In October, Rice Business celebrated a new name for its undergraduate program: The Virani Undergraduate School of Business. The name is in recognition of a historic gift to Rice Business from Houston business and community leaders Farid and Dr. Asha Virani (B.A. ’89 ), which will support undergraduate curriculum development and delivery, cocurricular opportunities, a new associate dean position and other resources for undergraduate career readiness and academic success. The undergraduate major was launched in 2021. 

More than just a name, the Virani Undergraduate School of Business reflects a shared commitment to undergraduate education and belonging — values championed by the Virani family. 

We asked the Viranis — Farid, Asha, and their children, Zoya and Faraz (B.A. ’21) — to tell us a bit about the family behind the Virani Undergraduate School of Business. 

Here’s what they shared …

On love … 

Farid: Meeting Asha was the highlight of my life. Rice played a big role in that, and that’s why we’re so close to the school. Our first official date was on Feb. 13, 1989. In the ’80s, radio stations used to run contests. If you were caller number 10 or caller number 20, you would win a prize. It was Valentine’s weekend, and 104.1 KRBE ran a contest. Caller number 10 would win this Valentine package. So I started dialing, and somehow stars aligned, and I was a winner. The package included flowers, chocolate, dinner and a movie. 

Asha: How could I say no to such a fabulous night out? Farid and I met by happenstance and have had the most amazing love story. Feb. 13 is very special to us. In fact, we don’t even celebrate Valentine’s Day — we celebrate each other the day before. That is why we held an event on campus on Feb. 13 to celebrate the naming. It was important to us that it be held on that date, because it represents the beginning of our story together. 

On Houston … 

Farid: I came to the U.S. from Pakistan when I was 19 years old, and like a lot of American immigrant stories, I was fortunate enough to end up in Houston, which allowed me not only to go to school, but to start on my entrepreneurial journey. Prime Communications is the business I started back in 1999 with one store in Baybrook Mall, and today we do business all over North America. Prime’s journey started with one store, but we partnered with AT&T, which allowed us to grow organically, slowly, early on. As time passed, we were able to make some strategic acquisitions, and that allowed us to grow our business. 

Asha: I came to Houston when I was 4 years old, and later decided to spend my life here. I was lucky enough to go to Rice, which then brought me to Baylor College of Medicine, and then to practice medicine in this great city. Houston is special. I believe it’s the city that brings out the best in people — it definitely brought out the best in me. 

Rice has always had a reputation of excellence, of academic rigor, but the residential college system really gave me a sense of belonging. To my father, Rice was the ultimate school. And obviously, as a young girl, I wanted to make my parents proud. My decision to attend Rice was one that would allow me to stay close to my family and have the best education the country offers. 

Faraz: I think this gift — and everything it encapsulates — really represents how my parents, my family, feels about the city of Houston and Rice. This city has done a lot of good for our family over the years and will do a lot for generations. We’re a Houstonian family — I don’t plan on that changing anytime soon. 

On family … 

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Asha: It has been a very graced life for me, having met Farid and been part of seeing him grow, seeing him be the success that he is, seeing how humble he is, and understanding what success means to him. It’s been a very blessed journey for our family. My greatest successes are my children: Faraz, who’s a Rice alum; Zoya, who went to Emory; and our beloved angel, our forever 9-year-old, Faris D. I have three beautiful children: two on Earth and one in heaven as my guiding light. 

We started the Faris Foundation in our son’s honor. It comes from a place of deep love, of faithfulness and of abiding hope. Our goal at the foundation is singular: It is to bring brighter days and better treatments to children with cancer. Faris D. is the Chief Angel Officer of the foundation. His light guides us in our programs, and it inspires and informs everything we do. I often tell people that heaven and Earth are working together, and so it’s a privilege of a lifetime for me to be able to co-lead this foundation with my son. 

On the power of education … 

Farid: Asha and I have always believed in the power of education to transform lives. True education must be built on ethics, adaptability and empathy, preparing us to navigate a constantly changing world. This belief is deeply rooted in our family’s values, guided by our faith and its principles. Rice holds a very special place in our hearts. It is a university that doesn’t just focus on academic achievement — it develops extraordinary students who go on to change the world. 

On philanthropy … 

Farid: I believe that giving back is not just a privilege, it is a duty. Personal success means nothing unless it is used to serve others. 

