May 22, 2006
Student entrepreneurs compete for seed money in UW Business Plan Competition
With more than $70,000 in seed money up for grabs at the University of Washington Business School’s ninth annual Business Plan Competition, it’s not surprising that this year’s ‘Sweet 16’ teams have spent the past few weeks refining and practicing their presentations for one of the largest events of its kind in the country.
Teams from universities across the state will pitch their ideas to area attorneys, entrepreneurs and finance and marketing experts who, acting as judges, will decide which products and services will have the best potential of becoming bona fide businesses.
Greg Gottesman, a managing director of Madrona Venture Group and a judge in the competition, says the most important element is the team’s energy and chemistry.
“When reviewing these potential companies,” says Gottesman, “I ask myself some basic questions: Do they have passion for the opportunity? Can they demonstrate deep knowledge of the space? Is this a team that a smart investor would want to bet on? Are they having fun?”
Gottesman notes that there must also be a need for the product or service, and the companies need to show a clear path to profitability.
The teams that have advanced to the semi-finals feature business proposals that span a number of industries. Included in this year’s diverse mix are products such as rechargeable flashlights, injectable pain medication that targets specific body parts, a chemical that can detect prostate cancer, treadle pumps used for irrigation in the African nation of Malawi, and a device using wireless technology that allows diners to get the attention of waiters. Finalists represent Seattle University, the University of Washington’s Seattle and Bothell campuses and Washington State University.
“Never underestimate the inventiveness of students,” says Connie Bourassa-Shaw, the director of the Center for Innovation and Entrepreneurship, which produces and hosts the Business Plan Competition. “These teams are focused, motivated and dead-serious about starting their companies. They’re competing to gain the experience they need and to make the contacts that can help them launch their businesses.”
In all, Bourassa-Shaw says, more than 180 people from the entrepreneurial and investment community volunteer to judge the event or coach the student teams.
Recent master’s of business administration graduates Kent Bader and Paul Daily of the Brightwave team, representing WSU, have showcased their company’s technology at a number of similar regional competitions. They believe their tool, which allows home inspectors to see through walls to detect mold and other problems, is unique.
“There are approximately 50,000 companies — small, independent home inspectors — out there doing over 4 million inspections per year,” says Bader. “Not one of them, however, can see inside walls.”
They say that by employing the same technology used to detect people carrying concealed objects at airports and other secure areas, home inspectors will be able to view images of interior walls, enabling them to find moisture, mold, missing insulation or non-code stud spacing.
The competition is familiar for Owen Yee, a UW student whose company, Sanifits, took fourth place last year. This year, Yee came up with his second business in the food and beverage industry, Ennoves, which offers a wireless device that can be used by restaurant patrons to communicate with their waiters. Yee says his product will help consumers have more control of their dining experiences, increase sales and ultimately increase customer satisfaction.
“While we’re not without competition, we feel we can deliver a device superior to other products out there,” he says. “We have a great team balanced with business and technology. We’ve talked to customers and we have surveyed the stakeholders that are involved with our product. We have also just completed our prototype and are testing it in restaurants this week.”
The competition grants $25,000 to the grand prize winner. The second-place team will receive $10,000 and two other finalist teams will each net $5,000. Five prizes of $5,000 will be awarded to each team presenting the best ideas in nonprofit, retail, technology, innovative and consumer product businesses.
The final-round presentations by four teams will be held in the HUB Auditorium from 1:30 to 4:30 p.m. Thursday, and are open to the general public. Teams will be judged on experience, market opportunity, team presentation and the potential for success.
Sponsors of the event include the Herbert B. Jones Foundation, RealNetworks, Wilson Sonsini Goodrich & Rosati and the UW Business School’s Center for Innovation and Entrepreneurship.
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For more information, contact Tracy Dittman, program coordinator, Center for Innovation and Entrepreneurship, tracyd@u.washington.edu or (206) 685-9868; Bourassa-Shaw, cbshaw@u.washington.edu or (206) 221-5484 or visit http://bschool.washington.edu/cie/bpc/
