May 16, 2002
High-tech companies score with judges in competition
While plans for companies that would provide goods and services designed to foster a better and healthier lifestyle dominated the original entries in the business school’s annual entrepreneurial business plan competition, it seems would-be high-tech companies are proving to be most popular among judges.
Of the 16 finalists named after the event’s first round — a competitive trade fair held May 6 — nine of the business plans are for technology-based companies.
“I thought it was a great show of what all of these students had learned and especially how they were able to sell companies with a high-tech bent,” said Fran Bigelow, founder of Seattle-based Fran’s Chocolates. “Even though I wasn’t able, in my position, to understand or analyze the research data for some of the companies, I was able to interpret how the companies would work because the students were able to successfully pitch such complex ideas.”
With $75,000 in prize money, the business school’s Center for Technology Entrepreneurship competition awards one of the largest amounts of seed funding to student entrepreneurs in the country. Grand prizewinners will receive $25,000 to start their own venture.
During the trade show, known as the competition’s investment round, teams pitched their ideas to 102 judges made up of angel investors, entrepreneurs, lawyers and venture capitalists. Each judge spent $1,000 in “CTE dollars” to invest in the most viable companies. The 16 finalists with the most “funding” now move on to the competition’s long presentation round on Tuesday, May 21. Of those 16, four teams will advance to the competition’s finals to be held later that afternoon.
This year finalists include Cogelix, a plan to distribute a patented innovative radiation gel, or “radiogel,” designed to attack cancer cells, and Biopol, Inc., manufacturers and distributors of biodegradable internal functional devices.
The other finalists are:
- Executive Wireless, makers of a real estate transaction personal digital assistant;
- Gostnet Internet Services, providers of Internet access to rural communities;
- HuSKI Bus, providers of affordable transportation to Stevens Pass;
- Icosa Village, builders of inexpensive, portable “pod” shelters, or temporary housing;
- Innovation Next, makers of high-speed computer software;
- International Fit, retailers of custom apparel;
- Johnson Marine Fabricators, suppliers of high-quality, high-capability deck barges to bridge construction and retrofit contractors in the San Francisco Bay Area;
- MicroGREEN Polymers, makers of an environmentally-friendly foam;
- MIMIC Technologies, computer engineering company that would incorporate the sense of touch into computer software and hardware;
- Mount Si Designs, makers of a lightweight, crush-resistant, waterproof and collapsible food container for hikers;
- Q Beverage Company, makers of a fruit-flavored malt drink containing 5 percent alcohol;
- Reload Systems, manufacturers of an ammunition pouch designed to facilitate gun loading for soldiers;
- Seven Spices, sellers of healthier fast-food; and
- Steele Graphix, a visual presentation company specializing in forensic animation for use in court cases.
Students competing this year are from the UW, Gonzaga University, Pacific Lutheran University, Seattle University, and UW Bothell.
In addition to this year’s grand prize, three finalists will win $10,000 each. Prizes of $5,000 each will be awarded in e-commerce, international, sustainability and technology.
“The competition is designed to promote student ideas and venture creation by providing a forum in which students can present new business concepts to local venture capitalists, entrepreneurs and investors,” said Michael Song, CTE executive director. “We hope through their interaction with the judges, students gain invaluable professional feedback on their plan and can make the contacts that may provide them with the funding needed to implement their plan.”
Major sponsors of the competition include WRF Capital, Bay Partners, the Herbert B. Jones Foundation, Microsoft Corp.-SMB Group, and the UW E-Business Program. Additional sponsors are CarToys, Hyogo Business and Cultural Center, Mohr Davidow, UW Net Impact, Orrick and the Seed Law Group.
