You can think of it as 'Shark Tank' for the medical field, minus Mark Cuban.

27 teams came prepared to present their solutions in collecting, managing, analyzing and optimizing data to meet critical healthcare challenges. 

The event is called 'The Medical Capital Innovation Competition,' a two-day event at The Global Center for Health Innovation in Downtown Cleveland.

"For an inaugural event it's a pretty high bar," said Tracy Warren, CEO of NICUtrition. 

Each team had 10 minutes to persuade 11 judges their solution was what they need to invest in…

Team 16 was the NICUrition and their pitch went a little like this: "We should win because we have a solution that could address the smallest baby out there and we set them on the right path for long term health and development and to make society better," Warren told judges.

Then you had Team 17, NeuroLogix Technologies, who pitched concussion management software. "What we do is provide that information back to the doctor so they can drive better outcomes," explained NeuroLogix CEO Frank Carruba.

The event included both collegiate and professional teams in the beginning stages of commercializing their innovative product or solution to meet critical healthcare challenges. Something that BioEnterprise President and CEO Aram Nerpouni says is crucial in the medical field.

"What the judges are seeing are some well thought out pitches, and the feedback we've got back from the judges is that there are a lot of great ideas coming through."

And to top it off there's a cash prizes of $50,000 to the team that pitches the best solution.