On legacy … 

Zoya: Legacy is a component that is very important for me. Business schools and undergraduate schools across the U.S. don’t often represent our story and our name. And so, for me, it was important to represent my dad’s story, our family story, of immigrating to the U.S. These stories are important for people like us to see — that you can make it in Houston, you can make it in America. 

Asha: For us, this gift represents the legacy of our family — for the five of us and for generations to come — so the decision was not made lightly. We decided that this was the right thing to do because we believe in Rice, we believe in the leadership at Rice, and most importantly, we believe in the students at Rice. 

We’ve always taught our children about legacy. Legacy for our family is about recognizing that during every single encounter you make, with every single person you meet, you are giving them a part of you and you are accepting a part of them. So I never think of legacy as something you’re leaving. I think legacy is something you create every single day in the way you live and interact and engage in the world. 

On vision … 

Farid: We have no doubt that the Virani Undergraduate School of Business will become a hub of inspiration, resilience and opportunity — a place where students will be encouraged to think boldly, act ethically and lead with purpose. 

Get to Know the Virani Family and The Virani Undergraduate School of Business

What does it take to develop a winning business strategy? In February, undergraduates put their skills to the test at the first-ever ACT Rice x Bain Case Competition.

Hosted by the newly founded Analytics, Consulting and Technology (ACT) club, the competition united undergraduate students for a week-long, high-stakes business challenge in partnership with Bain & Company. Organized by Joyce Zhang ’26, Laura Li ’26, Alexandre Cantin ’26 and Erica Friedman ’25, the inaugural event welcomed 32 students, eight teams, four Bain mentors, two judges and one winning team from Rice University. 

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Pinning Down the Win

During the competition, each team partnered with an experienced Bain consultant to solve a simulated business challenge based on real-world issues: How could “Fashion Co.,” a fictional fast fashion brand, adapt to shifting consumer demand for more eco-friendly practices?

We asked the winning team to  share their tips and insights for tailoring the perfect strategy. The team featured Rice students Kavya Narang ’27 (business finance, cognitive science and data science), Diya Vettical ’27 (business and data science), Lucy Cai ’27 (business finance, cognitive science and data science) and Emma Berdou ’27 (electrical and computer engineering and business). Here’s what they said.

Q: What motivated you to participate in the competition?
A: Our team was excited to participate because it gave us a unique opportunity to tackle a real-world business problem at a high level. This competition was a great way to push ourselves, gain hands-on experience, connect with professionals in the industry and test our skills in a competitive setting.

Q: How did you prepare for the competition? 
A: We focused on sharpening our problem-solving approach by practicing case frameworks and studying similar companies, as well as refining our communication and presentation skills. We had each participated in a case competition before, but we prioritized adapting and learning from one other.

Q: What was your biggest takeaway from the experience?
A: Our biggest takeaway from this experience was how important it is to all be on the same page. Before we began strategizing, we spent a lot of time talking through our ideas — and when our methods were questioned, we were all prepared to explain our decisions. Ultimately, this early work helped us stand out and develop a winning strategy.

Q: What was the most important factor in your success?
A: We each made a commitment to the competition and were willing to make compromises — which meant finding time to work together during even the busiest weeks.

Q: How has winning the competition impacted your goals?
A: Winning made us more confident about pursuing team-based strategy roles, and the ACT case competition also opened doors to numerous potential mentorship and job opportunities.

ACT Today, Lead Tomorrow

Founded just three years ago, ACT is already making a lasting impact by offering students hands-on learning opportunities — no matter their field of study. As the undergraduate programs at Rice Business continue to grow, the organization is equipping students with the skills, experience and network for successful careers in consulting through events like the ACT Rice x Bain Case Competition.

“This opportunity allowed us to be creative and competitive at the same time,” shared the competition winners. “That made us even more excited to begin our careers in consulting.”

Rice Business presents world’s largest and richest student startup competition

Intero Biosystems — a life science company that has developed the first cell-derived human “mini gut” replicating cell types, spatial structure and function of the human intestine — took home the grand prize at the 2025 Rice Business Plan Competition. The company’s product, Gastroscreen, includes the intestinal lining and supporting tissues, creating a complete mini-organ “in a dish” for comprehensive safety and efficacy testing.

The RBPC is the world’s largest and richest intercollegiate student startup competition and is hosted annually by the Rice Alliance for Technology and Entrepreneurship. In honor of the business school’s 50th year, the competition’s 25th year and its contribution to the school’s strong reputation for entrepreneurship, Rice Business was the presenting sponsor of the event.

