, the program will pair innovators with leading industry professionals to rapidly develop new concepts that respond to the industry’s present-day needs. Selected products and solutions will be required to be brought to market within 12 months.
For more information about the Lee School Prize, criteria, or to submit a proposal, please visit: www.LeePrize.com.