A judges view of the Cardinal Challenge
February 26, 2009
(This is a guest post by Elizabeth Rounsavall frm Chrysalis Ventures)
Last weekend I had the opportunity to be a track judge at the University of Louisville Cardinal Challenge for 2009. Hosted by the U of L School of Business, the Cardinal Challenge is a qualifying competition for the Moot Corp. Global Business Plan Competition, which will be held in Austin, TX in May.
A record 36 student teams from 32 different schools in 5 countries applied to be included in this year’s Challenge, and 12 of them were invited to compete. Teams presented in four preliminary tracks organized roughly by industry, with the winners of each track proceeding to the finals.
As track judges, Kevin Etzkorn of Heron Capital, David Brill of Hillsdale Furniture, and I spent the morning listening to pitches by, and asking tough questions of, the three medical diagnostic teams in our track:
· Tears for Life, from University of Arkansas, which is developing a strip test to identify breast cancer protein makers present in tears
· Purus Technologies, from University of Manitoba, a provider of an advanced optical caries (cavity) detection system for dentists
· Integrated Diagnostics, from UC Berkeley, inventors of a point-of-care molecular assay tool to test for infectious diseases accurately and quickly
After some discussion, we chose Purus as the winner of our preliminary track based on the strength of their business plan and presentation, their detailed understanding of their market needs (representing interviews with over 20 dentists), and their success in attracting over $1 million in grant funding to date and an experienced CEO who will begin on a part time basis next year. It was a close decision, though, since all three teams had great technology, creative business plans to launch their products, and strong arguments supporting their thesis.
Unfortunately, I didn’t have a chance to party down at the post-competition party at Fourth Street Live where the winners (and $30,000 in awards) were announced. However, as it turns out, Purus was also the overall winner and will be competing at Moot Corp in May.
My overall impressions of the day were of incredible professionalism, enthusiasm and excitement. Teams came with good ideas, thought through their implications, presented their plans well and handled the judges’ questions gracefully and intelligently. It was also great to see so much high quality university research being commercialized. All in all, I’m glad I spent my Saturday getting to know tomorrow’s successful start ups!
Press release announcing the winners
The opinions expressed in this post are my own and are not necessarily the opinions of Chrysalis Ventures or its affiliates.
Cardinal Challenge Business Plan Competition
February 23, 2009
(This is a guest post by Joe Rotella, an MBA student in the entrepreneurship program at Univ. of Louisville)
You would never guess the economy is in the tank from the energy that buzzed around the business students, advisors, judges, and hosts at the Cardinal Challenge University of Louisville Business Plan Competition held at the Convention Center, Hyatt, and Fourth Street Live this weekend. In only its second year, the competition received three times more applications than last year, representing many of the best entrepreneurship programs in the United States, Canada, and Europe. The twelve chosen teams competed for prize money and an automatic bid to Moot Corp, the super bowl of business plan competitions. They hawked ideas as varied as cures for cancer, emerging green technologies, medical devices, an interactive game for fans, and a new style of craft beer.
I sought out the master brewer during the opening reception and asked what was special about his beer. A half-hour later I knew a lot more about world history, how nitrogenation affects a beer’s head and flavor, and what defines the southern taste in food and beverages. His own food untouched, he waxed eloquent on his dream to create a “500 year brand”.
Later, a bunch of us squeezed into an elevator with a team whose technology detects signs of cancer in tears, a perfect opportunity for them to practice their 30-second elevator pitch. They performed admirably, but the elevator ride took about 3 minutes, allowing my IMBA-15 classmate, a cancer researcher, to pepper them with questions about the science. I think they would have preferred defending their valuation to a venture capitalist. They looked relieved when they reached their floor. A team from Manitoba won the overall competition with a business plan for a device that detects cavities early, when they can be treated without drilling and filling. Their plan calls for dentists to purchase the machines for screening patients in their offices. The main question was whether any dentist would be altruistic enough to shell out nearly $30,000 for a machine that helps patients avoid more costly procedures.
I was moved by how much everyone seemed to really care, the students about their presentations, the hosts about putting on a world class event, and the judges about making this a valuable learning experience. A tremendous amount of hard work went into the preparation at every level. More impressive to me, though, was the willingness of people to put themselves out there, to fight for the projects they believe in, to endure tough questions and failures, to learn from the experience, and to become better. Hope lives. It is hard not to share in the unbounded optimism of the event when surrounded by people with such creativity, determination, and passion. The program ended with a party at Howl at the Moon. Alcohol and energy drinks flowed freely, but I felt no need. I was already buzzed.
About the competition:
The Cardinal Challenge represents a prestigious, global academic competition with real-world opportunities and consequences. As a regional qualifying event for the international “Super Bowl” of business plan events, Moot Corp. Global Business Plan Competition, the University of Louisville Cardinal Challenge showcases new business concepts developed by MBA students at 12 of the country’s leading university entrepreneurship programs, including UofL.
The Challenge will bring approximately 80 exceptional MBA students and their coaches/mentors together for Business Plan and Elevator Pitch competitions. The teams will compete for more than $30,000 in prize moneyby presenting their concepts to a panel of judges comprised of venture capitalists, angel investors and successful entrepreneurs. The winning Business Plan Presentation team earns an automatic bid to the annual Moot Corp Global Business Plan Competition. All teams are guaranteed at least $750 for participating in the competition.