“For 25 years, the Rice Business Plan Competition has helped shape how Rice Business shows up in the world by creating a platform where student-entrepreneurs can tackle some of the most complex challenges of our time in energy, in health care, in technology and beyond,” said Peter Rodriguez, dean of Rice Business. “If we’re serious about changing the world — and I believe we are — then it’s our responsibility to open doors for students everywhere to imagine bold solutions and build what comes next.”

Since 2001, the RBPC has offered students real-world experiences and insights into what it takes to craft a business strategy and successfully launch a company. Participants compete not only for cash but for investments and in-kind prizes. While each team left the competition with cash in hand, the spirit of the event lies in the mentorships and connections formed among students, investors and experienced entrepreneurs. During the competition’s 25 years, 910 startups have raised more than $6.9 billion in capital.

The three-day event took place at both McNair Hall and the Ion, the hub of Houston’s innovation district powered by Rice. The competition included an elevator pitch competition, practice round, semifinals and wildcard and final rounds. Between pitches, RBPC teams enjoyed networking and mentorship opportunities, gaining applicable knowledge for their startups. Four hundred judges, including active investors, successful entrepreneurs and other members of the Houston business community, contributed this year — marking the largest judge participation in the competition’s history. Winners were announced at the company showcase and awards ceremony in downtown Houston April 12.

“Over the past quarter century, this competition has grown into the largest and richest student startup competition in the world, but even more importantly, it has become a symbol of Rice’s deep commitment to bringing innovation to life,” Rice President Reginald DesRoches said during his remarks at the awards celebration. “At Rice, we believe that ideas are just the beginning. Our mission is to foster an environment where bold ideas are not only imagined but nurtured, tested and brought into the world to have real impact.”

This year’s 42 graduate student-led startups were selected from 550 applicants — the event’s largest applicant pool to date — and represented 34 universities across four countries. Teams pitched their cutting-edge solutions in categories including energy, cleantech and sustainability; life sciences and health care; hard tech; digital enterprise; and consumer products. Read more about the competing startups here.

Based on the judges’ overall scores, the seven finalists were:

• Intero Biosystems, University of Michigan — first place and the $150,000 Goose Capital Investment Grand Prize with a total of $902,000 in prizes.
  • Intero Biosystems has developed GastroScreen, the first stem cell-driven human “mini gut” that is ideal for organ function testing before testing on humans.
     
• MabLab, Harvard University — second place and the $100,000 Investment Prize, sponsored by David Anderson, Anderson Family Fund, Jon Finger and Finger Interests, with a total of $301,500 in prizes.
  • MabLab has created the first rapid test capable of detecting multiple adulterants in laced drugs and spiked drinks.
     
• Re.Solution, RWTH Aachen University — third place and the $50,000 Investment Prize, sponsored by David Anderson, Anderson Family Fund, Jon Finger and Finger Interests, with a total of $76,500 in prizes.
  • Re.Solution is revolutionizing polyester recycling with its water-based technology that works without generating salt waste, making textile recycling viable.
     
• Pattern Materials, Rice University — fourth place and the $5,000 prize, sponsored by Norton Rose Fulbright, with a total of $134,500 in prizes.
  • Pattern Materials’ laser-induced graphene technology is a simple one-step process that can be rapidly performed, thereby enabling low-cost scalable production.
     
• Xatoms, Western University and University of Toronto — fifth place and the $5,000 prize, sponsored by EY, with a total of $30,000 in prizes.
  • Xatoms has built the world’s largest AI- and quantum-driven platform for discovering solar-activated semiconductor materials.
     
• Mito Robotics, Carnegie Mellon University — sixth place and the $5,000 prize, sponsored by Chevron Technology Ventures.
  • Mito Robotics is accelerating life science research by automating manual cell culture with artificial intellegence-powered robotic scientists.
     
• FarmSmart.ai, Louisiana State University — seventh place and the $5,000 prize, sponsored by Shell Ventures, with a total of $106,000 in prizes.
  • FarmSmart.ai is an AI — agriculturally intelligent — driven assistant that synthesizes vast agricultural research into actionable tailored intelligence.

