May 3, 2002
Quality of life enterprises outweigh technology ideas among would-be entrepreneurs
Businesses that provide goods and services designed to foster a better and healthier lifestyle dominate this year’s University of Washington Business Plan Competition, continuing through May 21.
With $75,000 in prize money, the UW Business School’s Center for Technology Entrepreneurship (CTE) competition awards one of the largest amounts of seed funding to student entrepreneurs in the country. This year’s grand prize winners will receive $25,000 to start their own venture.
Although varied, many of the competition’s projects have a common theme. Of the 34 plans that have advanced to the competition’s investment round — an entrepreneurial trade show that will be held Monday from 2 to 5 p.m. in the Husky Union Building’s West Ballroom — 15 are designed to improve or enhance the quality of one’s life or to promote wellness.
The Heian Natural Day-Spa, for example, promises to provide a tranquil escape from life’s pressures. Another, Icosa Village seeks to solve lower-income housing issues by producing and marketing attractive, economical and functional “pod” shelters.
Seven Spices’ founders plan to sell healthy fast foods. And the company ISIS/USA would provide competitive and educational opportunities for improving athletic performance.
“Whether it be by providing transportation to ski areas or offering natural food products, or helping to improve the home environment, we have a surprising number of plans designed for improving and enhancing people’s lives,” said UW MBA student and co-chair Nate Silverman. “It’s going to be interesting to see which companies stand out during Monday’s investment round.”
During the investment round, teams will pitch their ideas to 102 judges made up of angel investors, entrepreneurs, lawyers and venture capitalists. Each judge will spend $1,000 in “CTE dollars” to invest in the most viable companies. The 16 teams with the most “funding” will move on to the competition’s long presentation round to be held from 8 a.m. to noon, Tuesday, May 21, in rooms 200 A,B and C in the Husky Union Building. Of those 16, four teams will advance to the competition’s finals to be held later that afternoon from 1:30 to 5 in the HUB Auditorium. Media are invited to attend the final rounds, however, the competition is not open to the general public.
While many of this year’s plans can be categorized as quality of life ventures, the competition still boasts entries in biotechnology and e-commerce, company ideas more prevelant in recent years. Among them is the plan for Cogelix, a plan to distribute a patented innovative radiation gel, or “radiogel,” designed to attack cancers cells, and Amplific! Media, an Internet marketing firm.
“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. “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.”
Students competing this year are from the UW, Gonzaga University, Pacific Lutheran University, Seattle University, and UW Bothell.
Other plans submitted that stand out include those for Reload Systems, manufacturers of an ammunition pouch designed to facilitate gun loading for soldiers, and Steele Graphix, a visual presentation company specializing in forensic animation for use in court cases.
In addition to the grand prize, three finalists will win $10,000 each. Prizes of $5,000 each will be awarded in e-commerce, international, sustainability and technology.
Major sponsors include WRF Capital, Bay Partners, the Herbert B. Jones Foundation, Microsoft Corp.-SMB Group, and the UW E-Business Program. Additional sponsors include CarToys, Hyogo Business and Cultural Center, Mohr Davidow Ventures, Orrick and the Seed Law Group.
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For more information, Song at (206) 543-4587 or song@u.washington.edu; Silverman, at (425) 397-3065 or natesilv@u.washington.edu; Connie Bourassa-Shaw, the center’s general manager, at (206) 685-9868 or cbshaw@u.washington.edu; or Teri Snyder, center assistant director, at (206) 685-9868 or teris@u.washington.edu. Visit http://depts.washington.edu/cte/CTE_BPlan.htm
