A record number of aspiring entrepreneurs entered 45 ideas for new ventures in the annual Olin Cup business plan competition this fall. As the race toward $75,000 in seed money enters its last stage, seven finalists are crunching numbers and honing their plans for the crucial final presentation to judges in January.
Ken Harrington, managing director of the Skandalaris Center, emceed the “Elevator Pitch” event Nov. 19, where 17 semifinalists had two minutes each to present their business plans.
The teams presented privately in front of 16 judges and then presented publicly in front of an audience.
“The judges, audience and I were very impressed with the quality of this year’s pitches and ideas,” Harrington said. “We look forward to the next phase in the competition and seeing their full business plans.”
There was no time for sweaty palms or stage fright as the contestants took to the stage to make their pitches in front of judges like Charlie McGill, executive director of the Entec Innovation Center in Valparaiso, Ind. “In two minutes, I look for the passion in the individual and their ability to think on their feet and answer questions in an honest and articulate way,” McGill said.
Olin Cup finalist Adam Regelmann, M.D., Ph.D., is a resident at Barnes-Jewish Hospital in the Department of Internal Medicine. He said the two-minute pitch was challenging, especially when trying to explain his online business “Quartzy” — a Web site that provides tools to manage inventory in academic science labs.
Participating in the Olin Cup has been a good learning experience, Regelmann said.
“It’s clear that the competitive experience is valuable, with opportunities to meet other entrepreneurs and investors,” Regelmann said. “Regardless of whether you win, it’s a good way to network and meet people with similar interests. If you win, you get startup money, which is great for the company.”
Regelmann has been granted a special arrangement with the School of Medicine to complete his residency while working on his startup.
For WUSTL alum Nick Apperson, founder of Worldki, a Web site for video game designers, taking part in the Olin Cup isn’t just about the money.
“It’s more about the visibility,” Apperson said, “and going through the process and ironing out things that are not fundamental flaws but need to be worked out. There’s a certain amount of credibility that comes with it.
“And I think it brings out the best in you to be competitive with others,” Apperson said. “The money isn’t a driving factor.”
Before the final round of judging in late January, contestants must prepare detailed business plans in writing and a Power Point presentation about their startup ventures. The most viable businesses with the highest probability of success will be judged winners. This year’s finalists include two WUSTL student-owned or student-supported ventures (indicated by an asterisk):
Eyelten Therapeutics*: developing therapies to treat age-related macular degeneration;
IV Diagnostics LLC: diagnostic technology for detection and monitoring of circulating tumor cells;
LangLearner: Web-based platform for foreign language learning;
Lynxess: software to track prescription drug containers to combat counterfeiting;
Quad Connect*: Web site to promote campus life through student engagement and community communication online;
Quartzy: an online suite of networked tools for academic scientists to manage lab inventory; and
Worldki: open-source video game development tools.
Contestants will make their final private presentations to the judges Jan. 21, and the winners will be announced Feb. 4 at an awards ceremony.