Additional significant prizes and the winnings teams include:

• $250,000 Goose Capital Investment Prize — Intero Biosystems, University of Michigan
• $150,000 Goose Capital Investment Prize — GreenLIB Materials, University of Ottawa
• $200,000 The OWL Investment Prize — Intero Biosystems, University of Michigan
• $100,000 The OWL Investment Prize — FarmSmart.ai, Louisiana State University
• $100,000 Houston Angel Network Investment Prize — Intero Biosystems, University of Michigan
• $100,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize — MabLab, Harvard University
• $100,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize — Intero Biosystem, University of Michigan
• $25,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize — Xatoms, Western University and University of Toronto
• $25,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize — MabLab, Harvard University
• $100,000 Investment Prize from Nancy Chang — Intero Biosystem, University of Michigan
• $50,000 Valhalla Investment Network Investment Prize —Pattern Materials, Rice University
• $50,000 Valhalla Investment Network Investment Prize —MabLab, Harvard University
• $25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize — Re.Solution, RWTH Aachen University
• $25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize — Pattern Materials, Rice University
• $25,000 New Climate Ventures Sustainable Investment Prize — Pattern Materials, Rice University
• $25,000 NOV Golden Ticket to Supernova Accelerator and Cash Prize — Nanoborne, University of Texas at Austin
• $25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize — Microvitality, Tufts University
• $25,000 Amentum and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize — Pattern Materials, Rice University
• $25,000 The Eagles Investor Investment Prize — MabLab, Harvard University
• TMC Innovation Healthcare Accelerator Bootcamp Invitation Prize — Intero Biosystems, University of Michigan

All finalists are awarded the Baker Botts In-Kind Legal Services Prize.

To learn more about the 2025 Rice Business Plan Competition, visit rbpc.rice.edu.

Entrepreneurship is at the heart of everything we do — which is why we’ve been ranked No. 1 for graduate entrepreneurship for six years straight by The Princeton Review and Entrepreneur magazine. 

In this series, we invite Rice Business MBA alumni to share their entrepreneurial insight with the next generation of innovators. We asked them: Where did you find your spark of an idea? In other words, what problem did you set out to solve? Here’s what they had to say.

Where did you find your spark of an idea?

“I’ve been in the energy sector for over 16 years, and time and time again, customers ask me how they can reduce their carbon footprint. My research led me to acrylonitrile, a building block for many everyday products, and I began searching for a solution to reduce its impact on our climate. That‘s been my ultimate driver. I always ask myself the question: How can I make a positive impact on our carbon footprint on a large scale?” 
Mo Hossain ’19 
Founder and CEO, Terradote

“In my product management role before Rice, I worked internationally, often presenting in spaces without audio/visual support, which highlighted a major frustration: the lack of a large, truly portable display solution. My experience with OwlSpark, Rice’s startup accelerator, helped bring our vision of developing the world’s first fully collapsible monitor and projector to life.” 
Alexander Wesley ’16 
Co-founder and CEO, Arovia

“The idea for Learn2SWITCH was born through my experiences as a sheriff deputy and a high school sign language interpreter, during which I witnessed not only what can happen after teenagers don’t receive proper guidance, but also the individual experiences that influence negative paths later in life. Our game helps teens become the best version of themselves by meeting them where they are — in the metaverse.” 
Rima Lancelin ’22 
Founder and CEO, Learn2SWITCH

“I have always been passionate about climate change, and I worked as a consultant with many companies dealing with forever chemicals. When I met my co-founders and heard their idea to address this issue, I was immediately on board. Today, our tech is one of the first of its kind helping companies properly remediate PFAS- contaminated water.” 
Dana Vazquez ’24 
Co-founder and chief commercial officer, Coflux

“The spark of an idea came from my experience as a mother of a baby and a toddler, navigating the challenges of feeding them safely and sustainably. I realized there was a significant gap in the market for eco-friendly, nontoxic and practical tableware designed specifically for young children. I decided to create a solution through products that prioritize safety, sustainability and usability for families.” 
Emurode Williams ’24 
Co-founder and CEO, All About Baby NG Ltd

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ChatGPT vs. Google: Which is more helpful for creativity?

Nov. 16, 2024

Using ChatGPT to spark creative ideas might seem like an easy win for innovation, but the reality is a bit more nuanced. A recent study from Professor Jaeyeon Chung shows that when participants used ChatGPT instead of relying on traditional Google searches or their own brainstorming, the ideas they generated received higher creativity ratings. In these studies, users discovered that ChatGPT could blend existing concepts to produce innovative solutions — whether it was repurposing everyday items or coming up with new product designs.

