The race towards $75,000 in seed money enters its last stage this month in the annual Olin Cup business plan competition at Washington University in St. Louis.
A record number of aspiring entrepreneurs entered 45 ideas for new ventures at the start of the competition in September. 17 semi-finalists advanced to the ‘elevator pitch’ elimination round in November. Now, the remaining seven finalists are crunching numbers and honing their plans for the crucial final presentation to judges in January.
From a new therapy for macular degeneration to open source tools for video game designers, the finalists in this year’s Olin Cup represent a wide range of ventures:
Eyelten Therapeutics: developing therapies to treat age-related macular degeneration
IV Diagnostics LLC: diagnostic technology for detection and monitoring of circulating tumor cells
LangLearner: a 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
Worldki: open source video game development tools
Olin Cup finalist Adam Regelmann is a co-founder of Quartzy and a first-time entrepreneur with a Ph.D. in immunology and molecular biology and medical degree. “It’s clear that the competitive experience is valuable, with opportunities to meet other entrepreneurs and investors. Regardless of whether you win it’s a very good way to network and meet people with similar interests. And if you win, you get startup money – which is great for the company.”
Regelmann is a resident at Barnes Jewish Hospital in St. Louis. Through a special arrangement with the hospital and Washington University School of Medicine, he is working part-time on his start-up while completing his residency.
For Nick Apperson, founder of Worldki, taking part in the Olin Cup isn’t just about the money. “It’s more about the visibility. 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. 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 start-up ventures. Winners are judged to be the most viable businesses with the highest probability of success.
Contestants will make their final presentations to the judges Jan. 21 and the winners of the Olin Cup will be announced Feb. 4 at an awards ceremony.
The Olin Cup is sponsored by the Skandalaris Center for Entrepreneurial Studies and the Olin Business School at Washington University in St. Louis. Additional sponsors include: RubinBrown, St. Louis Commerce Magazine, Gallop, Johnson & Neuman, Lopata, Flegel & Co. and Polsinelli Shughart.