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FOR
IMMEDIATE RELEASE
FROM: Nancy
Gardner (206) 543-2580
nancylou@u.washington.edu
DATE:
May 22, 2006
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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