However, while ChatGPT offers a powerful boost to creative thinking, its suggestions are based on existing data and need human insight to truly shine.

As Chung explains, “ChatGPT acts as a catalyst, inspiring fresh connections while still relying on human intuition to shape truly transformative solutions.” In other words, although the tool can open up new avenues for creativity, the final breakthrough still depends on how we refine and build on those initial ideas.

At Rice, a New Era of Undergraduate Business Begins

Nov. 20, 2024

Rice Business is stepping into a new era, thanks an historic gift from Farid and Asha Virani. The program, which began in 2021, will now be known as the Virani Undergraduate School of Business. As Dean Peter Rodriguez explains, “We were limited in our ability to make the undergrads feel a part of the same school. This gift opened up an opportunity to generate support for a new program and a new school that needed to be more independent and have its own identity.”

The Virani family’s commitment to community engagement and nonprofit support is a cornerstone of the new school’s values, reflecting their own experiences and legacy.

This transformative gift not only redefines the program’s identity but also positions it to compete with the best business schools in the country.

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Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners

Dec. 23, 2024

Rising home insurance premiums and property taxes might seem like a predictable trend, but the situation is more complex. Recent shifts — driven by costly natural disasters and higher repair expenses — have prompted insurers to sharply raise rates.

At the same time, soaring home values have pushed property taxes higher, meaning that for many homeowners, these expenses now account for 32% of their monthly mortgage payment — the highest share recorded since 2014. In some metro areas, over a quarter of borrowers see more than half of their payment absorbed by these costs.

This financial squeeze is hitting older homeowners and those in high-cost regions particularly hard.

As Prof. Stephanie Johnson explains, “The jump in home-insurance premiums between mid-2022 and mid-2023 led to an additional 149,000 mortgages becoming delinquent than would otherwise have happened” — highlighting the deep impact these rising expenses are having on families.

Shareholder Voice and Executive Compensation

Feb. 20, 2025

“Say-on-pay” votes let shareholders weigh in on executive compensation — but their decisions aren’t binding, and shareholders tend to vote strongly in favor of executive pay.

So, do these votes make a difference? According to Professor John Barry, yes. Although roughly 93% of votes typically support existing compensation levels, the true impact comes from the constant threat of a negative outcome. The threat of a failed vote lowers CEO pay by 6.6% and boosts firm value by 2.4%. However — making these votes binding could backfire.

“The possibility of a failed vote compels boards to prioritize shareholder interests, even when the vote itself rarely goes against them.” This dynamic suggests that say-on-pay’s power lies not in the infrequent occurrence of dissent, but in the implicit pressure it places on corporate decision-making long before the vote is cast.

Banks Share Private Information to Snag Debt Trades, Study Says 

March 13, 2025

A new study from researchers at Rice Business, Yale University and the University of Pennsylvania reveals a striking advantage for institutional investors with deep connections in Wall Street’s corporate-bond market. Analyzing over 2 million trades from 2009 to 2022, the researchers found that insurers with the most extensive dealer networks consistently made better trades ahead of mergers, acquisitions and credit rating downgrades — raising concerns about the fairness of a $56 billion-a-day market.

While the study stops short of calling this insider trading, it suggests that banks may be rewarding their most valuable clients with private information, potentially breaching long-established ethical barriers.

“The surprising part to us was the results we found around these M&A deals because we know that we have all these ethical barriers inside the banks,” said Stefan Huber, assistant professor of accounting. “Picking up at least some trading that looks informed ahead of these deals was a little shocking.”

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How Gig Platforms Can Mitigate Racial Bias in Ratings

March 14, 2025

For millions of gig workers, a customer rating isn’t just feedback — it determines access to work, pay and financial stability. But what if a five-star rating reflects more than just performance?

A new study published in Nature by Rice Business professor Sora Jun and colleagues at Yale and the University of Toronto reveals that racial bias quietly skews gig-worker ratings, affecting minority workers’ earnings. On one home services platform, the traditional five-star system created a 9% income gap.

When the researchers analyzed 100,759 completed jobs and nearly 70,000 customer ratings from the U.S. and Canada, they found that minority workers consistently received lower ratings — a small but financially significant bias. But when the platform switched to a simple thumbs-up/thumbs-down system, the income gap disappeared.