Obama & Specter Screw Small Businesses
February 20, 2009
The stimulus bill contains provision that would significantly increase the amount of money that would be available to the National Insitutes of health for research. It is my understanding that that was primarily at the initiative of Senator Arlen Specter (R.PA) Such an increase in important and to be applauded. HOWEVER, carefully buried in the wording is a provision that explicitly excludes the SBIR and STTR programs, which is inappropriate, In the full document signed into law yesterday by the President in Denver.
SBIR/STTR grant programs fund small business, creates high paying jobs and is higfhly stimulative. Normally 2.5% of the NIH’s research budget is allocated to the SBIR program. Write your represenatives or Senator Specter and express you disapproval.
Coolest College startups
February 19, 2009
Excellent article in this months Inc magazine profiling college entrepreneurs. What is interesting is the diversity of Industries and how large many of these have grown with founders still in college who plan to stay in college and not pull a Bill Gates.
Lexington, an incubator of talent
In today’s Ace Weekly, their is an op-ed by Erick Patrick Marr regarding the need for Lexington to develop its young talent, specifically young technology entrepreneurs. This is a topic that we have written extensively about on the Kentucky Start-up blog and it extends beyond just Lexington to the entire state. As Erick quotes Jim Clifton in his article “…if you want to significantly increase your city’s GDP… you should create the biggest incubator of talent possible. Your incubator is your energy and job pipeline for the future”
To do this, traditional ecenomic development models need to be re-imagined and grass roots efforts like those sponsored by this blog network need to be cultivated. Inour case in addition to being a”beacon” for information, we are going to be working to bring many events to Kentucky to promote and develop our incubator of talent.
What are your thoughts as the reader as to how we can go about bringing this change?
Forge Louisville Event: Navigating the Angel Maze
February 18, 2009
Forge Louisville is proud to announce the launch of a quarterly educational event, entitled, Startup Education Series.
Event Subject: Navigating the Angel Capital Maze - The who, what and how of early stage investment
Panelists: Mark Crane & Tom McMahon, representing 2 Louisville Angel Investment Groups
Date: February 19th
Time: 4:00 pm - 5:30 pm
Location: 124 N 1st St, Louisville, KY
Cost: Free - They will be accepting donations to cover beverage costs
Event signup: forgelouisville.eventbrite.com
About Navigating the Angel Capital Maze:
Our first event in the Startup Education Series is targeted to new and existing businesses that are either in the process of raising capital or are thinking about raising money in the future. After this panel discussion, you will understand exactly what angel investors are looking for, how to present (and follow up) with them, and what a deal structure might look like.
SMC Lexington meetup
February 16, 2009
The first offcial meeting first tweetup of the new year for the Lexington Social Media Club will be tomorrow night at 8:00pm at the Bluegrass Tavern located on Cheapside.
RSVP here
The first offcial meeting of SMC Lexington will be in March
pick your co-founders wisely
February 11, 2009
The story below reminded me of the importance of picking your co-founders wisely and having legal agreements in place to spell out what happens when one founder no longer wants to be active in the company.
Partner accuses Scanlon of mismanaging Thomas & King
Upcoming SMC louisville events
For those interested in Social Media. The Social Media club Louisville has the follwing upcoming events:
MARCH GATHERING: HOW MARKETING IN A RECESSION IS SMARTER WITH SOCIAL MEDIA
SMC Louisville’s leadership will take you through ideas, strategies and tactics of marketing your organization in tough economic times using social media. Learn how to achieve marketing success with tightened purse strings and conservative budgets. Join us on Tuesday, March 24 from 6:30-8:30 p.m. at the Louisville Visual Art Association at the Water Tower.
SOCIAL MEDIA BOOT CAMP FOR ADVERTISING, MARKETING AND PUBLIC RELATIONS
We’ll turn our focus to the advertising, marketing and public relations industries on April 14. for a half-day boot camp that will give professionals in those industries an up-close look at the tools, technologies and strategies they can use to reach their audiences in the social media space. This will be more than just the basics with particular focus given to working with creatives, integrating social media strategies across campaigns and delivering return on investment for social media efforts. Mark your calendars for 8 a.m. until 11 a.m., Tuesday, April 14. Location TBD. This will be a working session, so bring your own laptops! The cost will be $100.00 per person. (Opportunity to RSVP to come.)
APRIL GATHERING: GENO CHURCH FROM BRAINS ON FIRE
Join us for breakfast on Thursday, April 30 (site and time TBD) for a chat with Geno Church from Brains on Fire. Church is the word of mouth inspiration officer for Greenville, S.C., based Brains on Fire. Church and his firm helped develop the award-winning word of mouth movement, the Fiskateers, which is part of the Fiskars Brand. Church will take us through the social media and off-line strategies that help build a more than 5,000-member community of brand enthusiasts for Fiskars.
MAY GATHERING: CHRIS BROGAN
Social media expert and industry thought leader Chris Brogan will join us for two events on Tuesday, May 19. His New Marketing Summit organization will conduct an all-day boot camp, then Chris will speak to SMC Louisville Tuesday night. Sites and exact times are to be announced. The boot camp will have a cost associated with it. Details will be announced soon.
JUNE GATHERING: SUMMER NETWORKING
Join us from 6:30-8:30 p.m. on June 16 for some good, old fashioned networking. No formal presentation is planned. Door prizes will be given away.
Geeks Night out
